SHIB Flippens DOGE & Cream Exploited - The WAGMI Journal #9
Do not underestimate the power of memes and internet culture
In today’s issue:
The crypto market is slightly up with SHIB leading the way and obliterating everything in its path, overtaking the market cap of DOGE. The overall macro sentiment is somewhat bullish as traders believe this is just a minor retracement before the market continues to run. On a fairly slow news day, Cream Finance got hacked (again) and the SEC rejected leveraged Bitcoin ETF ETF (that was quick).
We’re finalizing our internal workflow and content.
Starting today, our daily issue will be sent out before 9 am EST.
Based on our readers’ suggestions, we are working to add:
a section tracking top projects (primarily DeFi) governance proposals/activities
a section showing open interest and other trading-related metrics 24-h changes
a section showing newly released projects
Please reach out if you have any other ideas or would like us to recap a segment of the market on a daily basis.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆Cream Finance Exploited for Over $100M
One of the older DeFi money market and lending services, Cream Finance, was exploited for more than $100M in a flash loan attack. The attacker conducted a meticulous attack with more than 68 different assets involved in the process. The last update indicated that the hacked funds are currently being washed using Ren’s Bitcoin bridge. Previously, Cream Finance had been hacked for $37.5M in February 2021 and $18.8M in August 2020.
⎆SEC Will Not Approve Leveraged Bitcoin ETF
That was quick. Two days after Valkyrie Investment filed to offer a 1.25x leveraged Bitcoin Futures ETF, the SEC came out and said no. US market regulators are currently limiting leverage from bitcoin-related investment products, entertaining only those who wish to provide exposure without any component of borrowed capital. Valkyrie was asked to pull its proposal.
⎆SHIB Flippened DOGE With $160M in ‘Smart Money’
Shiba Inu (SHIB) has successfully passed Dogecoin (DOGE) market cap as of Wednesday. While there was a gazillion of dog-coin knockoffs who failed, SHIB successfully played into the meme culture and outperformed every crypto fund manager on the planet. Jokes aside, a significant amount of the buying was conducted in the past seven days, with data from Nansen showing that approximately $160M of “smart money” —which Nansen categorizes as crypto addresses who made more than $100,000 in profit by becoming a Liquidity Provider or doing Liquidity Mining across DeFi protocols— bought SHIB in the past week.
👨🏻💻Decentralized Finance (DeFi)
CREAM Finance Exploited for $130M in DeFi’s Third-Largest Hack
DOT Holders Are Voting on Polkadot’s New Look
‘Open Finance’ Project Findora Launches $100M Ecosystem Fund
Ondo Finance Exploit Update
🦮NFT & Metaverse
Timbaland Dropping Ethereum Music NFTs That You Can Remix
WWE Ties Up With Fox Entertainment to Go Big on NFTs
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Tulip - $5M Unknown Round
Osmosis - $21M Unknown Round
ArenaX Labs - $5M Seed Round
QuickNode - $35M Series A
Republic - $150M Series B
⚖️Regulatory Update
FATF Crypto Guidance Looks to Bring Industry in Line With Banks
SEC Will Not Approve Leveraged Bitcoin ETF
Nominee for CFTC Chair Asks Congress to Make Agency the 'Primary cop on The Beat' for Crypto
China to Release National Blockchain Standard Next Year, Says Official: Report
US Regulators Weigh Avenues for Banks to Hold Crypto
Florida’s Miami-Dade County to ‘Study Feasibility’ of Paying Taxes With Crypto
Crypto Trade Associations Saw Lobbying Boom Amid Congressional Infrastructure Fight
Slovenian Regulators Will Consult Public Opinion On Proposed 10% Crypto Tax Law
📚Noteworthy Reads
QCP Capital Market Update
Working in Web3: The Handbook
Mudit Gupta’s Thread on CREAM Hack Early Analysis
For the first week (and maybe a few after), this newsletter is intended for friends and family as we’re sharpening our value offering and content.
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.
DISCLAIMER:
All the information presented on The WAGMI Journal publication and its affiliation is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, and any other forms of advice. Writers, authors, and contributors of The WAGMI Journal may hold any assets mentioned in the issue.