Today, just like always, I want to clue you in on everything going on in crypto on a daily basis. Let’s jump right in. But first, I’d like to give a special thanks to the Jet-Bot. You’re probably familiar with Jet-Bot as one of the most reputable copy trading platforms. Earn from 200 percent to 2,000 percent APY right now by registering on the platform and receiving a three-day trial access to begin trading.
Angel Studios (Netflix competitor) disclosed they bought $10M in Bitcoin in 2021
Angel Studios, which is a competing movie and TV distribution studio and platform, disclosed that they bought over $10 million in bitcoin in 2021, putting 10 million dollars on their balance sheet rather than cash. Most interestingly, they are backed by Gigafund, which is actually best known for being one of the largest investors in Elon Musk’s SpaceX.
Angel Studios’ streaming platform is like Netflix, only they gear themselves towards more wholesome and family-friendly content on the streaming platform. Angel Studios bought $10.6 million in bitcoin. Netflix, we all know you could use a little bump right now.
Tesla Discloses to SEC they could continue to buy more crypto (or sell)
Speaking of SpaceX, speaking of Elon Musk pivoting to talking about Tesla. In Tesla’s latest SEC filings just dropped today. We believe in the potential of crypto both as an investment and as a liquid alternative to cash. It has become quite normal for Tesla to talk about bitcoin and crypto in every SEC filing they release. This was the full paragraph on bitcoin and crypto:
They’re basically keeping the SEC and the general public in the know. We could increase our bitcoin position at any time. We could decrease our bitcoin position at any time. In fact, they specified digital assets in this quote, meaning we could allocate certain positions into different cryptos. If we did that, we could also decrease those positions. It’s safe to say that what Elon Musk is doing, what Tesla is doing, and what SpaceX is doing is basically all Elon Musk’s companies. We have yet to hear the last of how they are diving into crypto. They’re keeping us on notice.
Cryptocom Cuts Card Rewards (to Customers’ Dismay)
The other news, and this is a big one, especially if you have the crypto.com card or if you’ve ever had it. To customers’ dismay, crypto.com’s move to significantly cut the cash back rates on its card product has sent the project’s native token crow plummeting by 17% on the day. The key takeaways are as follows:
‘Crypto.com announced yesterday that it will phase out the staking rewards and lower the cash back rates on its popular prepaid visa cards. Due to take effect on June 1, the changes will see the rewards rates on the company’s cards drop from 1%-8% to 0%-2%, with the highest being two percent depending on the card’s tier. The move has sparked outrage within the community, sending the CRO token plummeting 17% on the day.’
These are the rewards that are going away. No longer will it be 8% to 1%. It will now go from 2% to 0% as they phase out their staking program. Are you dismayed? Did you think this was always a possibility?
Mark Cuban & Elon Musk talk DOGECOIN to help fix Twitter
Let’s pivot towards Doge. Mark Cuban, along with Elon Musk, is talking about Dogecoin in this case as it relates to spam on Twitter. There is so much spam on Twitter, it’s kind of like YouTube, only Twitter is a lot worse. There is so much spam. Mark Cuban has an idea for Elon Musk:
Do you think this idea would work? I think this is a good idea. I think something needs to be done. There needs to be some cost to the spammers who are spamming and taking away some crypto would be a good idea. I think this could even work better with a cryptocurrency that has more store of value properties like bitcoin, like Satoshi’s on the lightning network, but ideas like this using crypto and the blockchain, I think they’re winners.
Polkadot UNDERVALUED? [HERE IS WHY]
The Polkadot might be severely undervalued. Messari just put out a state of polka dot report. I’ll give you the key details. To begin with, the number of Messari addresses holding dot is increasing as people see the long-term vision of Polkadot. You can read the full report yourself, but I’ll give you the key insights:
- After five years of research and development, Polkadot pair chains are now live.
- At the close of Q1 2022, 13 pairchains, one pair of chain slots bonds 127.8 million DOT. From a total supply worth 2.9 billion, companies who win the pair chains lock significant amounts of DOTs in the pair of chains, which is good for tokenomics when different projects get into the pair chains.
- A total of 28 more pairchain slot auctions are scheduled through February 2023 (bringing the total to 41).
- Polkadot has a validator set that is evenly distributed, with 99% validators staked with 1.8 to 2.6 million DOT.
- Polkadot developer activity remains among the strongest in crypto.
- The next major milestones are the implementation of the Cross-Consensus Message Format, parathreads and performance upgrades.
If you’re interested in alternative L1, they’re focused on interoperability. The Polkadot is one of the biggest in the game, and I would say the cosmos is the other big one in the game.
Apecoin gets VOLITILE & makes major crypto partnership
Let’s talk about ApeCoin. First of all, you’re aware that Yuga Labs’ other side NFT sale broke records $310 million worth of ApeCoin. The other side of the drop set a nine-figure record last night, with extremely high gas fees. It was crazy. It was actually two nights ago.
Since then, ApeCoin has plummeted after this. It was pumped into this. Apecoin plummets by double digits after the metaverse NFT land sale. The token underlying the Bored Ape Club-inspired DAO ApeCoin fell 13% in 24 hours during the Bored Ape Club’s record-breaking metaverse land sale. There was a lot of hype surrounding it. Now there’s a cooldown. This is what we old dogs in the market expect with big events like this.
All is not lost for ApeCoin now. They did make a very interesting partnership with one of the world’s largest Web3 ecosystems.
Terra Luna has been in the top 10 by market cap for a while, but Terra’s stablecoin is now a top 10 coin by market cap as well.
Solana, their co-founder, criticizes Bitcoin. Solana’s co-founder said Bitcoin should change its consensus algorithm. I think what makes bitcoin so valuable is one of the things about it is that it doesn’t change and we know it’s going to be how it is now 10 years from now, so it’s a better way to store value that way. It’s ironic because then Solana’s main net lost consensus for seven hours, and that’s okay. As you know, Solana is very different from bitcoin. I think they’re still going to be around and they’re still going to bitcoin 10-year play for me. I mean, there’s some bitcoin I’m not going to sell for 10 years. Solana, I still think there’s a lot of upside to go, especially as more and more people start building on these L1s.
Which cryptocurrencies would you like us to talk about going forward? I hope I provided you with some value today. Starting off the week strong, starting off the week right.
[This article is a transcription of a video made by Altcoin Daily]
Original video: https://youtu.be/mHiliwY2wo8 ]