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  • 🫠 Meme Market Update: $BEN $YOLO'd $PSYOP, wants a $RFD Refund

🫠 Meme Market Update: $BEN $YOLO'd $PSYOP, wants a $RFD Refund

PLUS fake AI image causes market panic

GM Legends,

Bitcoin, Ethereum and the rest of the top 10 crypto coins seem to be chugging along within their ranges, waiting for something to happen or bring a bit of life to them.

In the meme markets, however, there has been A LOT happening with some coins seeing massive volume spikes on launch, cult-like momentum and of course meme coin fun and games.

Today we bring you a mini meme coin market update featuring 3 top performers and let’s take a moment to think of our fallen comrades who bought into Psyop.

But first, a quick word from today’s sponsor Bolide.Fi

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Need to know.
If you’ve only got 2 minutes.

The big story.
🫠 Meme Market Update: My mate $BEN $YOLO’d $PSYOP, wants a #REFUND

DeFi insights.
🖼 GMX V2 updates from Tanoeth
📅 Tornado Cash hacker reaches out to the community
🦧 The latest from the “GM degen podcast”

In the news.
🐮 FTX CEO legal bills hint FTX 2.0?!
🐻 Amazon debuts Pudgy Penguins
👨🏻‍💼 What the FED?! Yellen speaks Wednesday plus Fed meeting minutes

Plus Twitter reads from @thehiddenmaze, @IamZeroIka and @Prithvir12!

🔥 The big story.
To make you think.

🫠 Meme Market Update

What in the DeFi is actually happening right now?!

I thought we were all supposed to sell in May, head to the Hamptons and enjoy the fruits of our labour… or just not get rugged for 2 months.

Meme season was supposed to be kaput.

But… like Jim Cramer always says “There's always a bull market somewhere and I'm here to help you find it!”

Here are 3 of the hottest memes right now plus a Psyop update.

Meme 1: Can I get a Refund, please?

Seriously… where in the name of Satoshi did $RFD come from?

Is this going to be Psyops cult leader Ben.Eth’s comeuppance after his crypto Twitter larping landed him with legal letters?

Refund coin, the people's coin, the representation of a community standing against the Psyops cult leader and experimentalist Ben.Eth. Psyop presale flopped leaving participants pondering their Psyop pennies as the RFD army stands strong.

According to the etherscan, the contract was deployed by the 2017 OG crypto whale and Punk #9998 owner, blurrr.eth. Add in a community of properly punked-off participants looking to make it all back… RFD has broken a monumental barrier at $100m market cap (at the time of writing).

Meme 2: YoloNolo on Sol-ana-o

Solana memecoins have been booming as centralised exchanges have listed the likes of $KING, $GUAC and $SWTS.

Built on the HXRO network, $YOLO is the new kid on the block.

A meme with utility that brings parimutuel betting games to Discord letting you YOLO (go long) or NOLO (go short) on Bitcoin.

Can’t deny, after a long day trolling crypto Twitter… punting $5 on Bitcoin without the anxiety of 100x leverage is refreshing.

Meme 3: Boomer Bitboy $BEN bangs

We wrote about the bearishly bullish bromance between Bitboy and Ben.Eth in last week's newsletter “Scammers or creative geniuses?” and it’s been a slow steady grind from the $BEN chart.

$BEN is a perfect example of what larp, a community and momentum can do. Digging into it and $BEN is a symbol for “the people” with “utility” that will create public awareness, crypto education and of course government lobbying for Bitboy’s crypto bill.

PS. Bitboy is now officially in charge of $BEN having paid 1,000 $ETH.

BONUS: Psyop flops… can dev do something?!

Was it all a game or will it end up being something more?

Our Take

Memes can be fun when you’re on the right side of them.

Our advice, find your edge, find your crew and find something else to do over the summer because if you don’t have an edge or a crew in this area of the market you’ll likely get rekt… again.

Do note that at the time of writing the team does hold 1 or more tokens mentioned in this article which is just an update on the meme market.

👀 DeFi insights & project updates.
Project updates, governance reports and industry secrets.

The World of DeFi

  • Aave - Announces “Skyward” A free service for Aave DAO by Aave-Chan Initiative governance. (Twitter)

  • Bolide Fi - Has just gone multi-chain with new vaults on Polygon. (Twitter)

  • GMX - V2 update by Tanoeth including spot trading, fees, orders and more. (Twitter)

  • Lybra Finance - The story so far + V2 alpha. (Twitter)

  • Orange Finance - First official discord community call on May 27th discussing project updates. (Discord)

  • Sparta Dex - Announced Sparta Pad giving utility to NFT and $SPARTA token holders. (Twitter)

  • Stumble Upon Rumble - Old school arcade boxing game NFT boxing glove mint goes live May 25th 2PM UTC. (Twitter)

  • Synapse Protocol - DCFGod TLDR’s their latest AMA. (Twitter)

  • UniDex - Limit orders are now live. (Twitter)

  • Unstoppable Defi - Odyssey 2.0 season 1: 12 projects, 12 weeks, everything you need to know. (Twitter)

Governance Updates

  • Alchemix - Proposal to deploy on Arbitrum by collaborating with Ramses for liquidity. (Alchemix Forums)

  • MakerDAO - Community set to approve controversial ‘whistleblower bounty’ to enforce anonymity (DL News)

  • Tornado Cash - Hacker reaches out to the community with a proposal that could reverse the attack, The Block breaks it down. (The Block)

🫠 Good morning degen.
The latest GM degen podcast.

In today’s GM Degen the 3 apes chat about Apple Pay and Stephn, Why China’s crypto pivot is bullish and a look at DEX volume hitting all-time highs.

🗞 In the news.
The important bits.

  • China’s BSN builds blockchain systems on its own terms causing worry this could be the Web3 version of Huawei. (DL News)

  • AI image cost the S&P500’s $500bn after a fake AI-generated image of the Pentagon exploding caused short-term panic as media outlets classified it as real. (Twitter) 

  • Centralised Exchanges fears as Hotbit shuts down and Huobi ordered to cease operations in Malaysia. (The Block)

  • Amazon debuts Pudgy Penguins selling over 20,000 toys and generating $500,000+ in sales. (The Block)

  • FTX CEO legal bills hint FTX 2.0?! Spending (and billing) almost 7 hours working on what looks like a version 2 of the failed exchange. (CoinDesk)

  • Hong Kong’s crypto hits retail in June. The SFC hasn’t stated which assets can be traded but 152 submissions have been filed. (Cointelegraph)

👨🏻‍💼 What the FED?!

Key events this week as well as continued discussion about whether or not the US with raise the debt ceiling.

🐥 Twitter reads.
In case you missed it.

@thehiddenmaze, mastering a skill is tough… especially at the start… watch the video to the end and you know those feels!

@IamZeroIka compares The Art of War to Crypto.

@Prithvir12 gives a sneak peek into some narratives to watch out for.

And on that note, thanks for reading, catcha apes in the next edition!

blocmates team 🫡

🤝 A final word.

A quick word from our super awesome sponsors who help us make this all possible...

Discover how your skills could power the next generation of web3 and blockchain technology. Your next career move could be one you never imagined. Start your search today at Web3nomads.jobs.

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