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How smart people invest in dumb memecoins: 3-point plan for success

Back in 1984, a U.K. television advertisement for Kit Kat chocolate bars was set in a music label’s office where a keen young band played their demo for a bored music executive. Afterward, they were served the famous chocolate bars and the manager said:

“You can’t sing, you can’t play, you look awful… you’ll go far.”

This is as close as I can get to explaining the appeal of memecoins to sensible, smart and intelligent people. But don’t be fooled: Smart people are making a lot of money out of dumb memecoins — invariably at the expense of not-so-smart people without good timing.

PEPE is making memecoins great again. (Twitter)

And timing is everything in memecoins, which typically have no utility for anything except having fun and making money. So, without any fundamentals to trade on, can you still take a “smart” approach to making money by trading memecoins?

On Yavin, co-founder and head of business at Syndika, comes in with a hard “no” to that idea.

Pepe
Weekly Overview

How smart people invest in dumb memecoins: 3-point plan for success

Back in 1984, a U.K. television advertisement for Kit Kat chocolate bars was set in a music label’s office where a keen young band played their demo for a bored music executive. Afterward, they were served the famous chocolate bars and the manager said:

“You can’t sing, you can’t play, you look awful… you’ll go far.”

This is as close as I can get to explaining the appeal of memecoins to sensible, smart and intelligent people. But don’t be fooled: Smart people are making a lot of money out of dumb memecoins — invariably at the expense of not-so-smart people without good timing.

PEPE is making memecoins great again. (Twitter)

And timing is everything in memecoins, which typically have no utility for anything except having fun and making money. So, without any fundamentals to trade on, can you still take a “smart” approach to making money by trading memecoins?

On Yavin, co-founder and head of business at Syndika, comes in with a hard “no” to that idea.

Pepe
Market Analysis

European Commission aims for universal acceptance with Digital Euro proposal

With this move, the European Commission aims to open up the payments market that has been controlled by banks, Visa and Mastercard.

Regulations

Paxos and MercadoLibre partner up to bring USDP to Mexico

The move provides PAX coin access to Mexico’s 3.1 million-plus cryptocurrency users.

Blockchain

Tether signs MoU with Georgia to develop Bitcoin P2P infrastructure

The alliance intends to bring a change to the public administration and the business sector.

Bitcoin

Tether signs MoU with Georgia to develop Bitcoin P2P infrastructure

The alliance intends to bring a change to the public administration and the business sector.

Regulations

Bitcoin no longer crypto of choice for illicit crypto activity: TRM Labs

While fiat channels remain the dominant tool for criminal financing, Bitcoin appears to have fallen out of favor for criminals as far as cryptocurrencies go.

Bitcoin

Voyager to pay $1.1 million in legal fees incurred in April

Certain members holding high positions within the firm bill an hourly rate exceeding $2,000 for their professional services.

Blockchain

EU finalizes controversial smart contract kill switch rules under Data Act

The Data Act was first proposed in early 2022 and passed by the European parliament on March 14.

Blockchain

EU finalizes controversial smart contract kill switch rules under Data Act

The Data Act was first proposed in early 2022 and passed by the European Parliament on March 14.

Regulations

KuCoin crypto exchange to introduce mandatory KYC in July

KuCoin’s Know Your Customer checks will require new users to complete identity verification to access all services, while existing non-KYC users will not be able to deposit.

Regulations

KuCoin crypto exchange to introduce mandatory KYC in July

KuCoin’s Know Your Customer checks will require new users to complete identity verification to access all services, while existing non-KYC users will not be able to deposit.

Bitcoin

Ethereum price won’t see $2K anytime soon, market data suggests

Weak derivatives metrics, and declining TVL and DApps use, put Ethereum bears in a better position to keep ETH price below $2,000.

Ethereum

Ethereum price won’t see $2K anytime soon, market data suggests

The price of Ether (ETH) faced strong resistance at $1,920 after a 17.5% rally between June 15 and June 22. Several factors contributed to the limited upside, including worsening macroeconomic conditions, the regulatory cryptocurrency environment and weaker demand for decentralized applications (DApps) on the Ethereum network.

ETH price faces macroeconomic headwinds

On June 26, a federal judge denied a motion from Binance that could have stopped the United States Securities and Exchange Commission (SEC) from issuing public statements related to the case.

In addition, in its mid-year outlook, HSBC Asset Management’s report warned of an economic downturn in the U.S. in the fourth quarter, followed by a “year of contraction and a European recession in 2024”. The report also noted that “corporate defaults have started to creep up.”

Finally, International Monetary Fund chief economist Gita Gopinath told CNBC on June 27 that central bankers should “continue tightening” by keeping interest rates high for longer than expected.

Ethereum network demand, gas fees drop

Usage of DApps on the Ethereum network failed to gain momentum as gas fees dropped 60%. Notably, the seven-day average transaction cost dropped to $3.7 on June 26, down from $9 four weeks prior.


Market Analysis

Sony Network invests in Japanese Web3 startup to spur mass adoption

The deal includes an investment of $3.5 million, a Sony executive moving to Startale Labs and collaboration on new Web3 tools for mass adoption.

Blockchain

BlackRock has ‘50% chance’ of getting spot Bitcoin ETF approved: Analyst

Bloomberg’s senior ETF analyst believes BlackRock has an even chance of getting its Bitcoin ETF green-lit, as Grayscale looks more likely to win its case against the SEC.

Bitcoin

Bitcoin miners send record $128M in revenue to exchanges

Bitcoin miners have sent up to 315% of their daily revenue to exchanges but BTC prices are yet to react.

Bitcoin

Sui Foundation denies it sold locked staking rewards on Binance

Sui Foundation — the team behind the Sui network and its native SUI token — has denied allegations that the firm unlocked SUI staking rewards and “dumped” them on cryptocurrency exchange Binance .

The Foundation knocked back the claim in a five-part Twitter thread on June 27, stating that none of the locked or non-circulating tokens, including SUI staking rewards had been sold:

"Sui Foundation has not sold staking rewards or any other tokens from locked and non-circulating staked SUI on Binance or otherwise."

"All insider token allocations remain subject to and compliant with their lock ups and other restrictions on transfer,” the foundation added.

Sui is a decentralized proof-of-stake blockchain. Users can stake their Sui tokens to participate in its proof-of-stake mechanism in exchange for more SUI. No minimum staking period is required.

Altcoins

Sui Foundation denies it sold locked staking rewards on Binance

Sui was accused of dumping locked and non-circulating staked SUI tokens on Binance.

Blockchain

Bitcoin price surge will come from retail, not institutions: Fireblocks CEO

Michael Shaulov believes that while recent Bitcoin ETF filings could see new institutional money flow to Bitcoin, that in itself didn't drive previous price surges.

Bitcoin

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