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GM. This is Milk Road, where we sort through crypto news like it's a clearance sale – only the best bargains for your brain.

Here’s what we got for you today:

• The state of crypto 📊

• These indicators will show you the bull market top 👀

• Is crypto gaming going to onboard 1B people onchain? 🎮

• This billionaire thinks crypto prices could dump soon 🍪

THE STATE OF CRYPTO 📊

Let’s talk about the state of crypto. But instead of throwing a 10,000-word novel at you, we’re gonna do it in 5 snapshots... 

Because here at Milk Road, our crypto debriefs are like sneezes - over before you know it, but they sure clear things up. 

Alright, let’s dive in.

1/ The top 20 most mentioned crypto tokens/projects over the last 24 hours.

First things first, let’s take a peek at what “crypto’s mindshare” looks like. (i.e. which tokens/projects have been mentioned the most on Twitter).

Right now, it looks like people mostly have their eyes on…

• SOL: Between new memecoins, NFTs, and airdrops - there’s a lot going on in the Solana ecosystem right now.

• TNSR: A new, shiny token that Tensor (one of Solana’s leading NFT marketplaces) launched yesterday. 

• SocialFi projects: like Friend.Tech and Farcaster. 

• Layer 2 (L2s): like Base, Arbitrum, Optimism, and Blast. 

2/ Base is seeing a big surge in numbers.

Coinbase’s Layer 2 blockchain is putting up BIG numbers in multiple different categories. 

• Daily active users: there were 430,000 active users yesterday (the 2nd most active day ever).

• Daily revenue: there’s been at least $400K in revenue every day this month.

• Daily transactions: there were 3.2M+ transactions yesterday (a new daily record).

And one of the most popular apps on Base over the last week has been…

3/ Friend.Tech is making a comeback.

Friend.Tech is a decentralized social media app that took crypto by storm in August 2023. 

• It’s a “marketplace for your friends” and lets people buy tokenized shares (called ‘keys’) of other users. 

• The shares are priced using a bonding curve, so as more shares get bought → the higher the price goes up (and vice versa).

• Ownership of ‘keys’ grants access to a gated chat room with that specific user and other keyholders.

Friend.Tech’s hype died out after a few months, but it looks like it’s crypto’s new Comeback Kid. 

Just check out the recent surge in daily trading volume:

And Friend.Tech isn’t the only Social-Fi app that’s seen a recent burst in activity…

• Farcaster has seen an explosion in daily active users. 

• Other new apps, like Fantasy.top (a mix between fantasy sports and Social-Fi), are also getting a ton of traction.

This is a trend we’ll be keeping a close eye on! 

4/ Crypto YouTube views are slowly rising

YouTube is a powerful place to learn new stuff…

• It taught me ‘how to dougie’ back in 2011

• It taught Joel Embiid, the reigning NBA MVP, how to shoot a basketball (true story)

And turns out, a lot of people use it to learn about crypto too.

Well, the number of views on crypto YouTube channels just hit their highest level since late 2022.

5/ Pump.fun is quietly turning into a cash cow

In a gold rush, everyone fights for one thing… the gold. (duh). But oftentimes, the best businesses end up being the ones that sell the shovels.

Well, check it out. Crypto’s recent gold rush has been: memecoins.

And while people have been fighting over new kittycat coins, one of the biggest winners in this mania has been…

Pump.fun. It’s a platform that lets anyone easily create and launch new memecoins.

The crazy part? It’s been raking in $200K - $500K in revenue EVERY DAY for the last 2 weeks.  

PRO “WHERE ARE WE IN THE CYCLE?” INDICATORS 📊

Crypto moves in cycles. If you want to truly capitalize on the opportunity of this industry, you must be aware of where we’re at within this cycle. 

By doing so, you can spot the bull market peak and take valuable profits before the inevitable bear market crushes your bags. 

Trust the Milk Man: You don’t want to roundtrip your bags to the moon and back.

Timing the exact top of the bull market is impossible. However, leveraging various indicators that have been successful in the past can give us a better shot at spotting the top before it’s too late. 

Below, we show you 5 indicators which have historically signified the top of previous bull markets. Using 1 indicator isn’t a great way to predict the top, but by combining these 5, we can significantly increase our chances. 

We've also added a color-coded system to show how close each indicator is to signalling the market peak.

🟢 Plenty of room to run still 🏄
🟡 Getting closer to the top signal, but haven’t yet reached the mark ⚠️
🔴 We’ve hit the market top indicator 🚨

Every Tuesday we update the 5 indicators below for PRO eyes only. Our recommendation is not to wait for all indicators to reach 🔴, but instead, take profits along the way as they get closer.

Let’s explore if we’re anywhere near the top of this bull market. 👇

IS CRYPTO GAMING GOING TO ONBOARD 1B PEOPLE ONCHAIN? 🎮

In March, crypto gaming traffic reached all-time highs.

The leading game? Pixels!

We sat down with their CEO, Luke Barwikowski to find out how he and his team have built the largest crypto game out there.

Tune in on your favorite platform 👇

YouTube | Spotify | Apple Podcasts

BITE-SIZED COOKIES FOR THE ROAD 🍪

Tax Day is only 6 days away! Use CoinTracker, the leading crypto tax provider, to file your crypto taxes with peace of mind.*

Arthur Hayes thinks BTC’s price could drop in the second half of April. According to Hayes, “U.S. tax payments could suck dollar liquidity from the financial system, fueling risk aversion and a fire sale of risk assets”.

U.S. Bitcoin ETFs experienced new outflows yesterday. The crazy part? Every Bitcoin ETF saw net inflows - except for one, Grayscale ($303M in outflows). 

Gunzilla Games is teaming up with OpenSea to let gamers trade in-game assets on the NFT marketplace. Players and OpenSea users will be able to trade in-game NFT items for any game built on the GUNZ blockchain and utilize the GUN token as the method of payment.

deBridge dropped a new points program. The protocol will distribute points to over 200,000 existing users who have collectively paid $2.3M in fees based on past activity.

HashKey Group is launching a new Ethereum Layer 2 (L2) blockchain. The network, named HashKey Chain, adopts zero knowledge-proof technology for efficiency.

The percentage of “inactive” BTC (i.e. hasn’t moved in over a year) just hit its lowest level since October 2022. The decline likely represents profit-taking by investors who have been HODLing over the last year. 

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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.