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Today's edition is brought to you by BitcoinIRA – the world's first & most trusted way to invest in crypto tax-free.* |
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GM. This is Milk Road, your no-nonsense guide in the crypto world – we keep it clear, concise, and directly to the point. |
Here's what we got for you today: |
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CRYPTO'S CRAZY WEEKEND |
WOW. What a weekend. |
If we had to describe it in one word, it'd be… degenerate. |
In fact, things got so crazy the Milk Road Degen-O-Meter broke… |
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Here's what caused the meter to break over the weekend: |
1/ The Memecoin Presale Mania |
A new trend is taking crypto by storm… memecoins presales. |
This is when crypto projects try raising money before launching. |
How it works: Investors send money to a random crypto wallet and in return, they receive an airdrop when the token officially launches. Think of it as an (extra risky) I-O-U. |
Well, investors dumped $100M+ into presales over the weekend… |
A handful of projects raised $10M+. Some ended up launching. Others rugged. One project raised $30M in 24 hours. It still hasn't launched. Another project launched a presale this morning and raised $30M in 30 minutes. I repeat… 30 MILLION U.S. DOLLARS in half an hour. Another project raised $10M and then the founder accidentally sent it to the wrong address and "burned" it all. Investors lost their money AND didn't get any tokens. Double whammy. One project raised ~$100K in the span of a few minutes. Then a few minutes later… *poof*... the founder deactivated their Twitter account and disappeared. Gone with the wind (and money).
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Someone even launched a presale with a twist… instead of using the money to create a token, they'd use it to buy themselves a new Ferrari. |
They were fully transparent with this "roadmap". |
The crazy part? They still raised $55K in 30 minutes (!!) |
It ended up being a joke and the founder returned all the money. But still, it shows you just how degenerate the market is right now. |
And some investors need the D.A.R.E program (Degeneracy Abuse Resistance Education). |
On top of that… |
2/ The 'DogWifHat' meme sold for $4.3M |
DogWifHat ($WIF) has been the talk of crypto recently… |
Soared from less than $0.01 → $3 in the span of a few months. Has a $2.8B market cap and jumped into the top 50 biggest cryptocurrencies. The community raised $650K to take over the Las Vegas Sphere for a week.
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And it all started with a viral picture from 2018 of a dog wearing a hat. |
Well, the original picture was turned into an NFT and just sold for 1,210 ETH (worth ~$4.3M). |
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Things are getting crazy again! And if this weekend was any indicator… buckle up... cause we're in for a big week. |
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3 THINGS TO WATCH THIS WEEK 👀 |
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There are 3 big things you need to be watching this week… |
1/ The Federal Open Market Committee (FOMC) Meeting |
It's FOMC week. Which means we're going to find out whether interest rates will go up, down, or stay the same. |
Here are some possible outcomes from the upcoming meeting: |
Scenario 1: Rates go up. This would likely make investors nervous and turn the markets into a roller coaster (not the fun ones at Six Flags either). |
Scenario 2: Rates hold steady or drop. This would be a warm blanket for the markets, potentially giving a green light to risk-on assets, like crypto. |
The big thing to watch will be… the FOMC's language and future predictions. Sometimes it's not just what they do, but what they say about the near-term that gets the markets buzzing. |
2/ Conferences |
There are 2 big conferences this week… |
NVIDIA GTC. Btw, AI-related cryptocurrencies generally tend to rally around events like this. The Digital Asset Summit (DAS). A conference for institutional crypto investors.
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3/ Token unlocks |
$275M in crypto will be unlocked later this week… |
$130.29M worth of $ID tokens will unlock on March 21. $95.7M worth of $IMX tokens will unlock on March 21. $37.5M worth of $PIXEL tokens will unlock on March 19.
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P.S. – if you're curious how token unlocks affect prices, we got you covered here. |
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BITE-SIZED COOKIES FOR THE ROAD 🍪 |
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The UK could be crypto's next big hub. Here are 5 reasons why… —DL News |
Standard Chartered is predicting BTC will hit $150K by the end of the year. The bank also predicts BTC will reach $250K at some point in 2025. |
The results are in… BTC ETFs hit record inflows and trading volume last week. Net inflows for all BTC ETFs reached $2.57B last week; up 15% from the week before. |
Base has seen a big surge in new users and transactions over the last week. This has likely been driven by the low transaction fees following the Ethereum Dencun upgrade. |
Starbucks is shutting down its NFT program, 'Odyssey'. Tonight, we pour out a glass of milk for our fallen soldier. |
The odds of an ETH ETF approval have plummeted to 23%. In January, the odds were about 74%. |
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MILKY MEMES 🤣 |
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RATE TODAY'S EDITION |
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ROADER REVIEW OF THE DAY |
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VITALIK PIC OF THE DAY |
 | Milk Road Images @MilkRoadImages |  |
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The current state of the market... |  | | | Mar 18, 2024 | | |  | | | 0 Likes 0 Retweets 1 Reply |
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research. |
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