GM, Ambire frens! ☕️ Ever notice how the markets are like jazz? Unpredictable, a bit chaotic, but there’s a rhythm if you listen closely.

Today we’re discussing:

• 💊 pump.fun - A Legend of (Un)success

• 💀 Grief for gains: when degens go too far

• 🏖️ The crypto summer: still a thing? Miners prove it is

• ⚖️ UAE and India make a first international trade in $XRP

Catching that perfect note is exactly what we're trying to do with our Degen Portfolio, and here are the updated stats: 🎷

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Now, let’s get down to business:

pump.fun - A Legend of (Un)success

• pump.fun isn’t just another crypto project - it’s an innovative platform that was designed to streamline the memecoin launch process, aiming to give communities an easy way to jump into the token game 🫠 

• Among a sea of similar projects, pump.fun managed not just to survive but to thrive - for a while, at least.

But despite all the hype and the initial success, pump.fun quickly became a legend for all the wrong reasons 😥 

Let’s break down why this platform, which promised so much, ended up delivering a harsh reality check to everyone involved 👇️

The Shitcoin Casino 2.0: where winning is a myth

Imagine a casino where every spin is rigged, and the dealer’s smirking because he knows you’re about to lose. That’s pump.fun in a nutshell.

• According to some very disgruntled traders who recently got to the bottom of the issue, if you were hoping to make it by buying a token on Pumpfun, you’d have better luck winning big in a game of Russian roulette.

• Out of over 16,000 tokens launched daily, only a pitiful 0.12% actually make it.

• To put it in perspective, you’d have better luck at the roulette wheel, where the odds of hitting a single number are 2.6% 🙄 

Making bank while you tank

But here’s the plot twist - while most traders are out there pulling their hair out over their losses, pump.fun is laughing all the way to the bank 🪙 

The platform is raking in serious dough, charging a 1% fee on every transaction. On some days, it’s making more cash than even Ethereum.

On July 29th, while traders were busy losing their shirts, pump.fun pocketed a neat $864,000 in just 24 hours​.

The rugpull factory

So what's pump.fun doing to combat the rugs?

Well, you’re not going to believe this, but they’re offering an $80 reward to token creators who manage to get their coins to a successful launch 🤯 

Yep, you read that right - $80 😂 

In the crypto space, where some degens can lose all their net worth in a microsecond and prices can swing by thousands, $80 is about as useful as handing someone a BandAid after they’ve been hit by a truck.

Seriously, it’s laughable.

The criticism keeps mounting

The community is becoming noticeably pissed with pump.fun.

What started as mild skepticism has escalated into outright frustration and anger with people pointing out the platform’s poor incentives, the massive losses, and the overall disillusionment with what was once considered a promising concept 👇️ 

It’s telling that even popular meme accounts are shying away from the platform, and the conversations across various channels reflect a growing consensus: pump.fun might be more of a "rake you over the coals" machine than a game-changer.

As pump.fun navigates this storm of negativity, the big question remains: can it turn things around, or will it go down in history as yet another cautionary tale of the hype gone wrong in crypto?

Grief for gains: when degens go too far

In the endless pursuit of views, cash, and green candles, crypto degens have hit a new low.

One recent example was Dead Dad Coin, a meme token born from one shitcoiners’ grief.

You’d think there might be a line somewhere, but nope - there’s apparently nothing too sacred to be turned into a quick buck 🤷 

The story behind Dead Dad coin 💀

The story behind Dead Dad Coin is both tragic and bizarre 🙄 

• An artist, grieving the sudden loss of his father, channeled his pain into an NFT and eventually into this meme token 👇️ 

What’s even more disturbing is that the actual meme features a picture of his deceased father, turning a deeply personal moment into public spectacle.

He claims it’s a tribute, but let’s be real - monetizing a loved one’s death?

That’s a stretch even for the most hardened degens 🤔 

But this isn’t just about one coin. The space has seen everything from tokens mocking political figures to coins designed purely to shock.

Remember when someone launched “COVID-19” or how about “TidePodCoin,” a meme inspired by the dangerous Tide Pod Challenge?

The pattern is clear: if it can go viral, someone will launch it and hope for a pump.

And ethics? Well, those got left behind a long time ago.

The success of these projects often hinges on how shocking, controversial, or downright ridiculous they are. It’s the perfect recipe for virality in a space that thrives on hype.

But where does this leave the crypto space?

Unfortunately, as long as there’s money to be made, we’ll probably continue to see these bizarre, ethically dubious projects pop up. The potential for profit seems to outweigh any moral considerations.

The crypto summer: still a thing? Miners prove it is

Ah, the dog days of summer - the time when the sun is high, the beaches are packed, and traditionally, investors were told to “sell in May and go away” 👋 

This old stock market adage has been passed down through generations, warning traders to avoid the usually sluggish summer months 😎 

But does this wisdom hold up in the crypto space of 2024?

The summer slump in crypto mining

Recent reports show that miners experienced a dip in profits during July compared to June ⛏️ 👷 

Analysts pointed out that despite the overall expansion in mining operations, including new capacity added in the U.S., miners still saw a decline in profitability 👷 

This aligns rather closely with the aforementioned principle, as it appears that the summer months continue to bring challenges - even to the decentralized world of crypto 🤔 

This downturn isn’t isolated either 👇️ 

• Historical data indicates that while the theory doesn't perfectly apply to crypto, there’s still a noticeable trend where summer months tend to be more challenging for the market.

• Over the past eight years, $BTC summer performance has been a mixed bag - about half the summers ended on a positive note, while the other half did not.

• Still, the average summer gain of 8.4% over those years doesn't scream excitement

Interestingly, this year's crypto summer also featured reports of major U.S. miners hitting a record share of the global hash rate in July, further exacerbating the competition and slicing profits even thinner 💸 

Even though some miners have tried to counteract this by expanding operations, the expected summer slump still played out.

So the summer lull, with its lower trading volumes and increased network competition, seems to persist, reinforcing the notion that "selling in May" might just be a decent strategy after all. At least for some.

UAE and India make a first international trade in $XRP

UAE and India, two powerhouses in the world economy, decide they're done with the US dollar 💵 

Instead of the almighty greenback, they’re looking to $XRP - yes, Ripple’s very own coin - to settle their oil trades 🛢️ 💧 

Breaking up with the dollar 💔

So, what's the deal here?

Well, for years, the US dollar has been the world’s favorite currency, the popular kid on the block. But like any high school drama, some folks are getting tired of the popular kid’s antics.

India and the UAE have reportedly decided to settle their oil trade using XRP, ditching the dollar in the process.

• Ripple’s XRP Ledger is being touted as the next big thing for cross-border payments.

• Why? Because it’s fast, it’s efficient, and it’s ready to disrupt the traditional banking system. Plus, they’ve been making moves in the UAE, partnering with the Dubai International Financial Centre to push this vision forward.

• They’re not just talking the talk - they’ve also committed one billion in $XRP to fund new use cases on their ledger 👇️ 

A crypto dream or a nightmare?

• De-dollarization, in a nutshell, is the global move away from using the US dollar as the primary currency for trade and finance.

• Countries like Russia, China, and groups like BRICS have been working towards reducing their reliance on the dollar.

• The reasons behind this shift are pretty clear - nobody likes having their economic future controlled by another country, especially one that's prone to devaluation, sanctions, political maneuvering and whatever else.

The answer is complicated. On the surface, it seems like a positive development - anything that promotes the use of digital assets in global finance is a win for the crypto community. But the potential risks are huge 🔍️ 

For one, if de-dollarization gains traction, it could disrupt the current financial order in ways we can’t even predict 🤔 

The dollar isn’t just a currency - it’s a cornerstone of global finance. No matter whether someone likes that or not.

And shaking that foundation could lead to unpredictable consequences, and not all of them would be good.

Increased market volatility could harm investor confidence, and the resulting economic instability could actually hinder the broader adoption of crypto assets 👇️ 

The shift away from the dollar would force central banks to rethink their strategies, leading to stricter regulations on crypto as governments scramble to maintain control over their economies.

Of course, governments and banks would not just sit there and take it - crypto would be the first thing they throw under the bus 🤷 

As with all things in crypto, the best approach might be cautious optimism. It’s exciting to see nations like the UAE and India experimenting with XRP, but we should be mindful of the potential fallout.

The road to a decentralized financial system is a long one, and we’ll need to navigate it carefully if we want to avoid turning a crypto dream into a global nightmare 🫡 

Other worthy reads

Cardano’s founder, Charles Hoskinson is warning that Kamala Harris is prepared to escalate the war on crypto:

Thoughts on the market by Vance Spencer, the co founder of Framework Ventures:

Gold’s hitting new ATH:

A $1400 Covid stimulus check is now worth $12,300 in USD:

MEMES

That's all for now, frens.

We'll meet in a week! And remember, the market conditions are temporary, but our commitment to building a better DeFi 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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