Plus: PumpFun’s ICO was wild…

GM. The juice is worth the squeeze today, and we squeezed everything. Drink up!

💊 PumpFun's ICO.

🍋 News drops: Tornado co-founder's asking for help, ETH to $1.5M + more

🍍 Market flavor today

Crypto Market Cap: $3.68T -3.39% (24H)
Name		Price	24H	7D
	Bitcoin BTC	$116,202.32	-3.70%	7.30%
	Ethereum ETH	$2,996.62	-1.34%	16.97%
	XRP XRP	$2.87	-4.57%	25.59%
	BNB BNB	$681.17	-2.16%	3.58%
	Solana SOL	$158.79	-4.10%	5.57%

I decided to go touch some grass this weekend… and wow, what a mistake. Turns out the grass was actually greener in crypto.

While the juicer was off:

• Bitcoin smashed through $120K for the first time ever - even briefly topped Amazon’s market cap;

• Ethereum passed $3K again.

And what’s behind all this?

1/ Institutions buying through ETFs

• Bitcoin ETFs had $2.5B (yes, B as in BILLION) in inflows since Thursday;

• Ethereum ETFs weren't slacking either - $847M in inflows.

2/ “Crypto Week”

The US House of Representatives will vote on three huge crypto bills this week:

👉 The GENIUS Act;

👉 The CLARITY Act;

👉 The Anti-CBDC Surveillance State Act.

New laws = more legitimacy = more investor confidence = 🚀

At the moment, however, things have cooled off a bit, mainly because of profit-taking.

In just the past 24 hours, investors locked in $3.5B in profits, according to Glassnode:

• Long-term holders: $1.96B;

• Short-term holders: $1.54B.

Matter of fact, it ended up being one of the biggest profit-taking days of the year, which naturally caused a slight dip.

And analyst Crypto Auris says if the bulls wanna avoid even more downside, they need to defend $117K.

But you know what's interesting?

Even after hitting new highs, Bitcoin still hasn’t caught the attention of retail investors - Google searches for “Bitcoin” are nowhere near the levels we’ve seen in past peaks.

So while we might be pulling back a bit, it doesn’t really look like we’ve hit the top yet.

(Because retail traders usually FOMO in at the top.)

Markus Thielen at 10x Research agrees: he expects a short consolidation before a push to $133K, and he maintains a year-end target of $160K.

So yeah… next time I go touch grass... I think I’ll bring my phone just in case 🌱

🥝 Memecoin harvest

This list is not financial advice. It’s a cry for help 🆘

Data as of 06:55 AM EST.

Check out these memecoins and plenty more here.

💊 PumpFun ICO

Not sure if you remember, but last month we talked about PumpFun - the memecoin launchpad that basically invented this cycle’s memecoin narrative - and how they were planning to drop their own token.

(Didn’t read that one? Catch up here.)

Well, it happened on Saturday. And damn.

They raised $500M in their initial coin offering (ICO), and it sold out in just 12 minutes.

The token has a total supply of 1 trillion, with a fully diluted valuation (aka FDV) (aka what the whole thing would be worth if all tokens were already in circulation) at $4 billion.

As for how they split up the supply:

👉 33% sold in the ICO: 18% to institutional buyers, 15% to retail buyers;

👉 24% set aside for future projects and the community;

👉 20% for the team;

👉 13% for early investors;

👉 The rest:

Now, the ICO was obviously wild. But not everyone's impressed - for several reasons:

1/ The valuation

... is kinda nuts for a platform like that.

Their success depends entirely on people still caring about memecoins. If (or when) the hype dies down, the launchpad doesn’t really have another use.

That’s why $4B seems way over the top.

2/ The distribution

The majority of the tokens are going to the team + insiders + existing investors.

That kind of setup usually scares retail, because insiders can dump on them later.

3/ The competition’s already catching up

LetsBONK, another launchpad, is already beating them on some key metrics.

Which just proves how fragile their lead is - someone with better UX, incentives, or lower fees can easily take market share.

So... can this thing last?

In the short term, probably. They’ve clearly got hype for now + an airdrop coming up to keep people interested.

Long-term? Eh.

If they don't figure out how to stay relevant when / if the memecoin bubble pops, they'll be forgotten.

And if that happens, the token will probably be forgotten, too.

🍋 News drops

💰 You’ve got USDT and want it in your bank account? Here are the best ways to make it happen.

🙏 Roman Storm, one of the founders of Tornado Cash, is seeking help to cover his lawyer bills. His trial just started yesterday.

🗣️ CZ says Coinbase gave Bloomberg false info about Binance being involved with a stablecoin project linked to Donald Trump. Coinbase’s legal chief said they didn’t contribute to the story.

🤑 Satoshi Nakamoto, the anonymous creator of Bitcoin, became the 11th richest person in the world, ahead of Michael Dell. When Bitcoin topped $120K, their estimated stash of 1.1M BTC was worth about $131B.

🚀 Eric Jackson, the founder of EMJ Capital, thinks Ethereum might one day hit $1.5M. He’s counting on the next stage of Ethereum ETFs to get it there. Hopium? Probably. Fun to dream about? Absolutely.

🍌 Juicy memes