😤 We Won't Let SEC Win This Case!

🗞 Market commentary.

GM, we’ve got another fight on our hands.

SEC and the half-bald-headed gremlin Gensler are like the annoying mosquitoes, they always get slapped in the end but keep coming back.

This time, they are targeting Coinbase and Brian Armstrong (again) while also picking a fight with Robinhood due to their new crypto unit—and yes, Robinhood is fighting right back. Let’s also not forget Kraken, Uniswap, and Metamask, who were all served with Wells Notices as well. The question is, if the SEC couldn’t even classify XRP as a security, what can they really do?

One thing they can probably do is stir up drama, which will reflect in the further rise of Bitcoin's dominance, currently retesting the 55% area. Speaking of Bitcoin, after putting in our long-awaited low at $58K, we might be looking for the next round of chop, possibly throughout most of May.

The thing to remember here is that consolidation favors the bulls. Oh, and by the way, ETF flows are green again, surprisingly joined even by GBTC. 

📊 Luke’s Chart of the Day

BASED/WETH 2H Uniswap

Basedmilio is a new culture coin that is claiming its place within the Remilio / Milady / Mog meta. It’s still very new and illiquid (but more liquid than other Base coins fortunately), so ape with caution and appropriate size, not financial advice as per usual, but I’m hoping for good things. I have a reasonably sized bag, so I’m biased, of course. Still only a $2M market cap.

Liquidity is not showing as locked yet on Dexscreener, but I understand that’s not the case; it is, in fact, locked. The chart is doing a little inverse head-and-shoulders thing. It might consolidate more here, or it could take off at any moment. It's hard to say, as it’s getting shilled quite heavily by Mog and Remilio accounts on CT. There are several BASED tickers on Base, so make sure you get the right one if you are looking to buy.

NFA as per usual, please always do your own research.

Come by the Lucky Luke Discord channel for comments, to roast my picks or to pump your own bags. All banter is welcome any time!

🔥 Degen corner.

May or MAI?

AI narrative is undoubtedly going to stay sticky throughout this whole cycle, especially with several catalysts coming our way: Nvidia earnings on May 22nd, Apple's announcement of developing AI chips, Microsoft and OpenAI cooking their $100B data centers, and on top of all that, we’ve got ChatGPT 5 coming this summer.

There are many coins to pick and choose for the AI narrative, but let’s put priority on the most interesting ones:

The Season 2 reward campaign just started. You can now leverage your GPU or CPU to gain points all of May, with another round coming in June.

The MOR token fair launch is coming up in 24 hours. All details can be found here.

Bittensor will soon have a catalyst in the form of a “Dynamic TAO Proposal,” which will enable holders to choose which subnet to stake on and thus speculate on the rise and fall of individual subnets.

👀 DeFi insights.

The important bits.

• Skillful AI (AI) - Extends Season 2 rewards - read

• Puffer Finance (LRT) - Launching May 8th - read

• IntentX (Intent-based DEX)  - Volumes on Mantle are rapidly rising - read

• Fantasy (SocialFi) - First week rewards are live - read

• Clone (Cloned-assets) - 2x Point Promotion for liquidity providers started - read

• io.net (GPU, DePIN) - Points for the 4/25 snapshot are live - read

• MODE (L2) - MODE airdrop & token distribution starts today - read

📰 DeFi news.

Even more important bits.

• CFTC Chair: “A wave of crypto enforcement actions is coming” - read

• Apple is developing AI chips - read

• Grayscale’s spot bitcoin ETF logs second day of net inflows - read

• Hong Kong’s spot bitcoin ETFs see first outflows - read

• Bitcoin miner revenue falls to $0.048, an all-time low - real

• The Motley Fool releases 4 memecoin stories in  a day - read

• Layer Zero addresses the Sybil activity plans - read

• Base announced “Onchain Summer” for June-August - read

🫠 ICYMI.

Life gets busy so here’s what you’ve missed.

What The Government Doesn't Want You To Know About Decentralized Society | Founder Series

Podcast

In this episode of the blocmates podcast, Jedi is joined by the Founder of Mask Network, Suji Yan. They dive deep into Suji Yan's journey and the groundbreaking decentralized platform set to transform social networking and journalism.

Tune in on Spotify | YouTube →

🦍 And finally…

As the fights with regulators continue, we must remember to never bow to them, even if they try to scare us with various new bills and surveillance attempts that are yet to come.

“We, those of us in this ecosystem and this industry, have created essentially a new financial foundation for the whole world. This is a huge responsibility. The entire purpose of this financial foundation is for all of humanity to use an open, immutable financial layer.

We are separating money from politics. We are separating money from the state.

… Money is, in a way, more important to people than religion is. Just as mathematics and language are open and immutable to the entire human race, so too should the exchange and management of money.

That is the principle that makes this whole ecosystem important, that is the principle that justifies everything that we do, and if we lose that, it will be something that we regret for the rest of our lives because we had that opportunity.”

Eric Voorhees

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