🔴 The MOST important chart for the MERGE!

Namashkar. This is the doodhwala, the crypto newsletter that THE NATION WANTS TO KNOW about. But we just don’t want to scream at you. 🤷‍♂️

Here’s the scoop for today:

• GameFi gets the BIG dough

• PRE-MERGE: The only chart you should pay attention to

• Chaach and Charts

• Milky Meme Of The Day

GameFi gets the BIG dough

The cold winds of the crypto winter have forced us all to rethink how we spend our money.

But these winds seem to have had absolutely no effect when it comes to investors funding blockchain gaming and metaverse projects.

They are just ridin’ super hot rn!

Web3 games and metaverse projects have raised around $748 million since (checks notes) August 1, 2022! 🤯

Here are the top TWO projects that received some crazy funding:

• $200 million for Limit Break by Gabriel Leydon

• $100 million for Animoca Brands. (They had just raised $75 million last month)

Money seems to be flowing faster than rainwater flowing into Bangalore basements.

One of the OG play-to-earn games, Axie Infinity, also crossed $4 BILLION in all-time NFT sales.

It also added an average of 36,000 new players EVERY SINGLE DAY in the past 3 months.

Ooof!

That is more than the number of people who watched the movie Liger since its release. 🤷‍♂️

So far this year, the investment in blockchain gaming has been around $7 billion. And there are still four months to go before the year ends.

It is estimated that the total investment amount will reach around $10 billion by end of the year.

Compare this with the investment amount in 2021.

It was just around $4 billion. (Yes, JUST)

This whole thing shows that no matter the market conditions if enough value is being provided to the user, rewards will FLOW!

In this case, the value is entertainment and money.

GameFi has unlocked a whole new incentive mechanism model in crypto.

You get to have immense fun and also earn some great passive income from that.

The true potential of this space will be unlocked as more and more players enter the market to create greater value and incentives for the user.

But it's truly an "LFG 🔥" kinda season for blockchain games!

PRE-MERGE: The only chart you should pay attention to

We’re more excited for The Merge than we are for:

• An IPL Super Over

• The Ranbir-Alia wedding

• Meghana’s Chicken Biryani

The Merge is a few days away and even Google knows what’s up.

But what isn’t UP is ETH.

And what is UP is BTC.

Wait, what?

I thought the Merge was supposed to be bullish for ETH, not BTC.

You’re not wrong. That’s what we thought as well!

But looking at the ratio of ETH to BTC or the price of 1 ETH to 1 BTC, the Merge is a full on BTC-maxi at this point. 🥲

Last week during BTC’s slump to $19,000, the ETHBTC ratio jumped to 0.083.

This is the highest since December 2021. And only twice has the ETHBTC ratio surged over 0.082 since May 2018.

That’s longer than most people have been in crypto.

This week, only a few days before the Merge, the ETHBTC ratio dropped to 0.076 and ETH bulls got hella disappointed.

But why does this ratio matter?

It matters because BTC and ETH are like Superman and Ironman.

They’re the biggest and best superheroes, but from different universes. And people always seem to pit against each other.

Currently, Superman aka BTC has got an edge (maybe because he’s got actual superpowers and isn’t just a genius, billionaire, playboy, or philanthropist).

But people think this Merge will give Ironman extra powers like Kryptonite in his Unibeam which will allow him to flip Superman. Oh, I’d like to see that happen!

And an indication of Ironman flipping Superman and ETH flipping BTC is the ETHBTC ratio.

Specifically, when ETHBTC crosses 0.1.

Yup, that’s the magic number 0.1 ETH to BTC is when we’re back at 2018 levels. This could signal euphoria for Ethereum.

Doodhwala’s take: This ratio seems hella interesting before the BIG MERGE. So, we’ve lined up a major talk with a major analyst this Wednesday. Stay tuned because we’re bout to drop some MERGE alpha.

Chaach and Charts

NFTs on the Solana Network are having a field day!

Solana NFT Mints reached an all-time high on September 7th with a total mint of 3,12,000

The NFT markets are continuing their crazy BULL RUN. 🔥

Milky Meme Of The Day

If you want more doodh then, be sure to follow our Twitter (@DoodhwalaDaily)

That’s all for today peeps! Naale Sigona!

Aakash "Dahi Cheeni" Athawasya & Arvind "Doodh Peda" Krishna

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.