Hello Everyone,
If you caught my video Wednesday, you already know I’m leaving my daily livestream. Am I retiring from crypto? Well no, it’s in my blood. It’s everything I am. For now though I’m refocusing my attention on something bigger—but more on that later.
In crypto, there are things I’m seeing right now that are very concerning. Several blockchains have upcoming token unlocks that could affect the price of L1s and L2s—drastically. There are people getting airdrops and hodling on for dear life, when they should have taken profits.
Today I’m diving into this week’s crypto landscape, and outlining a gameplan on how to make money in choppy waters. I’m giving alpha that you’re not going to find anywhere else—new projects set to pump, airdrops you haven’t heard about yet, and more.
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Let’s roll the disclaimer and get after it:
Any opinion discussed in this publication is subject to change without prior notice. Please DYOR and remember that this is for entertainment purposes only and not to be considered financial advice. Anything you choose to do with your money is your responsibility.
Will Token Unlocks Tank the Price?
These Token Unlocks are Coming Soon to a Blockchain Near You…
In a forthcoming crypto market surge, an impending selling pressure nearing $1 billion is poised to unfold, triggered by substantial token unlocks. Notably, Optimism (OP), Avalanche (AVAX), The Sandbox (SAND), Aptos (APT), and Sui (SUI) stand out as the key players with the most significant unlocks.
As crypto projects mature, they typically undergo a vesting period, during which their tokens remain locked. However, once the token unlocks happen, holders gain the freedom to sell or transfer their assets.
An estimated $982.78 million worth of tokens across various projects are slated for unlock.
Leading the pack is Avalanche,
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What Should You Do With Your Airdrops?
So you’ve just been rewarded with thousands of dollars worth of tokens for being an early user of a crypto protocol, what do you do now? Should you sell or hold, or just sell half?
In the previous bull run, the best strategy for most airdrops was usually just to sell, because the price often went down, unless it was a project like ENS. If you want to play it safe you can just sell half, and that is usually what we would recommend, but things look like they are starting to change a bit for this cycle.
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$WEN & $JUP Hit Solana HARD
Solana's leading decentralized exchange aggregator, Jupiter, has launched its JUP token with a market cap just under $1 billion. As a key player in Solana's decentralized finance (DeFi) space, Jupiter surpassed Ethereum’s Uniswap in 24-hour volume.
Tokenomics
JUP's initial circulating supply is capped at 1.35 billion, including 1 billion for the airdrop, 250 million for the launch pool, and allocations for loans and immediate needs. During its first day of trading, JUP traded at $0.678, with a market cap of $924 million. The market cap has since almost halved that, currently trading at $0.0056. Jupiter's founder, Meow, hints at a consistent annual token distribution plan to foster community engagement and long-term growth.
To heighten excitement, Jupiter's developer, Ming Ng, launched WEN, a memecoin created on Solana, distributed to over a million wallets and quickly reaching a total value of over $100 million. Beyond mere hype, WEN serves as a proof of concept for the WEN New Standard (WNS), a lightweight NFT token standard on Solana.
The WEN launch also stress-tested Jupiter's infrastructure and the Solana network.
The Wen meme coin experienced a significant price drop on Monday as traders considered the impact of burning 27% of its airdropped tokens. The price fell over 30% from its daily high, primarily due to a substantial sell-off by a whale investor who exited their position around 11:00 AM Eastern Time.
Many chose to hodl WEN and JUP, when we should already know from past launches that news like this is time to sell. We can always buy back later, but right now might be time to look at other projects that have lost momentum but could become popular again soon.
One Solana utility token work keeping an eye on right now while no one’s looking is…
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FTX Users Could Get All Their Money Back
This week, bankruptcy lawyers for FTX said that they expected to be able to return all of the money that was lost by the users.
Lawyer Andy Dietderich said that there are no guarantees, but they are confident that they can pay users back after selling all of the company's assets.
The lawyer also said that plans to relaunch the FTX exchange were abandoned due to lack of interest from investors. He basically said that the bad reputation of the exchange would make the risk of relaunching too high, which is something that everyone in the industry was saying from the moment that they announced it.
There is no telling when that money will actually hit the accounts of the users who were affected by the crash, but this is awesome news that gives some hope that they aren’t going to get totally robbed.
The other thing that isn't very clear is whether the FTX users will be getting their money back in dollar value or in crypto value, and when the snapshot of value was taken place. It’s likely that users will have a different number in their minds than the bankruptcy lawyers do, because the lawyers will probably not be using your profile’s all time high to determine how much to pay back.
$200 million in 48 Hours 🤯
There’s only one thing you can call a fork of PEPE, and that’s a $PORK…
PepeFork (PORK), a new meme cryptocurrency, quickly gained popularity, reaching a $200 million market cap shortly after its Uniswap debut. Stemming from the community around PEPE, a viral Ethereum-based meme token, PORK positions itself as the ninth largest memecoin.
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Leah’s Call This Week—
Hey guys, this is Leah, @bluewatershores. If you like my calls, here’s the degenerate call I believe could make money over the next 7 days if Dogecoin Ordinals stay hot, and here’s why… (Disclaimer: writer owns inscriptions from this project)
Meet Fronk
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