🧟‍♂️ 1 in 5 cryptos are DEAD here's why

Namaste, this is your friend the doodhwala! We’re the nice friend who’ll bring you back cheap alcohol (and some cashews) whenever we go to Goa. 🥳

Here’s what we talkin bout 2day:

• Zombie apocalypse coming for crypto?

• The airdrop that didn’t drop a token

• Chaach and charts: X2Y2 makin moves

• Milky meme of the day

Let’s roll 🤘

Zombie apocalypse coming for crypto?

Strap up your seatbelts, put on your most colourful shirt.

We going GOA. 🏝

Not to drink beer by the beach, or attend an overhyped conference, but to talk about Zombie coins.

Yes, we’ve been bitten by the Go Goa Gone Zombie.

And so has the crypto market. 👀

Rn there are over 12k Zombie coins trading in the crypto market right now. That’s outta 64k coins.

That means, about 1 out of 5 coins in the crypto market are walking dead, or trading dead.

But wait. What are Zombie coins? 🙃

🧟‍♂️ Zombie coins aren’t dead: Because they have trading activity.

🤡 Zombie coins aren’t alive: Because they have no (current) utility.

👻 Zombie coins are rampant in bear markets.

Here’s how many Zombies were walkin around in prev 🐻 markets:

• In 2018, there were 136 Zombie coins.

• In 2019, there were 766 Zombie coins.

This bear market has 16 times the Zombie coins than the previous bear market.

But why: 🐻 markets = 🧟‍♂️ coins?

→ When prices go 💩 investors and traders dump coins → Some poor souls still have large bags → They keep trading it or wait to dump it → Zombie coins limping around in the market, waiting to eat someone’s brain.

And unlike P vs Z, you can’t use a pea-shooter to shoot Zombie coins. 🔫

Because crypto coins can be created and issued easily, the cost to startup is 0 (PLEASE don’t tell the avg Bengaluru tech bro that, he’ll launch 7 coins this weekend).

This coupled with the unregulated crypto market makes it easier to trade Zombie coins.

Doodhwala’s take: Zombie coins are here to stay but stay away from Zombie coins, don’t be THAT fool this gets dumped on.

If 1 in 5 coins are walkin dead, you probs know someone who’s taken a bite outta this. Share this with them, it'll fo sho he'll them out

Stay safe and keep stayin alive.

Ah, ha, ha, ha!

The airdrop that didn’t drop a token

At the doodhwala we love 2 things:

• milk

• airdrops

• Daler Mehndi

Okay, 3 things. Sue me!

Only one of these is crypto-related: airdrops 🪂

This week, a crypto company we really admire — Juno— dropped a token — JCOIN.

Btw Juno is a v cool CeFi payments company built by our 🇮🇳 frens.

But Juno’s “airdrop” barely took off in the crypto galaxy.

But it caught the doodhwala’s eye. 👀

Why?

Juno is a centralized crypto company bringing TRADFI banking users into crypto. And such a company launching a token is interesting because:

• Juno doesn’t run on its own blockchain

• Juno doesn’t run its own DeFi protocol

• Juno doesn’t NEED to issue tokens

Hmmm, so why launch a token?

Well, it’s not really a token but a loyalty rewards system.

Just like credit card reward points, airline miles, or the “I will give tomorrow” credit system I use with my dukaanwala, Juno launched a loyalty token for its users.

The cool thing is 👉 It’s a 100% community airdrop!

The not-so-cool thing is 👉 There’s no secondary market value or trading!

The okay okay thing is 👉 It’s not a token!

At least not in the degen sense. It’s just a rewards-on-the-blockchain kinda thing.

Why?

• it’s closed: within the Juno ecosystem

• it’s value-less: tokens can be used to buy stuff on the platform, but not withdrawn

• it’s incentive-based: Juno rewards users based on platform usage

But it’s not a traditional token like $ETH, $UNI, or issued via a user-based airdrop like $OP or $LOOKS.

So, why are we talkin bout this?

Because, we at the doodhwala, wanna talk bout interesting crypto things about Indian crypto.

And the reason why this CeFi company’s “not an airdrop” airdrop is cool is because — we think a bunch of companies will wanna take their rewards on-chain.

⭐️ Rewarding users on-chain is straightforward - based on verifiable blockchain activity.

⭐️ Rewarding users on-chain makes use of the blockchain powering the transactions (in this case Ethereum).

⭐️ Rewarding users on-chain puts the community first.

If web2 companies start do this through a token — it’ll warm people up to the idea of a token and be very cool too.

Just like doodh — you can have it hot or cold. 🙃

Chaach and charts: X2Y2 makin moves

NFT volumes might’ve taken a BIG HIT in recent days.

But within the marketplaces, one new + exciting player is emerging.

Guess you can call him Suryakumar Yadav 👀

It’s X2Y2 (not related to R2D2) an NFT marketplace. But unlike OpenSea, X2Y2 is decentralized.

X2Y2 has its own token, a more equitable profit-sharing model, and no single company behind it

And there’s been a MAD (Dussehra?) rush to trade on X2Y2 (excluding wash trades tho).

Milky meme of The day

If you want more doodh then, be sure to follow our Twitter (@DoodhwalaDaily)

That’s all for today bhaiyo aur bheno! Naale Sigona!

Aakash "Dahi Cheeni" Athawasya & Arvind "Doodh Peda" Krishna

Yo! Our legal and financial advisors (aka our good ol’ conscience) have asked us to add this boring disclaimer.

None of what you read here is financial advice. We aren’t here to get you to buy or sell a crypto. We’re only here to tell you what’s up in crypto today and make you laugh. So, if you screwed up on a trade, that’s on you G. Stay safe in the markets.