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🥜 Rug Pulled
PLUS: 8 reasons to be bullish
Today’s edition is brought to you by RAREMINTS
GM to all 96,759 of you. Crypto Nutshell #557 trackin’ down steals… 🐾🥜
We're the crypto newsletter that's more intense than a deadly game of cat and mouse between a hitman and his target... 🎯🔫
What we’ve cooked up for you today…
🏦 Just another day in crypto
🦅 We’re going to $1 million
📈 Long-term holders rising
💰 And more…
Prices as at 3:10am ET
JUST ANOTHER DAY IN CRYPTO 🏦
BREAKING: Argentinian President Javier Milei charged with fraud over $LIBRA token scandal
The President of Argentina just pulled off one of the largest rug pulls in history.
An no that is not a joke…
It all started when Argentinian President Javier Milei posted the following to Twitter:
This tweet has now been deleted
Just like the Trump memecoin launch, many assumed Milei had been hacked.
But that wasn’t the case.
Soon after Milei’s tweet was posted, it was reposted by numerous other Argentinian politicians.
And according to the website, $LIBRA was launched “to boost the Argentine economy by funding small projects.”
But here’s where it gets bad…
Within 3 hours of the launch, insiders began cashing out big time.
According to Bubblemaps, $87.4 million was cashed out almost immediately.
Making matters worse, 82% of $LIBRA was held in one cluster (connected wallets) and no tokenomics were ever shared with the public.
Soon after it became clear that this was an obvious pump and dump, Milei deleted his announcement and posted the following:
It’s a little odd that Milei claims to have no knowledge of the project, but happily posts the launch announcement to his 3.8 million followers…
Within 6 hours of launch, $LIBRA shot up to a market cap of $4.5 billion…
And then all the way back down to ~$200 million. 🤯
Absolutely insane.
Since this whole fiasco, Argentinian lawyers have reportedly charged the country’s President with fraud.
According to a report from the Associated Press, plaintiff Jonatan Baldiviezo had this to say:
“Within this illicit association, the crime of fraud was committed, in which the president’s actions were essential.”
The crypto industry never ceases to amaze us…
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WE’RE GOING TO $1 MILLION 🦅
This year will be a watershed year for Bitcoin.
The evidence is increasingly pointing toward Bitcoin being widely adopted and headed for $1 million per coin.
That’s the latest from Hunter Horsley.
Hunter Horsley is the co-founder & CEO of Bitwise. They currently hold 41,103 Bitcoin in their Bitcoin ETF, currently worth $3.95 billion dollars.
Today, Hunter Horsley shared 8 reasons why this will be a watershed year for Bitcoin:
Corporations are accumulating more Bitcoin 💰
Nation-states are adding Bitcoin to their reserves 🌍
U.S. wealth managers are buying Bitcoin for clients 💼
Banks and financial institutions are launching Bitcoin services 🏦
Regulators are providing clearer & more productive guidance ⚖️
Global events are strengthening the case for Bitcoin 🔥
More reputable figures are backing Bitcoin publicly 🎤
“It's going to be a watershed year.”
Hunter then followed that up with this:
Honestly, there is no solid argument against it.
All the evidence points to Bitcoin hitting $1 million.
It’s just a matter of time. ⏳
LONG-TERM HOLDERS RISING 📈
Time for a check-in on the Long/Short-Term Holder Threshold.
Here’s how this metric works:
🔴 Short-Term Holders (STHs): Coins held for less than 155 days
🔵 Long-Term Holders (LTHs): Coins held for more than 155 days
🟥 Short-Term Holder Cost Basis: All coins purchased in this price range are STHs
🟦 Long-Term Holder Cost Basis: All coins purchased in this price range are LTHs
This metric is extremely powerful as we can see exactly what price STHs and LTHs purchased Bitcoin at. 🔎
The LTH / STH threshold is currently at 15th September 2024, when Bitcoin was trading ~$59,200.
All coins purchased before this date are classified as LTHs.
All coins purchased after this date are classified as STHs.
Today, there are currently 13,095,801 Bitcoin in the hands of LTHs. (66.06% of the circulating supply) 💪
Whereas the amount of coins held by STHs is only 4,003,587. (20.19% of the circulating supply)
Over the last two weeks, these values have remained relatively stable—a sign of market consolidation.
However…
It does appear that the number of STHs has peaked, while LTH supply is starting to rise again.
This shift indicates that short-term speculators are fading, and more Bitcoin is moving into the hands of LTHs.
Historically, this transition has marked the early stages of stronger market trends, as the supply becomes increasingly locked up.
We’ll check back in on this metric in 2 weeks’ time to see how things have progressed.
CRACKING CRYPTO 🥜
Pumpfun launches mobile app amid renewed memecoin frenzy. Solana-based memecoin launchpad Pump.fun has launched a mobile app supporting iOS and Android devices, according to a Feb. 14 announcement.
Strategy Could Be Eligible for S&P 500 Inclusion in June if Bitcoin Closes Q1 Above $96K. The last hurdle for MSTR to qualify for the S&P 500 is to achieve positive GAAP net income over the trailing 12 months.
Trump admin advisor meeting with Federal Reserve chairman 'regularly'. Investors are patiently waiting for interest rate cuts to fuel risk-on-asset markets amid high inflation and macroeconomic uncertainty.
Coinbase partners with Aston Martin's Formula One team, taking on F1 partner Crypto.com. Coinbase has signed a deal to become the official sponsor of Aston Martin’s Formula One racing team with a deal paid entirely in USDC.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
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Raremints (link) - Daily crypto news
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Techpresso (link) - Daily tech news and insights
The Hustle (link) - Get Smarter on Business and Tech
Your Next Breakthrough (link) - Personal growth with Mark Manson
The Neuron (link) - AI trends and tools to keep you ahead
CAN YOU CRACK THIS NUT? ✍️
Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)
The data in a blockchain gets stored in ________ . |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) Blocks 🥳
In a blockchain, data is stored in a decentralized manner across a network of computers or nodes where blocks are chained together
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DISCLAIMER: The content of this newsletter is not financial advice. This newsletter is strictly educational and is not investment advice. Please be careful and do your own research.
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