🐸 $PEPE Just Got Rugged By Its Own Team?

Gm, this is doodhwala, the crypto newsletter that’s better perfectly designed to be read with your hot morning coffee (with extra doodh ofc 🤷‍♂️)

Here’s what we got for you today—

• 🐸 PEPE Rugged: $PEPE Just Got Rugged By Its Own Team

• 🇺🇸 USDC Irrelevant? : USDC Is Getting Market Cap Eaten Out By Its Competitors

• 📈 Cheese and Charts: Rollbit Is On a Roll

• 🛠️ Resourcewala: How to Bridge from Ethereum to Polygon

• 🍼 Doodhshots: Don’t Give a F*** about US Customers

🐸 $PEPE Gets Rugged

What a great start to the week! 🗓️

Everyone's favorite memecoin $PEPE just got rugpulled by its own founders.

Well, the token didn't exactly go to Zero, but hey, betrayal is betrayal. 🤷‍♂️

What the hell happened to $PEPE?

Is the memecoin even investable anymore? 🫢

Let's unpack today's fresh doodh, and see if the frog man is here to steal! 🐸

1️⃣ Understanding the Rug.

Just like you take a sip to verify the quality of Doodh before you chug the whole glass—

Transactions can have multi signature transfers. ➡️

A.k.a, more than one wallet needs to give their consent to make a transfer.

So according to the $PEPE team, there were bad actors in their founding team who had access to these Multi-sign wallets. 🤑

And these bad actors took out 16 trillion tokens out of 26 trillion in the wallets to make themselves very very rich. 💰

That’s 60% of the value of the wallets! 🤯

And this money, a total of $15 million USD, was transferred to exchanges like—

• Binance

• Kucoin

• OKX

• Bybit

…before they were sold off on the open market.📉

Not just that, the last person of the Multi-sign wallets who was communicating this to the Pepe community—

Said that the signatures were now reduced to 2/8 from 5/8, meaning one person had complete control of the remaining 10 trillion tokens in the wallet. 🪙

Here’s the official announcement by the team 👇

2️⃣ The Culprits are…

Well, we don’t really want to dwell on any conspiracy theories on a Monday. 💀

However, according to the announcement by the remaining person, it seems to be 3 of the 4 founding members of the $PEPE coin.

Now these 3 members, whoever they are, decided they were gonna pull an official anime betrayal scene on the 4th dude. 🥲

Here’s how they did the heist—

Step 1 - Get 3 members to sign the transactions for transfer.

Step 2 - Move the money to CEXs, so that there is no way to track the funds anymore.

Step 3 - Sell it all off on the market, drink oat milk, and GTFO.

Step 4 - Delete all social media, coz they might get tracked by the remaining person on the team.

Step 5 - They now have successfully pulled out $15 million, and are nowhere to be found.

Quite the heist, innit?

Waiting for the Netflix adaptation of it soon. 🤝

3️⃣ The Token effect of $PEPE

All of this drama and open market selling sent the $PEPE token to the trenches. 📉

After the Multi-sign wallets transferred the 16 trillion tokens to CEXs—

The value of the token fell by 18% to $0.00000088. ⏬

It did, however, have a brief bounce back of 10% after the team put out their announcement on Twitter (Fuggin X). 📈

The token, which once made people millionaires—

Is now facing the biggest BRUH moment since its inception. 🛐

The stolen 16 trillion tokens represent about 4% of the total circulating supply of the token and is a huge bump on the road for their growth ahead.

How will they recover?

Well, we just have to keep sipping that taaza doodh and see how it all unfolds. 🥛

💩 USDC going to sh*t

USDC? More like USD-See you later? 😂

Okay, okay, it's not that bad, but here's the thing:

USDC, our used-to-be fav stablecoin, is having a tough time.

Its market cap has hit a 2-year low → dropped to $26 billion from $56 billion last June.

That’s more than a 50% drop - not much stablility for a stablecoin!

Maybe it’s trying to become Justin Bieber.

But the interesting thing is Tether's USDT market cap is at its new high of $83 billion. 🎉

So wtf is happening with USDC? Here are the 3 main things.

1️⃣ Depegging Issue 🚫

There was a banking crisis in the U.S. earlier this year.

And Circle, the company behind USDC, was involved in that crisis.

They said they had about $3 billion stuck in it. That's a big reason why USDC's value went down to shit. 💩

Tom Wan from 21Shares says, "USDC hasn't moved past that banking problem."

Meanwhile, USDT wasn't really hurt by this, so they're more stable.

In fact, USDT is a lot like doodh. No matter what happens doodh can’t be unstable ever.🥛

2️⃣ Interest Rates Going Up 📈

As the interest rates have gone up, holding onto USDC isn’t as cool as it was before.

Cuz people are choosing traditional bank accounts and CDs to park their money instead of USDC.

Garett Jones from Bluechip (they rate stablecoins) explained, “If you keep USDC now, you’re missing out on a steady 4%-5% return every year." 🤯

3️⃣ Weekend Habits 🍺

This thing is really interesting.

So here’s what happens → people sell USDC more than USDT, especially during weekends.

They might be cashing out to go to fine-dining restaurants where food only LOOKS good. 💀

And burning USDT? Apparently, that's not a weekend thing.

One reason is the difficulty in burning USDT during weekends.

Also, Tether has fees for both creating and redeeming so it’s costlier. 🥲

And FYI, USDC is mostly used in DeFi, while Tether is more for trading.

So, USDC is going away?

Nope! ❌

Circle is trying hard to make things better.

They've partnered with Shopify to offer cost-effective payment solutions and plan to introduce USDC to six more blockchains, including the controversial Base network. 🍺

And here's a news (good probably): Coinbase has now invested in Circle. 🤝

📈 Cheese and Charts: Rollbit Is On A Roll!

Why is it not surprising—

That one of the most trending projects in crypto is literally a gambling website? 💀

Rollbit, the leader in Gamble-fi, is hitting new audiences and has stolen the hearts of all gamblers and non-gamblers alike. 🎰

We wrote about it a while back.

Rollbit has taken Crypto Twitter (X) by storm, and some of the biggest crypto personalities are now Rollbit lovers. 😍

And why wouldn’t they? 🤔

• YOLO trading with 1000x leverage? ✅

• Fantastic user interface with easy navigation? ✅

• Everyone knows it’s stupid to gamble here, but they do it anyways? ✅✅✅

And that’s why everyone wants a chunk of Rollbit experience now. 🎲

Their recently announced tokenomics also adds more perpetual buying pressure on the token. 📈

All of this has sent Rollbit adoption to the → 🌙

Here’s a few numbers that capture their growth—

👉 Net deposits reached an all-time high of $24 million on the platform.

👉 Close to $5 million $RLB token has been cumulatively burnt so far.

👉 Making close to $2 million every day in revenue from Casino and Futures trading.

What do you think of Gamble-fi taking over crypto? 🧠

Hit reply and let us know what you think! 👇

🛠 Resourcewala: How to Bridge from Ethereum to Polygon

Ethereum is cool, Polygon's cooler, but you know what's the coolest?

Bridging ERC-20 from Ethereum TO Polygon. 😎

It's like making Batman and Superman team up (without the drama, obvs).

Today you’ll learn:

1. Setting up shop with an ERC-20 contract on Ethereum’s Goerli testnet. 🛠

2. Throwing the same party over at Polygon’s Mumbai testnet. 🎉

3. Linking the two - 'cause what's life without connections? 🌐

LFG🔥🔥🔥

🍼 Doodhshots: Bye-Bye USA

• 🔒 Tor More Secure: Tor Network amps up security using Bitcoin-esque measures against attacks. Surfin' the dark web just got a lil' safer!

• 👟 Doodle Those Crocs: Doodles and Crocs join feet, er... forces, for a foot-tastic exclusive collab. Walking on air or on art?

• 🇺🇸 USA-No-Way: DYdX founder suggests crypto builders might want to ghost US customers for a 5-10-year period. Time for an American vacay?

• 📉 Staking & Shaking: Ethereum staking hits new highs while the value of DeFi assets tumble. Mixed crypto signals, anyone?

• 📊 Unique Hash-Play: Hashdex enters the Bitcoin ETF race, bringing a unique strategy to the table. ETF game-changer or just another player?

🤣 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 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