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- 🐳 A Whale behaviour you did not expect!
🐳 A Whale behaviour you did not expect!
Arvind Krishna & Aakash Athawasya
August 26, 2022
Namskara. This is the doodhwala. The crypto newsletter that’s like the Jai to your Veeru from Sholay. We always have our sidecar reserved for you. 😎
Also, we are at CoinDCX’s Unfold 2022 in Bengaluru today. 👀
If you are also here then come say hello to us! We’d love to meet a fellow doodh connoisseur! 🤌
Catch us wearing a doodhwala sticker on our regular T-shirts. #minimalism
Here are the big scoops of the day:
ETH Whales are playing with our hearts
Polygon Raja places another big web3 bet
Is Samsung launching a crypto exchange?
Milky Meme Of The Day
ETH Whales are playing with our hearts
The ETH Merge is coming.
And the anticipation is prettay, prettay high.
Hell. It might even be higher than the release of KGF-3. 🫢
But this anticipation is leading to some interesting behaviour from the top ETH whales.
Whales are the people who hold a pretty FAT amount of any particular token.
A recent analysis by Santiment shows that some of the biggest ETH whales are moving their ETH to exchanges.
The non-exchange address (i.e the wallet address of whales who don’t have their holdings on exchanges) saw a decline in 11% of their holding.
And the exchange-based address (i.e the wallet address of whales who HAVE their holdings on exchanges) saw an increase of 78%.
I don’t speak crypto (yet), what this means?
Most of the whales keep their big token bags safe in a hard wallet.
❄️ Hard wallets are physical cold wallets. They are not connected to the internet and are considered to be very safe.
🔥 Exchange-based wallets are hot wallets. That means they are connected to the internet so you can trade your crypto.
But if the ETH whales are moving their large bags from hard wallets to exchange wallets, then it means that they are preparing to sell. (does anyone even have diamond hands anymore?)
This also means that they prolly are anticipating ETH prices possibly to drop after The Merge.
So they wanna to cash out right before that, when the prices are somewhat still high.
There are not alone in this!
A lot of smart crypto bros think that The Merge pricing of ETH is going to be like a Rakhi Sawant movie — buy the rumour and sell the news.
They prolly believe that the weeks leading up to D-day will see a rise in prices but not so much after The Merge itself.
The Merge is set to happen on September 15, and we at the doodhwala will definitely keep our eyes peeled for — the prices, devs, and the whole damn ecosystem!
Polygon Raja places another big web3 bet
The co-founder of India’s crypto Billie (that’s how the kids say Billion. Get with the times, grandpa!), Polygon, has placed yet another bet on crypto.
This time in the form of Symbolic Capital.
Sandeep “Polygon Raja” Nailwal launched a $50 million fund (Rs 400 crore) to support web3 projects that are truly innovating in this space.
The fund is also backed by some big dawg crypto protocols, exchanges, and other VC founders.
Sandeep’s core motivation to launch this fund is to not let other promising projects struggle in the early stages like how Polygon did when he was starting it.
He essentially stated the formal version of “I feel ya, my hard workin’ crypto bros and I got your back. #4ever.”
The fund has already aped into three blockchain gaming projects: Planet Mojo, BlinkMoon and Community Gaming.
Planet Mojo looks dope btw. Check it out:
Web 3 projects got the highest funding from VCs in the past few months. A total of $14.6 billion has been invested in crypto projects.
It’s a great indicator of the belief in this space to be one of the next frontiers of innovation.
Brb, adding “web3” to doodh bottles and pitching it to VCs.
Is Samsung launching a crypto exchange?
Samsung, the company that brought you:
exploding phones
a folding phone no one asked for
a TV that costs as much as my house
..is launching a crypto marketplace!
Well, it’s not really Samsung directly, but the tech bro’s investment firm — Samsung Securities.
Samsung, like every dev in India, is jumping into crypto.
The exchange is part of several of Samsung’s web3 initiatives, like:
🔐 wallet for Galaxy phones
📺 NFT support for Samsung TVs
🤡 a partnership with Cardano (wtf?!)
So Samsung’s got a wallet + a TV + Cardano (let’s ignore this for now) and now it’s bringing an exchange into the mix.
The doodhwala thinks (we think sometimes!) this is cool for two reasons:
Ecosystem: Bringing a whole ecosystem of web3 products — wallets for custody, NFTs for ownership, and exchanges for transferability is v v cool. Cryptocurrencies can be easily onboarded into this infra mix with wallets + exchange, and it can be used to buy and sell NFTs
Publicity: Samsung is a pretty big name with a massive phone, tab, and TV sales! And Samsung integrating a wallet, an exchange, and NFTs will onboard millions into crypto.
Milky Meme Of The Day
Fingers crossed for September 15th. 🤞
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That’s all for today bhaiyo aur bheno! Naale Sigona!
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.