🤝 Libra Killed Memecoins. Time To Make It All Back On Sonic?

Greetings fellas and fellitas.

It has not been a grand time in the cryptographic currency industry, has it? The only way to describe this past week is CRIME. Unspeakable levels of crime killed the market, people’s perception of crypto, and my hopes of retiring on a private island in the Maldives with an Albanian model.

But alas, a good ol’ pint has never let me down. So, let me get that first sip down. 

Ahhhhh, that never gets old. 

Alright, anyway. It’s getting late, and my friends are yelling at me as I type this, so let’s jump in quickly.

LIBRA-gate: Did Argentina Scam or Get Scammed?

In classic crypto fashion, the market was hit with the most random news at an extremely random hour: The president of Argentina has launched a memecoin. 

Everyone is in a frenzy and goes to buy it, only to find out a couple of hours later that the coin has somehow rugged. By the time I woke up, the coin was already rugged, and at this point, I’ve seen so much that I wasn’t really shocked. 

But naturally, whoever put their money in was shocked. Why the hell would a president rug? 

Turns out, the story goes much deeper. If you want a proper rundown, check out the detailed piece that our very own Lavina wrote; it’s a banger. 

Basically, there’s this pudgy, ginger, Gen Z kid who looks like a Roblox character named Hayden. He runs a company called Kelsier Ventures. Their model is simple. They somehow have connections with very powerful people like Melania, Barron, and Milei (the president of Argentina), and he convinces them to launch memecoins. 

Kelsier handles the entire launch; all the celebrities/politicians have to do is endorse it. Eventually, this team slow-rugs the coin, leaving participants poor and the politicians with eggs on their faces. 

This time, he got caught out. 

It started when people discovered that influencers/KOLs had early knowledge and access to this coin. Then, the blame game started, which ended up landing on Hayden. Turns out, he admitted on Coffeezillas that he’s holding $100M of the coin's liquidity hostage while also saying he thinks insider trading is fine. 

He also went on to say crazy things, such as him having sex with the Argentinian president's sister and frequently paying her money to keep the president in his pocket. 

Anyway, this whole crime felt like it was out of a movie and is worth diving deeper into. 

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The important bits.

• Yeet (Berachain) - Yeet holders received SteadyTeddys NFT whitelist

• CoreDAO (BTCFi) - Core network sees explosive growth, 2.25M transactions this week

• Mode (L2) - Features the Synth Subnet review of predictive intelligence for LLMs and AI Agents

• Tanssi (DeFi) - The Tanssi MiniApp comes to an end

• Ionet (DePIN) - Hits $8M in Total Network Earnings

• Sophon (Entertainment layer) - Features article on zkTLS

• mETH Protocol (LST) - Earn 2% fixed yield on top of staking rewards with cmETH

• Dinero (DeFi) - Activates the pxETH revenue share, staking yield doubles

• Pendle (DeFi) - Teases deployment on Sonic “soon”

• DeBridge (Bridge) - Enables bridging of HYPE since EVM launch

Even more important bits.

• Trump plans to give 20% of DOGE government savings back to the people

• RobinHood enables withdrawals and deposits to Base

• Michael Saylor says there's only room for one nation state to buy up 20% of the Bitcoin supply

• SEC launches Cyber Unit to combat cryptocurrency fraud

• Stealth QE continues: US Treasury announces $430b more Treasuries to be auctioned.

Charts and stats of the day.

• Berachain (BERA) funding is still negative, possible squeeze higher

• Berachain inflows flipped Hyperliquid

• Gold prices are now officially up +50% over the last 14 months

• Global M2 money supply is mimicking the 2017 cycle

Crypto taxes? Absolute pain.

Sifting through receipts, crunching numbers — it's a yearly ritual of suffering. Throw crypto into the mix, and it’s full-blown chaos.

Now you’re juggling transactions across wallets, flipping between CEXes and DEXes, and wondering if that airdrop was a win or just a taxable headache. And let’s not even start on staking rewards…

Well, it doesn’t necessarily have to suck.

Crypto Tax Calculator is built for degens like you. With over 1000+ integrations, a custom shitcoin pricing oracle, and the superpower to handle your on-chain terror.

 You can either generate reports your accountant will love or directly file ‘em yourself. 

 Snag 20% off your first year. Your accountant — and sanity — will thank you.

Sonic Boom

Outside the crime, the broader markets fell off a cliff—except for one shining light: Sonic. 

I’ve been saying on this newsletter for a very long time to keep exposure to Sonic, and it looks like it’s paying off. 

Multiple coins have been done 10x-20x within a couple of days, and Andre seems to be back in full force, supporting many different projects. They are also hosting a bunch of hackathons to facilitate proper product building in their ecosystem, so you can expect a bunch of cool projects to come out very soon. 

Another major catalyst will be Sonic's fee-share program, in which developers receive a portion of the gas fees generated using their protocol. This will incentivize many more top-quality developers to build on Sonic.

Exciting times ahead. 

Smart-money movements on Solana.

Smart-money movements on Ethereum.

• BullaExchange (Berachain)

• SteadyTeddys (Berachain NFT)

• stHype (Hyperliquid LST) - Now live

To save you doom scrolling.

The future is bright etc.

New day, new coins

It looks like people yapped their way to generational wealth. 

Only in crypto can you get paid five figures for talking nonsense on Twitter. If you didn’t already guess, Kaito dropped their coin after their lengthy Yap program concluded. A bunch of people dropped large sums of money just for talking on Twitter, and most of them dumped it all.  

It's hard to tell whether this coin has a bright future, but nonetheless, it's a good W for everyone in the trenches who lost a lot of money this month. 

Coupled with the launch of Kaito is the announcement that Opensea might finally drop a coin. Even though their window to get the best exit passed, they decided now was a good time to launch. 

So, all of you who Fiverr artists scammed on NFT pfps, keep your eyes peeled for the SEA airdrop, which may finally give you some money back.

With that, I will end my short segment on today’s newsletter. I apologize for keeping it so brief and quick, but my timings got messed up, and I’m sitting at the bar typing this while my friends keep downing their pints. 

I will be joining them on this endeavor now and hope I make it out alive. I’ll catch you guys next week for a much better and less rushed segment in the newsletter. 

Adios amigos! 

Emiri 🫡