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- š„ Solana shock: First SOL ETF filing in the US rocks crypto world š„
š„ Solana shock: First SOL ETF filing in the US rocks crypto world š„
PLUS: 50 Cent to 0 cent, watch out for celebrity scams/rugs
Todayās edition is brought to you by MetaMask ā the leading self-custodial wallet to manage your identity, digital assets and to explore web3.
GM. This is the Milk Road. The #1 Doctor recommended source for your daily crypto nutrients.
Hereās what we got for you today:
āļø First $SOL ETF filing is here
āļø Celebrity memecoins: Watch out for scams/rugs
š The Milk Road Show: Solana analysis and predictions
š° Funding Friday
šŖ Trump vs Biden debate shakes PolitiFi
FIRST $SOL ETF FILING IS HERE š„
VanEck, an NYC based investment firm, just dropped a bombshell by filing for the first Solana exchange-traded fund (ETF) in the US.
So, what's next?
First off, this news is just an application for a Solana ETF and weāve still got a long way to goā¦
To give you some context, the first Bitcoin spot ETF was filed in July 2013, and it didn't get approved until January 2024, more than 10 years later. ā
Talk about a long wait!
Looking at Bitcoin ETFs, the approval process was like the milk manās Tinder gameālots of rejections before finally getting a match years later.
Its first spot ETF application was by VanEck in 2021. The SEC ignored it for years until BlackRock stepped in, and the SEC finally approved it last month.
The process seems to be getting smoother and smoother, right?
Some folks are even saying that, from a regulatory angle, Ethereum and Solana are like long-lost twins separated at birth.
So, if the SEC gives the thumbs up to $ETH ETFs soon (which is expected next week), there's a good chance Solana ETFs will follow suit.
For the whole creamy story, check out our latest episode of The Milk Road Show ā weāre churning out all the details on Solana's latest updates!
š„ Milk Road Take: Let's be realāthis will likely take a while before we see any Solana ETF approval.
There are lots of steps left before that can happen.
$SOL even has a few hurdles to clear, like the fact that the SEC once labeled it a security, leading to its delisting from Robinhood.
Being called a security means more rules, more inspections, ultimately making it harder to wrap as an ETF. š
But hey, this is crypto weāre talking about, and anything can happen.
The SEC is expected to give the final approval for the $ETH ETFs next week, which would be a huge boost for Solanaās process.
Thereās a chance we could see a Solana ETF launch in about a year if everything goes perfectly.
Even then, it's not a guarantee.
ETF or no ETF, we remain very bullish on Solana ā in fact, $SOL makes up a whopping 26.5% of the Milk Road PRO Portfolio.
Why 26.5%? Read our how to build a crypto portfolio in 2024 report to find out.
šØ Heads up: The Milk Road PRO Portfolio & the report above are exclusive to PRO members. Upgrade your membership today to gain access.
P.S. On Sunday, Milk Road PRO prices are going up by ~14%. You have 2 days left to lock in the best deal before itās too late. ā³
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CELEBRITY MEMECOINS: WATCH OUT FOR SCAMS/RUGSš©š»āāļø
Imagine the Milk Man himself walking into a room, shades on, looking like he just stepped off a Hollywood set. "Whatās up, fam? Just dropped a memecoin, send that sh*t to the moon!ā
When in reality Iām just looking to milk my fame for all itās worth after I bought one too many houses when I was actually relevantā¦
Jokes aside, celebrity memecoins are still buzzing but is it for the right reasons? Well, the Milk Man is here to drop some thoughts on this hot topic.
Letās start with the most talked-about recent incidents.
The other day, 50 Centās account got hacked, and suddenly, he was shilling a memecoin?
It tanked faster than you can say "Get Rich or Die Tryinā.
Then, Jason Derulo drops a memecoin and almost immediately claims āSahilā the serial scammer got him tooā¦
Our favorite onchain detective, @zachxbt, quickly added a community note calling out Derulo for promoting scammy pump-and-dump schemes in the past.
Now letās look at some of these celeb coins from top market cap to now:
Caitlyn Jenner coin: š Peak: $42.5M ā š¬ Now: $1M
Iggy Azalea coin: š Peak: $266.5M ā š¬ Now: $59.8M
50 cent hack: š Peak: $4.88M ā š¬ Now: $37K
Jason Derulo coin: š Peak: $36.82M ā š¬ Now: $26.9M
Seeing All That Red? š„ Itās like a horror movie, but instead of blood, itās your hard-earned cash.
The Milk Man is here to give another friendly reminder: be smart and donāt become exit liquidity.
Hereās what you should keep in mind with memecoins:
1/ Celeb coins arenāt the future of crypto
These coins often lack real utility. Theyāre more about the hype than substance.
Just because your favorite celeb backs a coin, doesnāt mean itās a good investment. Itās like thinking every reality TV star is a financial genius (spoiler: theyāre not).
2/ Higher standards needed
The crypto industry deserves better than these projects that lack substance and are purely attention driven. We need real value and innovation.
So next time a celeb coin pops up, think twice. Ask yourself, "Whatās the real value here?"
3/ Gambling vs. investing
āInvestingā in celeb coins is like āinvestingā in the lottery. Sure, you might win big, but the odds? Not in your favor.
Donāt confuse this with sound investment or visionary projects. It is gambling.
If gambling is your thing, thatās fine, but keep in mind the house usually wins.
Wen 1-800 number for memecoin addictions?
4/ Prone to manipulation
These coins are often subject to pumps, dumps, and rug pulls. Celebrities can easily abandon the project, leaving investors with worthless tokens.
Itās the crypto equivalent of ghosting after a bad date.
Hereās a couple thoughts from leaders in the space:
š„ Milk Road Take: Cryptoās permissionless nature means anyone can create a coin, including opportunistic celebrities.
While this freedom is exciting, it also leads to a flood of hype-driven tokens lacking real utility. This is why community accountability is crucial right now.
Take ZachXBT, for example, an anonymous crypto sleuth has become a modern-day onchain Sherlock Holmes, tirelessly working to expose scams and hold bad actors accountable.
One might even say he's doing Gary Genslerās job for him, but with a lot more flair and a lot less red tape.
In this evolving landscape, staying informed and cautious is key. Not every glittering coin is gold, especially when itās backed by a celebrity. Stay smart and stay milky! š„
ITāS FUNDING FRIDAY š¤
Welcome back to Funding Friday! This week, a whopping $159.1M was raised by crypto companies. Here's the scoop on who secured the bag:
1/ Conduit raises $37M
2/ MegaLabs (MegaETH) raises $20M
What they do: MegaLabs is focused on building scalable solutions on the Ethereum blockchain, pushing the boundaries of what's possible with smart contracts and decentralized finance.
Who led the round: Dragonfly Capital, with Vitalik Buterin participating as well.
3/ Ora Protocol raises $20M
What they do: Ora Protocol is developing a next-gen protocol for secure, efficient, and transparent transactions on the blockchain.
Who led the round: Polychain Capital.
Honorable mentions:
Nillion raises $20M in a public round to enhance blockchain infrastructure.
Crossover Markets raises $12M to revolutionize financial trading platforms. Funding led by Illuminate Financial.
Redacted raises $10M to build secure and private DeFi solutions, Spartan Group led the charge.
We'll monitor these funds like a hawk. No detail escapes us. š
And if your holdings are still looking slim, we hope this news brought a smile to your face! š
Stripe to Support Base Amid Coinbase Partnership. Stripe teams up with Coinbase to support USDC on Base. Stripe's back in the crypto gameālooks like they've decided Bitcoin isn't the only cool kid on the block!
Trump vs Biden debate triggers PolitiFi memecoin crash. Looks like the memecoins had a tough nightāboth Trump and Biden-themed coins nosedived during the debate. Maybe next time they'll debate over who can bring more stability to the crypto market!
Nostra CEO steps down 11 days after token airdrop. Nostra's CEO pulled a Houdini just days after their token airdrop with no vesting periods. The new interim CEO will be Richard Thomas-Pryce from Tempus Labs.
Kraken Co-Founder Jesse Powell Makes $1M Crypto Donation to Trump. Powell sent a cool million in Ethereum to Trumpās campaign, citing frustration with current crypto regulations. Trump is now accepting campaign funds in digital gold ā the times they are a-changin'.
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.