Plus: Did a whole country just rug pull?
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GM. Some crypto days are sweet strawberries, others are moldy kiwis – and we’ve sifted through the weird mix so you don’t have to.
🤨 Kanye West didn’t pull the rug, but DaBaby and the Central African Republic might have.
🍋 News drops: the University of Austin is hopping on the BTC train, Pump(.)fun co-founder responds to allegations + more
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🍍 Market flavor today
Mood of the day: not great, not terrible.
The Fear & Greed Index is still stuck in neutral, at 43 today. Meanwhile, Bitcoin’s been bouncing between $96K and $98K since Friday.
Enthusiasm took a bit of a beating thanks to Donald Trump’s continued trade battles – he now wants a 25% tariff on any steel or aluminum shipped into the US.
On top of that, he’s threatening to match tariffs on countries that charge extra for American goods, and he has plans for new tariffs on the EU, superconductors, oil, gas, steel, and copper.
What does this mean for crypto?
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Investors could see Bitcoin as a hedge against economic instability;
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On the other hand, if global trade slows down and the economy takes a hit, riskier assets – including crypto – might struggle to attract investments.
And rn, markets are still trying to figure out which way this will go.
However, according to economist Alex Krüger, the shock from Trump’s tariff plans won’t last long – instead, people will start focusing on how his government operates.
Krüger believes Trump is good for crypto in the long run, but the short-term outlook depends on the Fed. Many hope for rate cuts, but the Fed is waiting to see if tariffs cause economic trouble before making a move.
Krüger’s best estimate? A rate cut in June.
Meanwhile, Bill Barhydt, the founder and CEO of Abra, has some ambitious targets for the current crypto cycle:
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Bitcoin around $350K;
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Ethereum at $8k;
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Solana at $900;
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Sui at $25.
And if things go really well, he thinks prices could double these estimates.
His reasoning? The US government is heavily motivated to push interest rates lower because of its $7T debt that needs refinancing. Lower rates make it cheaper to manage this debt.
To push rates down, the government may cut taxes and flood the financial system with liquidity, which essentially means pumping more money into the economy.
Now, here’s where crypto comes in: whenever there’s an increase in liquidity, risk assets – which include stocks and crypto – tend to benefit the most. That’s cuz more money in the system = investors have more capital to deploy.
That said, not everyone’s convinced of a smooth ride ahead. BitMEX CEO Arthur Hayes warns that as people realize Trump’s election hasn’t dramatically changed US politics, crypto prices could drop back to $70K – $75K.
So, while some see explosive growth, others think a pullback is still in the cards. Either way, volatility is surely here to stay.
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🥝 Memecoin harvest
These tokens are the party crashers of crypto – no plan, no invite, but they’re the center of attention 🕺
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24H Change |
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Central African Republic Meme CAR |
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TCC TCC |
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Liberland Dollar LLD |
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Solana Social Explorer SSE |
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Check out these memecoins and plenty more here.
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If you’re into hip-hop, you’ve probably already seen Ye (or Kanye West, if we’re talking birth certificates) having… a moment again.
This isn’t even about his controversial Grammy appearance (which was wild, btw) – the stuff he’s been posting on X has been super unhinged, to say the least (well, before his account was deactivated).
And in the middle of all that mess, he dropped something interesting:
So yeah, apparently, he was offered $2M to launch a memecoin and said no.
I guess kind of surprising that a guy who did all this 👇 drew the line at scamming his fans.
But you know who wasn’t too good for that? Another rapper, DaBaby.
He launched the BABY memecoin – it immediately hit $27M in trading volume, but then, in five minutes, the price decreased by 33%.
UN-BE-LIE-VA-BLE!! A celebrity pump and dump? No way… who could’ve seen that coming? 😱
Yeah, obviously, we all know the drill with these launches – insiders buy in early, hype builds, people FOMO in, the rug gets pulled, and the insiders walk away with bags while everyone else holds worthless tokens.
Nothing new.
But you know what is new? We just had a whole COUNTRY launching a memecoin.
Yes, the Central African Republic dropped its own memecoin, CAR, except… nobody really knows if it’s legit or not.
The official X account of CAR’s president, Faustin-Archange Touadéra, announced that the government had launched an experimental token meant to “unite people” and “support national development.”
Naturally, people thought his account got hacked. But here’s the thing: the post stayed up for over 15 hours – way longer than most hacked posts before they get deleted 🤨
Then came a video announcement, which some AI tools flagged as a deepfake. But these same tools have also messed up in the past with legit interviews from the president 🤨
So… could it be real? Well, blockchain analysts found that CAR’s distribution matched the allocation on its official website.
FYI: for a token launched on Pump(.)fun (where literally anyone can create a fake token), this level of accuracy in distribution is highly unlikely unless it is official.
But regardless of whether it’s real or fake, the market reaction was insane.
Within 12 hours, CAR hit a $850M market cap. For some perspective, the Central African Republic’s entire GDP is $2.4B – so that memecoin briefly reached about 30% of the nation’s whole economy.
And it gets even crazier. One X user, @Linkkzyy, claims there was a “test version” of the same token (same image, ticker, description, dev wallet, etc.) launched two days before that was hard rugged – meaning investors got completely wiped out. Then, they apparently launched the “real” version afterward.
So, if that’s true, it means we might’ve just witnessed the world’s first memecoin rugged by a country.
…Flying cars, they said.
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Now you’re in the know. But think about your friends – they probably have no idea. I wonder who could fix that… 😃🫵 Spread the word and be the hero you know you are! |
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🍋 News drops
🤔 Tether CEO Paolo Ardoino thinks quantum computers will eventually crack old, untouched Bitcoin wallets and put those coins back into circulation. That’s a problem for the far future, tho’.
🎓 The University of Austin plans to invest $5M in BTC. As investment chief Chun Lai put it, better in now than left behind later.
💊 Pump.fun was blamed for ruining the altcoin cycle last year, but co-founder Alon Cohen responded that retail simply lost interest in tech altcoins. He argued that memecoins were already popular, and Pump(.)fun just made it easier to trade what people actually wanted.
🚮 The infamous UK landfill – home to one man’s lost hard drive with 8,000 BTC – is set to close. The site has been in use since the early 2000s and will be capped within two years.
🤔 Not sure if BYDFi is worth your time? We broke it down so you can decide if it’s a hit or a hard pass.
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