😹You Won't Believe How Early We Still Are!

PLUS learn the art of longing cults.

March 01, 2024

🗞 Market commentary.

GM students, welcome to the New Era.

As a wise man once said, "All your models will be shattered when 10 billionaires each decide to market buy $1 billion worth of Bitcoin."

Indeed, it was Saylor, a living legend who currently enjoys a pretty comfy profit of $4,650,000,000 after topping up his bag on Monday with a DCA worth $155M. This is the first sign of changing times: instead of the typical post-Saylor tweet dump, we are now massively up.

Last time, we mentioned that a bull run has never started this aggressively, and now, only 2 weeks later, we sit 8% away from Bitcoin ATH. This, along with the monthly God candle, is a testament to the fact that this time really is different.

Bitcoin spot ETFs have truly changed the game. Having quickly become the most successful ETF product in three decades, it's no wonder BlackRock now recommends that all investors allocate at least 28% of their portfolios to BTC.

Surely, attention is skyrocketing with BTC reaching ATHs and memecoins popping left and right, right? Nope, Google trends searches are still hovering at all-time lows, Reddit cryptocurrency comments are basically nonexistent, and the best bull run top marker, Coinbase app, still ranks only #257 in the App Store. Meanwhile, we just saw a golden cross happen for the altcoin market.

We are still very, very early. Keep this in mind. 

🤓 In today’s email.

  • Degen corner. The Art of Longing Cults

  • DeFi insights. 30 unmissable insights

  • ICYMI. Still Early with SalsaTakila,

  • Tweet of the day. Robinhood works in mysterious ways.

  • And finally. Get ready, LARP is coming

🔥 Degen corner.

The Art of Longing Cults

  • Disclaimer: Only memecoin and NFTs that have 100% security score can be considered in this conversation. Stay safe and check here: Token Security.

It’s about time we have this conversation, especially during a week dominated not only by the Bitcoin surge but also by the most pervasive crypto cults of the New Era. Welcome to the left curve.

Let’s start with Bitcoin. From the perspective of the left curve, Bitcoin can be considered the premier memecoin. Just look at the 2017 blow-off top caused by the worldwide cryptocurrency FOMO. This FOMO was largely based on attention – not fundamentals.

Now, the power of cryptocurrency to reflect and monetize social attention is simply undeniable. Just as Bitcoin's pricing reflects the ebb and flow of global liquidity, the most influential memes and cults mirror societal attention and reputation.

If you spend enough time learning about how the world works, you run into plenty of paradoxes. Memecoins and NFTs are often labeled as some of the riskiest investments, but are they really? If we look at them as finished products, we see that they carry very little risk. There is nothing more to develop, no smart contracts to get exploited, and so on. They simply are there, imprinted forever on the blockchain.

To grasp the essence of authentic memes and cults and be able to recognize them, we also need to understand the concept of transcending the creator, or as Kanye says “the God Idea.” 

You can recognize a real memecoin, real NFT, or culture coin by it not being tied to the team, a roadmap, or set of future developments. It simply lives on its own, a finished product and a social force spreading like a virus through the network. Just look at Bitcoin Puppets, MOG, PEPE, Retardio, Ether Rocks, and so on. When you think about these, you don’t think about a team or product in development.

Crypto is historically the first technology that can reflect globally used memes in a monetary manner, and I think it would be foolish to underestimate this. The sooner we realize this, the easier we can catch the next inevitable left curve train. Lastly, don’t forget that on a long enough time curve, everything goes to zero and you have to learn fundamental meme analysis the same way as with DeFi project. 

Stay safe, have fun! 

👀 DeFi insights.

The important bits.

  • Uniswap (DEX) - Announces revenue share plans - read

  • CORE DAO (Bitcoin EVM) - Vision how to unlock Bitcoin DeFi - read

  • Perennial (DeFi) - Announces expansion to Arbitrum - read

  • Orange Finance (DeFi) - Launches LPDfi vault on Dopex (Stryke) - read  

  • MODE (L2) - Launched Mode Flare L3s - read

  • Ionet (DePIN) - Launches incentive program - read

  • Parcl Limited (Real estate market) - Introduces PRCL token - read

  • Frax Finance (DeFi) - Plans to propose protocol revenue sharing - read

  • Clone (ERC-20 Cloned Assets) - Announced Launch on March 1st - read

  • Smilee Finace (DeFi) - Announces expansion to Berachain - read

  • Eigen Layer (LRT) - Announced partnership with Ritual - read

  • Ritual (AI) - Announces Ionet partnership - read

  • Renzo (LRT) - Reaches $600M TVL - read

  • Mozaic (AI, DeFi) - Announces xMOZ staking release - read

  • Thena (DeFi) - Partners with IntentX - read

  • ONDO (RWA) - Solves the RWA liquidity problem - read

📰 DeFi news.

Even more important bits.

  • Edwards Snowden says national government is secretly buying Bitcoin - read

  • Reddit is becoming a DAO - read

  • iShares bought 19,254 $BTC ($1.2B) in 2 days - read

  • Telegram will use TON blockchain for ad revenue - read

  • Ark Invest and 21Shares ETFs integrated Chainlink - read

  • Elizabeth Warren willing to 'collaborate' with crypto industry - read

  • VanEck launches NFT marketplace - read

  • Arweave releases testnet for ‘absurdly scalable’ AI Social Layer - read

  • BlackRock to host Institutional Digital Assets Summit - read

  • GrayScale CEO: “Ethereum ETF is a matter of when, not if.” - read

  • Peter Thiel's Founders Fund seeds $27M for Avail - read

  • ARK Invest sold $16M worth of Coinbase shares last week - read

🫠 ICYMI.

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

Skillful AI (Research)

Empowering Individuals and Businesses by Leveraging Decentralized AI

Still Early with SalsaTekila (Podcast)

In this episode, Grant sits down with the man, the myth, the legend—SalsaTekila.

New Shitcoin Church Episode (Livestream)

Come join us on a journey through the shitcoin universe.

🐥 Tweet of the day.

Robinhood works in mysterious ways.

🦍 And finally…

If you are here and positioned, just know that you deserve it. 2022 was a year during which even the most resilient crypto bulls left the space with a bitter taste in their mouths. No one said fighting against the powers of the state while trying to create a new global network of value would be easy.

We will simply continue winning. Oh and almost forgot: get ready to LARP! Long awaited blocmates NFT mint is right around the corner!

Reply

or to participate.