🚀 Bitcoin Pumped-n-Dumped Because of 1 Tweet

Gm, this is the doodhwala, the crypto newsletter that's as essential as your morning coffee but with a lot of doodh in it. 🥛

Cuz doodh is love ❤️

Here’s what we got for you today:

• 😠 Pump & Dump: How Crypto Media Caused A BTC Pump & Dump

• 🔥 BNB Burning: BNB Just Burnt $450 Million

• 📈 Cheese and Charts: Ethereum = SaaS 2.0?

• 🛠️ Resourcewala: Understanding Megacycles

• 🍼 Doodhshots: Binance Says BYE To The UK?

  

 😠 Hey Cointelegraph, WTF?

The Doodhwala’s portfolio consists of 3 things—

• Hope

• Shitcoins

• Shitcoins that function on hope

So, easily, 70% of our strategy functions on HOPE. 🤡

And it kinda pisses us off when someone sells us fake hope— Especially from a huge media house like Cointelegraph. 🤷‍♂️

Some context:

Cointelegraph sent out a tweet stating that the Bitcoin ETF by Blackrock got approved.

Except, it wasn’t. And they removed the tweet afterward.

Umm…WTF?

1️⃣ What did the Cointelegraph do?

Spread fake news. That's what they did. 💀

On a quiet Monday evening, before the US markets opened – someone at Cointelegraph decided to ruin the lives of thousands of crypto traders. 😵

The tweet was simple:

For context, this is the Bitcoin ETF filed by BlackRock. 🪨

Now, a lotta people and other media outlets picked this story up considering it came out from a reputable source. 🤷‍♂️

What happened next?

Cointelegraph edited the tweet → Adding “Reportedly” → Deletes the tweet in a while.

Where the frick does one randomly get such big breaking news without a source? 💀

2️⃣ Bitcoin went up and went down.

Now considering that this news came out from an ehmm…reputable source…People started picking up trades and sent the price of Bitcoin to $30,000. 🤯🤯🤯

Almost 10% higher from where it was. 📈

Within the next few minutes when people started tweeting about the “reportedness” in the news—

The price plummeted back to $28,000. 📉

The last time I saw such a pump and dump, I was still dating my ex-girlfriend.

Just look at that frikkin candle 👇

3️⃣ Liquidations went off the roof!

When a pump and dump happens on a billion-dollar asset — The liquidations tend to follow suit. 😵

What are liquidations?

And the total money lost in this whole debacle?

Over $100 million in value. 💰💰💰

Now we know for sure that people are gonna react when a frikkin ETF ACTUALLY comes out. 🥱

4️⃣ What was Cointelegraph’s response?

Well, Cointelegraph came out with a detailed response about the whole debacle that they caused. 📋

And what was their source for this news?

Some random guy on Telegram whose account is now deleted. 💀

Like comeee oooooonnnnn Cointelegraph, since when did Telegram users become the best source of verified news? 🤬

Their internal chat logs also verified that the person who posted this on Twitter (never callin it X) — Did so without the approval from the editorial team. 🫂

Fascinating behavior! 😀

5️⃣ Oh my my…The memes.

And the most important part of any big news that comes out (especially the fake ones)—

The memes.

Here are some that we found were LOL-worthy! 🤭

Doodhwala's Take: 3 things we learnt—

• Don't have a portfolio built on Hope

• Don't publish something without citing a source

• Send Oatmilk to the Cointelegraph Intern 🤢

🔥BNB’s On Fire (literally)

Guess what Binance did yesterday? 🤔

No, it didn’t say sorry to the SEC for being the biggest + baddest exchange.

We’re strong af Gary. 💪

Well, he’s already finding another job to do after shitting as the chairman of SEC. 👇

Coming back to Binance.

It set fire to $450M worth of $BNB.🔥

Now, if you're thinking, "Burn? Like, with fire?" 🤯

Nah man, not that kind of burn.

Let me break it down for ya:

It's like sending your tokens on a one-way trip to nowhere. 🚀

These tokens are moved to an address that's basically a black hole. 🕳️

No one controls it, and the tokens can't come back. 🚫

Even Dora the explorer can’t find it. 😂

Result?

Fewer tokens in circulation = more value for the remaining ones. 💸

The current circulating supply of BNB is 151.7M after yesterday’s burn of 2.1M BNB.

Now, about BNB:

👉 It's the heart and soul of the BNB chain ecosystem. ❤️

👉 It came into the world in 2017 when Binance decided to make its own coin!.

👉 And it's not just any coin; it's the native coin of the BNB Beacon Chain and BNB Smart Chain. 🌟

Here's the really cool part:

Auto-Burn System 🤓

Wtf is that?

Binance has this cool system where it auto-burns to keep its total supply at 100 million BNB. 📉

Just a thought: There should be an auto-burn system in life too where our toxic relationships get auto-burn. Tho my girlfriend would get burnt too. 💀

How much to burn? Well, it's based on

→ BNB's price

→ the number of blocks on the BNB Smart Chain during the quarter 📊

And, because we all love to gossip 💹

How's BNB Doing Now?

• Trading at $214 at the time of writing this.

• Up by 2.5% in just the last 24 hours! 📈

Not much movement in the price but as the burn gets more intense maybe we can see the price moon. 🚀 

Doodhwala’s Take:

We wish this kinda burn could happen with US dollars.

Maybe in next life where POTUS is able to cycle properly. 💀

📈 Cheese & Charts: Ethereum = SaaS 2.0?

Have you ever given your friend money? 💰

But he never returns it to you back? But at the same time — You owe him money too? 💀

If you’ve been in this situation, then you’re more or less living the life of Arbitrum. 🤝

What are we talkin’ bout?

You see Arbitrum is a Layer-2 solution that is built on Ethereum. 💎

Meaning any transaction that happens on the layer has to be eventually settled on the base layer.

Which happens to be owned by Lizard man Vitalik. 🦎

So, Ethereum is the Settlement Layer for Arbitrum. 😮 (or any other Layer 2 solution built on ETH)

And rn, Arbitrum is paying a huge fee every month to ETH. 🤑

This number has gone down significantly now, but here are some of the big numbers this year:

• May 2023 - $9 million in fees paid for the settlement

• April 2023 - $8.5 million in fees paid for the settlement

• March 2023 - $6 million in fees paid for the settlement

Arbitrum should’ve had a prenup NGL. Bro is paying a lot for childcare support, and there’s no way to avoid it now. 🤷‍♂️

It’s kinda like ETH is offering this vast layer for expansion for L2s, but it comes with a huge price tag.💸

Almost like a SaaS product tbh.🤔

What do you think? Will ETH win in the long run with this strategy?

Hit reply and let us know what you think! 👇

🛠 Resourcewala: How Big Is This Crypto Cycle?

Ups, downs, and insane loops - we've seen it all, fam!

Just when you think you've gotten the hang of trends, BOOM, in comes a cycle that flips the script.

Enter: MegaCycles. These giants are the Avengers of patterns, shaping tech and crypto with their Hulk-like presence. 💪💚

But WTF is a MegaCycle anyway, right? 🤯

In short, they dictate when we moon and when we're just...well, doomed. 🌕☠️

Today's resource is all about these:

• Decrypting MegaCycles: The Alpha and Omega 🌀

• Tech & Crypto: A Love Story or World War 3? 💔💥

• Riding the Wave: Strategies to not wipeout 🏄‍♂️🌊

READ TIME: Quicker than yesterday’s PUMP AND DUMP. ⏱️

🍼 Doodhshots: Bye-Bye U.K.

• 🥊 Coinbase’s Angry: Coinbase slams the SEC's 'Bureaucratic Pantomime,' demanding clarity on crypto rules once and for all. Wtf do you want SEC?

• 🌟 Stars Stalled: Stars Arena makes a comeback, but trading's on pause. Intermission or final act?

• 🇬🇧 British Goodbye: Binance bids adieu to new UK customers forever. A royal exit, indeed!

• 🇺🇸 Uncle Sam's Stash: Guess what, the US government's sitting on over $5 billion in Bitcoin. Who’s hodling now?

• ⚖️ SBF Saga: Nishad Singh finally speaks in the SBF trial, admitting to crimes he committed with SBF. What’s SBF gonna do now?

🤣 Milky Meme Of The Day

If you want more doodh then, be sure to follow our Twitter, LinkedIn, and Instagram.

That’s all for today folks! See ya tomorrow!

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 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.

Today’s edition was brought to you by Ritik Gupta and Sumanth

Edited by: Arvind Krishna and Aakash Athawasya