- Doodhwala
- Posts
- ❌ Elon Take On The X Token
❌ Elon Take On The X Token
PLUS: Coinbase's Base Lifts Off
GM, this is Doodhwala, the only crypto newsletter that CAN CATCH EM ALL! 👾
Here’s what we got for you today!
🤑 BASE-line Increase: BASE, the new L2 for ETH, just crossed $100 million in bridged assets.
👎 Elon’s Denial: Elon Musk says there’s no ‘X’ token, but Doge?
📈 Cheese and Charts: Stablecoins? Don’t need them anymore.
🛠️ Resourcewala: WTF is a Token Curated Registry?
🍼 Doodshots: Someone just avoided a market crash by paying their loans.
🔥 Coin Base Scores $100M
Base.
Coinbase’s Layer-2 blockchain for scaling Ethereum just achieved some damn cool stuff.
It saw over $100M in bridged assets.
Coinbase… Base… pretty simple, right?
So what's causing this? It's the new Base-to-Ethereum bridge! 🌉
Hold up, a bridge? 🤔
Yup, a bridge. But not the kind you drive on.
In crypto, a bridge allows for the smooth transfer of tokens between different networks — in this case, Base ↔️ Ethereum.
Imagine a world where you can move your crypto from Base to Ethereum just like you swipe left or right on Tinder. Kidding, no one swipes right on us after they know we’re the doodhwala. 😭
And what's powering this digital highway?
Three [complicated] words – Optimistic roll-up technology.
Nah, think of it as a referee in a football game, contesting and checking each transaction. If a transaction looks fishy, it can be challenged.
Fake?—POOF—Gone! 🔍🚫
Coinbase isn't just stopping there. 😲
Their plan to boost crypto love goes by the fancy name "Onchain Summer". 😎
It includes events with huge companies like
Coca-Cola
OpenSea
Doodhwala (gotta be there for the culture)🥛
This 👆️ “Onchain Summer,” started on July 13, during the Base private mainnet launch. From this date, users transferred a bunch of crypto through official contracts and other unofficial ways. 👀
And as a consequence, memecoins started trading on Base. This led to massive activity. 📈
With all the memecoin trading, Base started making serious money even before the actual launch.
💰 Profits on July 29 – $13,000
💰 Profits on July 30 – $430,000
Source: The Block
And for Coinbase, Base is not just another project. ✋
Coinbase is looking at Base as a big part of its future.
In their letter to shareholders, they call Base a severe investment in blockchain to make transactions cheaper and faster for the mainstream audience.
So Base isn’t just a trading hub, it's got big plans for the future too. 🛠🚀
Doodhwala’s Take:
From bridges to parties to massive paydays, Base is revving up the crypto scene. 👀
Just like us.🥛
👎 Elon’s Token Ain’t Coming
Scammy tokens.🪙
They can either ruin your lives OR ruin your lives. 😃
Scam tokens have taken over Crypto Twitter (Apologies, X)—
And they’re scamming 💲💲💲 outta everyone. ☹️
The latest victim?
None other than official crypto pumper Elon Musk himself. 🚀
What happened to Musk this time?
Drop those dance moves coz it’s time to know why Elon’s token ain’t coming. EVER. 🕺💃
1️⃣ The ‘X’ token.
Idk if y’all know this, but Twitter no longer goes by that name. 🥴
Elon has re-branded the company to be called ‘X’, which is short for ‘X Corporation’.
And when there’s something old that’s dead — The vultures start coming in. 🦅
This time, the vultures launched a crypto DAO + token called $TwitterDAO and $X token.
Scammy tokens that have already lost their value to a rug pull - Here to extract 💰 from 🫵.
Here’s how the shady media started pumping X. 👇
Hence the reason for us to say —
Stay milky my doodhs, and keep reading the Doodhwala for accurate and true crypto news. 🥛
2️⃣ Elon’s response.
Elon is a true Chad raw cow milk drinker. 🐄🥛
So when the Designer at Doge bought this to Elon’s attention – He took no hesitation in responding that ‘X’ will never ever be launching a Twitter or X token.
Here’s his response:
And we never will
— Elon Musk (@elonmusk)
Aug 5, 2023
Elon’s response helped speculators to realize 2 things.
👉 Stay out of scams, because Twitter (X) will never launch a token.
👉 Twitter (X) will never launch a token. 🤷
All these years, every single person who thought one day that Elon will launch a token, and they’d become millionaires - Dreams crushed. 💔
Please have a glass of warm doodh to ease the pain y’all! 🥛
3️⃣ The $DOGE speculation.
Well, an Elon token might be ruled out for now.
But there is one token that isn’t (and probably never will) ruled out.
And that’s Dogecoin! 🐶
Elon’s favorite meme coin has gained a lot of traction, just because he constantly tweets about it.🤷
Twitter (ugh…X) is way different today than it was a couple of years ago.
Especially when it comes to the leisure towards crypto on the platform. 🪙
Why Dogecoin?
👉 Speculations have proven true that Elon has been working with the team at Doge since 2019.
👉 Elon has said in the past that Doge can be used as a payments infrastructure for X, the Everything app.
👉 You know, it’s a token with a dog. Why not?
Will Elon launch a token for Twitter? Never. ❌
Will Elon use and promote Dogecoin for Twitter? Probably. 🤔
Will the Doodhwala ever use Dogecoin for payments? Not ruled out yet. 😉
📈 Cheese and Charts: Stablecoin Slip 'n' Slide
Ever been to a party where everyone's vibing, and there's this one dude dozing off in the corner?
That's our stablecoin market right now! 🥲
So, Bitcoin and Ethereum have been pumping iron and flexing gains, with an impressive 81% and 55% respectively. 💪
But the stablecoin market cap isn’t having much fun. 😢
The stats?
🗓️ Jan 2023 → $135 billion
🗓️ July 2023 → $120 billion
That’s around 10% down (that’s not a lot of stability there). 😂
While you might imagine the stablecoins humming along to Bob Marley's "No Woman, No Cry" - 'Everything's gonna be alright,' the truth is, the market's been on a steady decline. 🎵
But why’s this a problem?
So, stablecoins are usually famous for being stable.
But right now they’re damn unstable (just like my income).
Are traders just bored, or is there a deeper strategy at play? Is this the calm before a bull run, or are we preparing for a bearish winter?
We don’t know but we’re definitely gonna speculate.
And, we also want to hear from YOU!
Hit REPLY and let us know your two satoshis. 🎤
Source: Artemis
🛠️ Resourcewala: The A-Z of Token-Curated Registries
Have you ever heard of token-curated registries (TCRs)? Don't worry, you're not alone.
But this cryptosystem is slowly taking over, more like sneaking into, a variety of domains.
In today's SUPER thread, we will break down this jargon and make it easy peasy for you.
Here's a glimpse of what we're gonna explore:
The ABC of Token-Curated Registries
Why do we need them?
How to improve them?
LFG🔥🔥🔥
🍼 Doodhshots: Market Crash = Missed!
💸 Cashback Received: The Curve founder has paid off his debts as the hacker returns $61 million of stolen funds. Phew…that was a close one!
🇭🇰 Next Destination: According to a new report, Hong Kong could be the next hotspot for crypto projects. So I’ll see y’all in Hong Kong then?
💩 $SHIT Token: There’s a new $SHIT token that’s taking over the world of crypto, and there’s an actual utility to it! This shit is getting outta control.
✊ HODLers unite: BTC HODLers have officially outperformed crypto funds by more than 69% YTD. Well…well…well, look at the turntables.
⚖️ Game of Laws: A class action lawsuit thrown against Tether & Bitfinex has been ruled out by a US judge. Cool, let’s continue the millions in profits then!
😱 Gujju Scammers Steal Rs 43 Crore
Gujarat is known for many things. 😲
Temples, Elections, and Scams. No, we’re not talking about temple and election scams. We’re talking about crypto scams.
In 2017, Gujju scammers:
launched 3 different crypto
created a ponzi pyramid
stole Rs 43 crore
Wanna know how it happened? 👀
Click the video below 👇
🤣 Milky Meme Of The Day
How are you liking the doodhwala |
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.