🤭 This MEV bot lost $400k trading memecoins

Gm, this is the doodhwala the crypto newsletter that's your BFF for life.

We'll even wear those cringe totally awesome BFF bracelets with you. 🫶

Here’s the scoop for today:

• 📉 The bot that lost $400,000

• 🐸 The new memecoin in town

• 📈 Devs on a Downloading Spree!

• 🛠 Crypto Research in a Flash

• 🍼 a16z workin on Mag(g)i?

SEE! Matching bracelets 🤝

📉 The bot that lost $400,000

Trading bots are created for one purpose – to make money.

But one bot didn't get the memo.

In fact, instead of not making any money. This bot ended up losing over $400,000 by "front-running transactions." 🤣

Meet jaredfromsubway.

That's ☝️ an MEV bot on the Ethereum blockchain that performs high-frequency transactions to make 💰.

P A U S E.

Why jaredfromsubway?

It's named after this dude called Jared who lost over 100 kgs eating just Subway sandwiches. 🤩

But then he got thrown into jail for possessing child pornography. 🤬

Wtf is an MEV?

Milky Exciting Value ❎

Maximum Extractable Value ✅

MEV → the maximum value that can be extracted from the production on an Ethereum block over the standard block reward by changing the transactions' order.

So, wtf is an MEV bot?

Think of the MEV bot as that dude who sneaks up behind your friend when playing UNO and tells you what cards they have. 🥲

The bot – jaredfromsubway – specifically targeted memecoins by front-running the trades using the MEV bot.

Why memecoins:

• low market cap

• mad price volatility

• high frequency trades

The BOT targetted memecoins like:

• $PEPE (more on this in Story #2)

• $CHAD

• $WOJAK

• $PEPE on Arbitrum

But instead of making profitable trades 📈 the bot spent waaay more on gas fees 📉

💰 Profit → $700,000

💰 Expenses → $1.1 million

🤣 🤣 🤣

Because of the shenanigans (that's right we use the word shenanigans!!) of the MEV-bot, gas fees on Ethereum briefly increased by 600%. 🤯

⛔️ Dog Days Are Over

Here’s a thought experiment for you:

Imagine you have $1 MILLION. 💰

But it’s on paper → i.e. you can’t liquidate it.

Would you tell people you’re a millionaire or would you just stfu? 🥲

This is the exact situation one crypto bro finds himself in right now.

This week, a crypto bro bought $250 worth of a particular token and this investment is now valued at $1 MILLION. 🤯

Yup.

$250 → $1 million in LESS than ONE week.

Wtf kinda token is this and how can I ape in? 😅

$PEPE.

No, it’s not a token launched by Pepe Jeans, the clothing brand.

$PEPE is the new meme coin that has taken over the market. 🃏

Surprisingly, it’s not dog-related like the rest of em:

• Bonk

• Shiba Inu

• Dogecoin

• Doodhwala Inu

Instead, $PEPE is frog-related. 👇

This token is apparently an homage to the famous internet meme frog a.k.a Pepe. (the weird frog in the picture)

Here are some super-quick stats about this token:

• Current Market cap → $150 million 💰

• Total Holders → 10,000 (holy frog!) 🤯

• Total Supply → 420.69 Trillion (ofc) 🤷‍♂️

This token was launched just THIS Sunday and it has already gone up by 240%.

What’s it built for? 🤨

N-O-T-H-I-N-G.

This is a meme coin with less utility than my Harry Maguire in the Manchester United squad. 😅

The only reason it is pumping so hard is that meme coins are the one thing that crypto bros love more than Lambos.

This is the power of memes manifesting!

But just like any other meme or scam token that pumps this hard, there is always a drawback. (apart from losing your money ofc)

And that is LIQUIDITY. 💰

Here’s how it works:

1️⃣ You bought this meme coin early for $250.

2️⃣ Now, it is worth $1 million after the hype build-up.

3️⃣ For you to realize this profit, you need to sell the tokens.

The question is — who tf will buy these tokens from you? 😅

No one. (unless you scam your friends 😂)

And if you try to sell it all in ONE go, the price of the token will drop drastically!

Doodhwala’s Take:

People are aping into this with the hope that this becomes the next Dogecoin or Shiba Inu with billions of dollars in market cap.

Now, that might or might not happen. (hopefully, it doesn’t 😅)

But there is also a huge risk of you losing every single dollar you put in.

So… it's up to you.

Stick with the dogs or choose the frog? 🤷‍♂️

📈 Chaach and Charts: Devs on a Downloading Spree! 🚀

Who said crypto is just about trading and HODLing?

Our developer homies are out there making things happen! 🛠️

What's the scoop? 🍦

Web3.js + ethers.js, 2 major developer libraries, saw a surge in npm downloads.

NPM = No Paani Macha ❎

NPM = Node Package Manager ✅

In 2023, they hit an all-time high of → 7.3M downloads! 🚀

But wait, what are these libraries? 🤔

🟢 web3.js: Your go-to Ethereum JavaScript library, helping devs create dApps that interact with the Ethereum blockchain.

🔵 ethers.js: Another Ethereum JS library, but with a more lightweight and modular approach for those who crave simplicity.

What's fueling this growth? 🤔

Well, we think it can be a combo of:

1️⃣ Rising crypto adoption in the mainstream

2️⃣ More peeps realizing the power of decentralization

3️⃣ The never-ending quest for that sweet, sweet innovation

The real question is: What's next? 🤔

Will we see an explosion of fresh dApps, NFT platforms, and DeFi projects? Or are we just scratching the surface of what these libraries can do? 💥

Hit REPLY and share your thoughts!

🛠 Resourcewala: Crypto Research in a Flash⚡

Gone are the days when in-depth crypto research took 10+ hours of your life!

Now, you can dive deep into the world of crypto in less than 10 minutes, all thanks to ChatGPT! 🤯

Wanna know how you can use ChatGPT for your crypto research needs?

Today's resource spills the beans:

• Tips to research better

• How ChatGPT saves you time + energy

• Unlocking new insights + opportunities with ChatGPT

READ TIME: Faster than a crypto market swing! 🚀

LFG! 🔥

🍼 Doodhshots: a16z x Mag(g)i?

• 📝 Polygon's Plea: Polygon pens an open letter to the EU Parliament, seeking amendments to the Data Act. Hear 'em out, lawmakers!

• 🚀 Space-y Microsoft: Microsoft partners with Space and Time to bring real-time blockchain data to Azure Cloud. Blast off to the cloud, blockchain buffs!

• 🎮 Gaming Gets Web3: Square Enix joins forces with Elixir to introduce Web3 games to mainstream audiences. Game on, Web3 warriors!

• 🏛️ Crypto Court Call: A Hong Kong court recognizes crypto as property "capable of being held on trust." Trust us, it's a big deal!

• 🔮 Magical Rollup: a16z reveals they're brewing up an Optimism-based rollup named Magi. Scaling done in 2 mins!

🤣 Milky Meme Of The Day

💰 Don’t be dumb, be crypto smart

Look we dunno how to invest in crypto. 🤷‍♂️

So what we do is buy everything in one shot, through something called Coin Sets.

Tf are Coin Sets?

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