🐶 Who loves memecoins the most?

Gm, this is the doodhwala, the crypto newsletter that will wake you up just in time for your first Zoom meeting of the day. 🙃

Here’s the scoop for today:

• 🐶 Who loves memecoins the most?

• 🎛️ Big Staking Switch

• 📈 $ETH > $BTC YOLOs 🤑

• 🛠 Every 51% attack ever

• 🍼 Coinbase FINALLY climbs

Wake up, you’ve got a meeting in 5 minutes:

🐶 Who loves memecoins the most?

WMemecoins.

They’re memes that you can buy, sell, pump, dump, and eventually go broke on. 🤣

But memecoins are hella popular right now…all thanks to PEPE.

Where are memecoins traded the most?

The country where guns + marijuana are legal of course. Yes the US of A 🇺🇸!

Yup, Americans are milking these meme coins like a pro doodhwala! 🥛

US traders generated → 23% of global interest in memecoins in 2023.

Not far behind are:

🇮🇳 India

🇬🇧 United Kingdom

🇵🇭 Philippines

What were the most popular memecoins?

According to reports, the most traded memecoins are:

• Dogecoin (DOGE)

• Shiba Inu (SHIB)

• Floki Inu (FLOKI)

• Pepe Coin (PEPE)

• Bonk (BONK)

• Volt Inu (VOLT)

In this ☝️ list, 4 of the 6 cryptocurrencies are on Ethereum.

And the problem for us regular users is when people are buying (and dumping) these memecoins, the fees on blockchains are 🚀

Trading in PEPE + SHIB + FLOKI + VOLT = Made the fees on Ethereum reach a 12-month high. 🔺 

Have a look 👇

Doodhwala's Take:

It's a wild world for Memecoins, and just like doodhwala delivering fresh milk, these coins keep churning out surprises.

Whether you're a fan of SHIB, FLOKI, or PEPE, it's clear that the meme coin craze is far from over.

So grab a glass of milk, kick back, and enjoy the show.🥛

🎛️ Big Staking Switch

The talk of the town is LSDs (No, there are no actual drugs involved 💊)

And the flag bearer of LSDs is → Lido Finance

What’s liquid staking and what’s Lido? 🎯

Not to be confused with Doodh Staking🥛, which involves putting Milk in the fridge and earning praise from your mom 👪

This is where Lido Finance comes into play 🏏

Lido is a DeFi platform that enables users to:

• stake their $ETH

• earn rewards

• receive a liquid staking derivative of the ETH staked

And they’re killing it! 

Lido has seen widespread adoption and wants to disrupt traditional staking platforms forever. 🥷

Why is Lido leading? 🥇

Lido Finance has seen > 6 million $ETH deposits over the past few weeks, and there is literally only one reason for its disruptive adoption:

SHAPELLA! (Not a Harry Potter spell lol🪄)

Shapella = Shanghai upgrade that happened recently on the Ethereum mainnet,

This ☝️ allowed users to withdraw their staked $ETH!🥇

Once my doodhs, realized that they didn’t need to follow traditional methods of staking to earn rewards, they started pushing massive withdrawals from the mainnet to liquid staking platforms 💧

It was just over the past week that Lido saw over 100k+ ETH being deposited.

100k ETH = $190 million 🤑

The full-fledged expansion of liquid staking pushed Lido to the NUMBER 1 spot among DeFi DApps, with around $12 billion of assets on the platform 🤯

Lido is bigger than:

• Aave

• Uniswap

• MakerDAO

• DoodhSwap Lend

🤯 🤯 🤯

But this got us thinking! (we do this very rarely lol)

Does it make sense to stake on CEFI exchanges anymore? 💭

So many people certainly think so. And because of this they’ve ditched Binance + Coinbase (just like my friends when I called them for my party 😢)

Coinbase + Binance have witnessed over $700 million of staked $ETH outflows over just the past week. ⏰

3 reasons:

💥 Regulatory concerns

💥 Higher Rewards by staking through an LSD💰

💥 They don’t have Doodh benefits 🥛

Will people keep moving out to Liquid staking? Will centralized exchanges change their methods and rules of staking? Will Doodh ever be illegal?

Such questions, only time shall answer 🕰️

🧀 Cheese and Charts: $ETH > $BTC YOLOs 🤑

In every group, there’s always one dude who thinks almond milk is just as good as cow milk (we don’t like that dude 🤢)

Similarly, when a group of 5 traders meet, there’s always one who thinks it’s good to trade on high leverage and ruin themselves financially 📉

Both of them can't be changed 👎

But wait, what’s leverage tho? 🤔

Trading with leverage is like trying to do a TikTok dance after drinking a lot of juice 🧃

It can lead to some impressive moves, but also some serious wipeouts. 🥴

(That’s why you drink doodh, no side effects, only gainzz 💪)

Leverage can be highly dangerous, but highly useful for seasoned traders 📊

What’s the observation? 🔭

Ever since 2021, $ETH has always seen higher leverage than $BTC 🔺

▶️ $ETH’s highest Leverage Ratio of 4.25%

▶️ $BTC’s highest Leverage Ratio of 4.25%

▶️ AVG difference of ~1% in Leverage Ratio between $ETH and $BTC

This shows that traders take higher risk, higher reward positions of trade on $ETH > $BTC ⬆️

(Basically yolo-ing in $ETH is higher 😈*)*

We don’t advise trading with leverage to anyone!

But we still advise choosing cow milk over almond milk! 💯

🛠 Resourcewala: 51% Attacks - The Misunderstood Concept 🦹

Let's face it, 51% attacks in the crypto world are like Voldemort, everyone's scared but few truly understand it. 🧙‍♂️

Many doodhs out there have misconceptions about it, and it's high time we set the record straight! 🕵️‍♂️

Today's resource breaks down the common misconceptions about 51% attacks and leaves you better informed:

• What is a 51% attack, really? 🧐

• Common misconceptions about 51% attacks 🤦‍♂️

• The true impact of 51% attacks on the blockchain 🌩️

We've got you covered in a quick, digestible read.

LFG! 🔥🔥🔥

🥛 Doodhshots: Coinbase FINALLY climbs

• 🔄 ETH Express: More Ethereum holders are moving coins to centralized exchanges, on-chain data reveals. Safety dance or risky move?

• 🐸 Pepe's Comeback: Pepe (PEPE) hops back to a $1 billion market cap after a price dump. Frogtastic rebound, anyone?

• 🌊 Lido's Whopper: Lido DAO (LDO) records its largest transaction in 2 years. Splashing some serious cash, eh?

• 📈 Coinbase Climbs: Coinbase jumps 17% post-earnings, with analysts praising results but fretting over regulatory uncertainty. Bittersweet gains, huh?

• 💰 Stake-n-Grow: Ethereum staking deposits sprint ahead of withdrawals by a cool $189M in ETH. Stack 'em up, ETH stakers!

🤣 Milky Meme Of The Day

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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 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.