GM Ambirers 🙏

Here's the scoop: the market's been doing the sideways shuffle for a bit now, and our degen portfolio seems to be in a bit of a rut these past few weeks 🫠 

Now, we’re thinking we’ve got to inject some fresh energy into our strategy and get things moving again. Let’s hit the gas pedal and make some power moves! ✊ 

On that note, we’ve gathered all the awesome proposals from our Discord community. Dive into the poll below and cast your vote on what you think will get us back on track 👇️

Today, we’re discussing:

• 🤡 Jim Cramer was SHILLING shitcoin ETFs to Gary Gensler live on TV

• 💶 European Central Bank cuts rates - crypto reacts

• 🎧 New Web3 on Fire Podcast with Ryan King from FOAM

• 💣️ Vitalik BLASTS celebrity coins

• 🪙 Big asset managers predict Ether will be $22,000 by 2030

Let’s get to it!

Clown world: Jim Cramer shilling shitcoin ETFs to Gary Gensler live on TV

Ever hated crypto and especially DeFi or meme project so much you accidentally started shilling oddly specific coins on live television?

Well, it seems like that's what happened to CNBC's Mad Money host Jim Cramer 🤡 during his recent interview with SEC Chair Gary Gensler 🤡 

• During the interview, Cramer asked about the possibility of introducing exchange-traded funds (ETFs) for various crypto tokens based on their trading volumes.

• He listed off a string of tokens, including BONK and Osmosis, and questioned whether they should be eligible for ETFs 👇️ 

Most crypto community members know that media personalities like Jim Cramer aren't just looking for clicks and likes when mentioning specific crypto projects, so many in the space suspect that he may have a significant position 👀 in one or more of these tokens.

Gensler's response wasn't quite what Cramer had hoped for, though 🫠 

The SEC Chair shared his concerns about the crypto market's lack of disclosure and regulation, highlighting issues with exchanges that engage in practices that wouldn't fly on traditional stock exchanges.

Gary didn't specifically mention the actual problems with the crypto market, including the ones he's supposed to be working on fixing 🤨 

However, his response did hint at the potential for a wider range of crypto ETFs in the future with proper regulation. What that regulation is and how it will be implemented remains to be seen, though 🤷 

European Central Bank cuts rates - crypto reacts

The crypto market has seen a steady rise in value over the past year, and on Thursday, it continued its upward trajectory alongside equity indices 🤓 

• This can be attributed to the European Central Bank's (ECB) decision to cut interest rates ✂.

• The move marks the first time since 2019 that the ECB has adjusted its key rate, lowering it to 3.75% from a high of 4%.

Following the announcement, major European and UK equity indices saw gains, with the FTSE 100 in London increasing by 28.45 points to 8,275.40.

The regional Stoxx 600 index also experienced an uptick, rising by 0.59% to reach 524.32.

Crypto == equities

• The correlation between crypto and equities has been highlighted recently, with a short-term 30-day correlation between BTC and the Nasdaq 100 Index at its highest point since early 2023.

• This suggests that as equities continue to rise, we may see a similar trend in the crypto market 📈 

With bitcoin holding steady at over $71,000, global markets are responding positively to economic news.

Overall, it seems that the ECB rate cut has had a positive impact on both equity and crypto markets, highlighting their interconnectedness in today's global economy 🤔 

So, while crypto may have its own unique factors affecting its price, it is clear that it is not immune to broader economic trends anymore 🌍️ 

Revolutionizing proof of location in Web3 in the latest W3OF podcast

The 20th episode of the Web3 on Fire podcast is here 🎧

Host Rob is joined by FOAM co-founder Ryan King to talk about FOAM’s groundbreaking work in proof of location 📍 technology and how it is revolutionizing the Web3 ecosystem.

Vitalik BLASTS celebrity coins

The recent extremely popular celebrity memecoin releases have left Vitalik Buterin, co-founder of Ethereum, steaming.

• Vitalik believes the goal for any project should go beyond just creating temporary wealth and instead focus on bringing value to society.

• He suggests that tokens should serve a purpose such as improving healthcare, supporting open-source software, and promoting art and creativity 🤔 

In a June 5th post on Twitter/X, Vitalik shared his thoughts on the rise of financialization in the crypto space.

He commented that it is only justified if it brings value to society and not solely for profit 👇️ 

Celebrity tokens have gained popularity due to their appeal to degens and integration with the broader crypto ecosystem.

However, Vitalik argued that these tokens often lack substance and purpose beyond enriching the celebrity and early investors (well, probably because they indeed do) 🤷 

What's "worthy"?

• Vitalik outlined a set of criteria that he believes celebrity crypto projects should meet to be considered "worthy" in his eyes.

• These include having a clear public benefit goal, longevity (potentially lasting over 10 years), and engaging features beyond just the speculative aspect 👇️ 

He also mentioned that while he is not a fan of token-voting decentralized autonomous organizations (DAOs), they at least provide activities and a sense of community for people.

For a celebrity token to earn his respect, it should have some influence without being solely dictated by the DAO.

Celebrity meme sh*tcoins are on the rise

• There has been a surge in celebrity memecoins being launched on the Solana blockchain.

• These include tokens from rapper Soulja Boy, adult content models Kazumi, and Ivana Knöll, as well as Caitlyn Jenner, rappers Rich The Kid and Iggy Azalea 🤯 

Unfortunately, some of these celebrities have already faced issues with their token launches. Entrepreneur Sahil Arora has been accused of scamming several celebrity memecoin projects, including those launched by Caitlyn Jenner and Iggy Azalea.

So is Vitalik right?

Is there any value in these celebrity memecoins beyond just creating a quick profit for the celebrities and early investors?

And what impact will they have on the crypto ecosystem as a whole?

There will probably always be a casino aspect to crypto 🎲, but hopefully, as the industry matures, we will see more sustainable and impactful projects emerge.

Big asset managers predict Ether will be $22,000 by 2030

• Ether is projected to reach $22,000 by 2030, according to a report released by asset manager VanEck 🪙 

• This projection represents a staggering 487% increase from its current levels and is based on Ethereum's anticipated generation of $66 billion in "free cashflows".

The report heavily focuses on Ethereum's stablecoin landscape, showcasing how the blockchain has settled $4 trillion in stablecoin volume over the past year.

Currently, the stablecoin market cap on Ethereum sits at over $91 billion.

VanEck's report also highlights how Ethereum generates more revenue per user compared to popular Web2 applications such as Uber and PayPal, indicating the platform's strong economic potential 🧠 

In fact, Ethereum's revenue has grown at a 161% compound annual growth rate (CAGR) since 2019 📈 

Notably, the recent approval of spot Ethereum ETFs in the US has also motivated VanEck to evaluate their price prediction for the coin.

In addition to its financial capabilities, VanEck recognizes Ethereum's potential in the artificial intelligence sector 🤖 

👉️ The report mentions the inclusion of the AI end-market in their updated valuation model, with Ethereum's network infrastructure playing a crucial role in the burgeoning AI economy.

VanEck also acknowledges that Ethereum's impact extends beyond its financial capabilities.

Its open-source and permissionless environment allows for the creation of engaging and lucrative applications, making it an attractive platform for entrepreneurs 🧠 

As a result, VanEck estimates that 71% of Ethereum's revenue by 2030 will come from financial businesses, with other sectors like AI also expected to contribute significantly to its revenue stream.

Overall, the report paints a positive outlook for Ethereum's future growth and potential as a versatile and profitable platform 🍾 🥂 

Other worthy reads:

(Mostly) meme sector outperformers, according to Minty:

Nocturne is shutting down - privacy coins aren’t feeling so good currently:

A thread on “Bitcoin economic layer” by Paul:

That's all for now, frens.

We'll meet again in a week! And remember, the market conditions are temporary, but our commitment to building a better Web3 is here to stay. Thanks for joining us, and we look forward to seeing you back next week. Cheers!

Yours, The 🔥 Team

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