GM, and let’s get straight into the crypto action.
Bitcoin dipped over the weekend, but Solana took the opportunity to step up and provide some excitement, with one of the most explosive token launches ever seen.
It was another meme coin, it seemed to come out of nowhere, and for a couple of days, it took over the crypto timeline.
Here’s what’s in today’s issue:
- Sam shares his thoughts on $BOME achieving a $1.5B market cap in two days, Polymarket punters leaning negative on ETH ETF, the DOJ recommending a long sentence for SBF, Berachain valuation at $1.5B & the Milady treasury was drained.
- Week 5 update for the 10x portfolio challenge.
- This week on chain.
- This week’s trending coins by Rebecca.
Step 1: Sign up using this link
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Book of Meme Achieves $1.5 Billion Market Cap in Two Days
Just when you thought meme coins couldn’t get any wilder, a new Solana token called Book of Meme (BOME) hit the market and went on one of the wildest rips ever seen.
BOME launched on March 14th, and caught almost everyone by surprise as it then proceeded–in less than two days–to rocket up to a market cap above $1.5 billion, creating new crypto millionaires in the process, and leaving some sidelined observers feeling distinctly salty.
As for how this feat was achieved, BOME was created by an artist called Darkfarms, who has a very solid reputation in the NFT niche. Darkfarms’ clout and trustworthiness meant that when he announced a public pre-sale for his own coin, there was immediate appetite for it among his followers.
Image credit: Darkfarms
Anyone who sent over SOL received an allocation of BOME on launch, and so there was a healthy community from the start, coupled with liquidity thanks to 50% of token supply going into the LP, and, most importantly, the coin had the kind of powerful meme-worthiness that great NFT artists (especially those who draw Pepe) excel at.
From there, further fuel was provided by a rapid sequence of CEX listings, including at Binance, and there was also an artwork created in homage to BOME from highly influential digital artist Beeple.
BOME also benefited from a perfectly-timed launch, with SOL approaching $200, and a huge amount of positivity around the entire Solana ecosystem, all of which has led to speculation about similarities between Solana now and Ethereum in 2017/18.
However, besides offering an example of when to let a winner run, BOME also provided a lesson in the importance of taking profits, as, having peaked at over $1.5 billion, the market cap has subsequently fallen back down–at the time of writing–to around $715 million.
Runestone Drops and Becomes Top Traded Ordinal
BOME was not the only launch making waves over the weekend, as over on Bitcoin, a 112,400 item collection called Runestone was airdropped to wallets that had been active in the first year of the Ordinals protocol, rewarding early experimenters.
Runestone is due to deliver holders an allocation of an incoming Runes token, and is currently the top trading Ordinal by volume, with items changing hands at a floor price, currently, of 0.04 BTC.
Polymarket Punters Lean Negative on ETH ETF
Prediction markets can be useful indicators as to how future events might play out, harnessing the collective wisdom of financially incentivized crowds, and if you believe in their accuracy but are bullish on ETH ETF approval, then you might want to look away now.
Polymarket, a decentralized prediction market that takes bets in USDC, currently has a market open on whether or not spot ETH ETFs will receive SEC approval by the end of May.
Currently, only 32% of participants are predicting that the answer will be yes, with that number falling as low as 23% over the weekend, while it was over 80% back in January (although there would have been fewer participants back then.)
But how are you feeling about ETH ETFs, do you agree with the majority on Polymarket, or are you expecting a quick approval? And if an ETH ETF is approved, do you think it can have a similar impact to the BTC ETFs? Reply to this email and let us know what you think will happen.
DOJ Recommends Long Sentence for SBF
Crypto jailbird Sam Bankman-Fried, well known for his unique combination of effective altruism and stealing people’s money, is currently behind bars awaiting sentencing, and it’s looking like he may be facing a long stretch in the can.
A Sentencing Memorandum filed last Friday by prosecutors at the US Department of Justice has a thirty-page section titled “A SENTENCE OF 40 TO 50 YEARS’ IMPRISONMENT IS NECESSARY”, and pushes the point that SBF’s sentence should be in line with those given to similar criminals. The memo even has a table for reference, explains that SBF ranks just below Bernie Madoff, and in another section explains that,
“Bankman-Fried’s personal history and characteristics do not warrant a variance from what should be a lengthy sentence of incarceration. Unlike many criminals who come before the Court who began life with almost nothing, Bankman-Fried began with and continued throughout his life to enjoy substantial advantages over others in society.”
From the DOJ memorandum
Berachain Valued at $1.5 Billion After Latest Funding Round
Incoming new Layer-1 blockchain Berachain is scheduled for a Q2 launch this year, and can now be officially classified as a unicorn venture (a title reserved for a startup valued at above $1 billion), after it raised $69 million in a new funding round led by Brevan Howard Digital and Framework Ventures.
According to anonymous sources in a report from Bloomberg, the deal saw Berachain valued at $1.5 billion, and follows a private token round last year, which raised $42 million. Berachain is built on Cosmos, is EVM-compatible, and is intended to be focused on DeFi use cases, although the way things are in crypto right now, don’t be surprised if it gets taken over by meme coins.
Milady Founder Hacked, NFT Treasury Drained
Hacks and wallet drains are a constant hazard in crypto, and over the weekend, Charlotte Fang, aka Krishna Okhandiar–who is the founder of Remilia Corporation, the entity behind the Milady NFT collection–announced that he and Remilia were the victims of a breach.
The attack, according to Remilia, led to the project being drained of WETH, ETH and NFTs (which were immediately sold into bids well below floor prices), but on the positive side, Remilia’s operating treasury, as it’s kept separately off-chain, remained secure.
As always when this kind of attack happens, it’s a reminder to everyone to always pay maximum attention to crypto security.
Week 5 Crypto Portfolio Updates
The portfolio is holding up quite well despite the recent pullback in the market.
The recent meme mania has been pretty intense to watch. COQ has been the best performer so far in the portfolio. But the other coins also have strong narrative potential and will have their moves in time.
The desire to ape into low cap meme coins is real, but risky. And while this is a high risk portfolio already, I don’t want to risk blowing it up, plus it is hard for you reading to benefit from any meme coin calls because of the extreme nature of the “assets”.
IE, BOME went from zero to 1.5 billion in 48 hours. There is no way we can get that info published in time for it to be relevant for you.
Part of the challenge right now is just to stay the course. At this stage I don’t think that any of the coins are “losers”. It is important to be honest here and cut a loser coin when it appears to be one, but none of these coins have shown that yet.
The airdrop portion of this portfolio will start paying off soon with multiple confirmed airdrops for our strategies.
With all of this in mind I sold $300 worth of COQ. I will be adding that into a new airdrop farm called Elixir. More on that in a moment. But, I am still positioned to ride COQ higher. But, the profits also give me the flexibility to add in a new farm while waiting for some other farms to pay out.
So, on that note, let’s do some airdrop farming.
There are a few new Nyan Heroes Missions for the free campaign that I did.
If you want to try to get this airdrop too then follow this link and enter the code “TheCryptoLark”.
Gaming ecosystem coin Param Labs has opened up their airdrop points system.
Once again we must do social tasks. Easy stuff, the drop may not be massive, but again free so worth doing. You can sign up here
As mentioned, I put $300 into Elixir app. This was done via Arbitrum and was put into the USDT USDC pool. This will earn points plus a big APY. It is a yield aggregator backed by big boys like Mysten labs. New tech, I could lose all of my money of course. Regardless, low risk, possibly good reward IMO for a $300 risk.
By the way if you haven’t added LAVA Network to your wallet yet then it is a pretty easy free airdrop to qualify for, so check it out.
I did the Berachain transactions, I did the Taiko transactions, I did the Aleo transactions, I did the Layer Two transactions on Scroll, Linea, zkSync, and Mode which are all cheaper now thanks to the Ethereum upgrade. This stuff is a pain in the butt. But, that is kind of the point.
In an ideal situation I would have much more time to devote to running this portfolio up by spending more time each week farming airdrops. But between a big content schedule and managing my own portfolio there is only so much time for airdrop hunting.
Hopefully we get a few big payoffs from all of this.
Check out the 10x portfolio breakdown and past updates here.
Beginning with the Bitcoin ETFs, let’s look at the competition between issuers to capture market share, and we can see Grayscale’s share falling now to below 50%, while of the new entrants picking up AUM, it’s BlackRock out on top with 27.4% of the market and a rapid rate of increase, while Fidelity is next, with a 15.9% market share.
And looking at net flows, last week showed the second highest demand, with total flows of $2,533,805,233, which is almost equal to the $2,567,133,225 captured in the week beginning February 12th.
And if you were wondering who holds more BTC, BlackRock or MicroStrategy, then the answer is now BlackRock, by a very small margin, but achieved in just a fraction of the time it took MicroStrategy to accumulate its stack.
Meanwhile, the past week has seen huge amounts of activity and attention moving towards Solana, partly as a result of the chain becoming the central network for the major trend of the moment: meme coin trading.
This meme-centered action made Solana the top chain for 24-hour DEX volumes over the weekend, and put it in close second place, just behind Ethereum, for weekly volumes.
DEX volumes by chain
Solana is also breaking its own all-time highs for numbers of active addresses, numbers of new addresses, and total fees, all of which indicate accelerating growth and incoming new users.
And on top of all that, Solana DEX Jupiter has moved to the top of the DEX volume rankings, above Uniswap, and with Raydium and Orca–which are also Solana DEXes–positioned in third and fourth places.
However, there is also positive news for Ethereum, where the Dencun upgrade–which went into effect last week–has made transaction costs on Layer-2s significantly cheaper, with an amazing 99.6% drop in cost on Zora, drops of over 90% on Base and Optimism, and a drop of 63.8% on Arbitrum.
We’re also seeing bridge deposits to Ethereum Layer-2s soaring, which gives us an indicator of the direction in which Ethereum is now headed, with Layer-2s playing a critical role.
And speaking of Layer-2s, new network Blast, which launched its mainnet on the last day of February, and Base, from Coinbase, are both showing lots of positive momentum to climb the Layer-2 rankings, with Blast now sitting at number four, and Base at number five, in terms of TVL.
New protocol Ethena is showing impressive growth, as demonstrated by its daily cumulative revenue figures, which have now jumped to over $20 million, while its seven-day revenue figures are placing it ahead of its peers.
Focusing on VC funding, it’s not yet clear how much investment might flow back towards crypto this year. With $852 million dollars invested in February, that’s an increase on the January figure, but amounts were higher in the last two months of 2023.
However, one area that’s receiving increased VC investment is Bitcoin infrastructure, which was the recipient of more seed deals than other sectors in February.
And finally, let’s check in with a popular indicator of whereabouts we are in the crypto cycle: Coinbase’s App Store ranking.
The general belief is that the higher Coinbase climbs in the charts–and especially if it’s in the top ten–the closer we might be to a cycle peak.
However, Coinbase last week dropped back down to number 138, having climbed to number 49 earlier in the month, suggesting that we still have a way to go yet this cycle.
Here are my key takeaways from the trends this week and it’s been a big week for upgrades, integrations and memecoins.
- Gala is a play-to-earn (P2E) gaming and music ecosystem that’s announced a new game development studio in Chile and is about to start its San Francisco Hackathon on March 20-21.
- Tectum is a Layer-1 blockchain that’s claiming a transaction per second world record after processing 3.5 million TPS on March 12 in a speed test.
- MANTRA is a real-world assets (RWA) blockchain that’s attending the Digital Asset Summit event in London from March 18-20.
- DexCheck is an AI-enhanced blockchain analytics tool that’s announced 3 new centralized exchanges will list its DCK token soon. DexCheck has burned another 1.25M tokens and has announced an AI and DePIN partnership with AIOZ Network.
- Orion is a liquidity aggregator that’s seen the community vote overwhelmingly in favor of rebranding from ORN to LUMIA.
- Kimbo is a memecoin on Avalanche that’s been one of 5 tokens to have received liquidity from the Avalanche Foundation.
- Book of Meme is a newly launched Solana-based memecoin that’s entered the top 100 cryptocurrencies by market cap after skyrocketing 2,277% in 48 hours. Its market cap has now surpassed $1.5 billion.
- Syscoin is a dual chain combining the security of Bitcoin and the compatibility of Ethereum that’s integrated with Bitcoin Virtual Machine.
- Solana is a Layer-1 blockchain that’s just celebrated its fourth anniversary and its DEX volume has reached a record $3.5 billion.
- Jupiter is a Solana DEX aggregator that’s introduced a new feature in beta called value-average, allowing users to auto-invest based on price action.
- Arbitrum is an Ethereum Layer-2 that’s launched its Atlas upgrade to add support for Ethereum’s Dencun upgrade. Arbitrum has also launched its 8-week gameathon event called Arbitrum Arcade on March 11.
- Ethereum has deployed its Dencun upgrade to lower Layer-2 fees. Vitalik Buterin has also said the Ethereum ecosystem needs a mindset shift towards Layer-2 dApps.
- Pepe is a memecoin on Ethereum that’s surged 17% in 24 hours as it piggybacks the momentum of multi-chain memecoin Smog.
- NEAR Protocol is a Layer-1 network that’s seen its token almost double in a week in anticipation of Nvidia’s upcoming conference which Near will be presenting at.
- Fetch.ai is a blockchain-based AI platform that’s seen its FET token jump 20% in 24 hours due to the excitement around Nvidia’s upcoming developer conference on March 18.
Thank you so much for your support, and I truly hope that today’s issue will give you insights needed to help you master your wealth.
If you are reading this it means you are on the free version of the Wealth Mastery Investor Report, which is great for news and tips on the crypto markets.
If you really want to take advantage of fastest growing asset class EVER, I highly recommend that you check out my Altcoin course: Mastering Altcoin Investing
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Lark and the Wealth Mastery Team
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Wealth Mastery (Lark Davis, and the Wealth Mastery writing team) are not providing you individually tailored investment advice. Nor is Wealth Mastery registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. Wealth Mastery is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.
You can find a full disclosure of all my crypto & venture investments here.
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
