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🟣 23 and Meme
Bitcoin jumps, dog memes fly
At the start of this week, I pondered whether this bull cycle would be characterized by the delivery of useful products to finally onboard the next billion, or if it would be more meme-driven mania.
The week certainly looks to be closing out with the latter. Five out of the top six highest gainers of the past 24-hours are animal memecoins: floki, pepe, dogwifhat, bonk and shiba inu.
Zoom out seven days and you get FLOKI leading the pack once again, followed by SHIB, PEPE, WIF, with BONK underperforming relatively.
The original dog coin — DOGE — is up “only” 35% on the week, but like a Chris Nolan directed clown car, we now see the big winner of March so far to be something called “doge eat doge” (OMNOM), billed as “the first memecoin on Doge.”
This is a misnomer (or perhaps mis-omnomer?); it’s actually a “dog20” (read: ERC-20) token on “Dogechain,” an EVM-compatible proof-of-authority sidechain that uses wrapped-DOGE as gas.
While styled as a “layer-2” of Dogecoin, it doesn’t derive any security guarantees from Dogecoin’s proof-of-work nodes, and instead operates independently with a centralized bridge.
Tl;dr — If you ape, seriously, don’t put any more money there than you absolutely positively can afford to see vaporized, hacked, rugged or otherwise disappeared into an illiquid black hole of putrescent shitcoinery.
Who knows though — with its newfound success, maybe they will actually transition into a zkEVM based on the Polygon CDK as planned. That would be an improvement in my estimation.
Absent a credible trust-minimized bridging solution, the connection to Dogecoin remains mostly one of marketing.
Oh, and bitcoin hit a new all-time high.
ETF net flows, visualized:
Source: @CarpeNoctom | BitMex Research, Farside Investors
This handy chart paints a nice picture of US spot bitcoin ETFs’ capital flows over the past two months.
Yesterday, Fidelity’s FBTC was the big winner, registering a daily high inflow of $473 million.
GBTC outflows, while substantial, have been more than fully absorbed by the hungry market.
The Avalanche Network is well on its way to becoming the best platform to build high-performance blockchains that can seamlessly interact with each other, and the strong focus on performant and scalable blockchains will likely be Avalanche’s competitive advantage.
The month's big news was the staggering amount of net inflows into BTC ETFs, while total AUM and daily volume continued to make new highs. Ordinal prices continue to increase as BTC nears its ATHs, all while Bitcoin ecosystem activity and “TVL” of layer-2s continue to increase.
Do Kwon may be extradited to South Korea, and US authorities are reportedly unhappy about it.
Bitcoin briefly topped $70,000 for the first time ever before losing 4% Friday, according to some exchanges.
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The insights, views and outlooks presented in the report are not to be taken as financial advice. Blockworks Research analysts are not registered broker/dealers or financial advisors. Blockworks Research analysts may hold assets mentioned in this report, further outlined in the Firm’s Financial Disclosures.
