Welcome aboard The Crypto Cab Weekly Newsletter 🚖
Buckle up and enjoy the ride!
1️⃣ BIG Crypto News
2️⃣ Crypto Top 100
3️⃣ Token Unlocks
4️⃣ NFTs Trending
5️⃣ Meme of the Week
6️⃣ Legends of Crypto X
1️⃣ BIG CRYPTO NEWS
TLDR
MicroStrategy, led by CEO Michael Saylor, acquired an additional 12,000 bitcoins for $821.7 million, boosting its total holdings to 205,000 bitcoins. With an aggregate purchase price of $6.91 billion and a market value exceeding $14.7 billion, MicroStrategy remains bullish on cryptocurrency despite market fluctuations
Memecoins, particularly Solana-based ones, are gaining traction amid the current market rally, with tokens like dogwifhat (WIF) surging over 600% in the past month. Additionally, a new trend of "misspelled celebrity name" memecoins is emerging, highlighting the diverse landscape of meme-inspired digital assets.
🚖 MicroStrategy's Bitcoin Holdings Surpass 200,000
MicroStrategy, led by CEO Michael Saylor, recently bolstered its bitcoin holdings by acquiring an additional 12,000 bitcoins for approximately $821.7 million in cash.
This strategic move increases the company's total bitcoin holdings to a staggering 205,000, exceeding the holdings of BlackRock's largest spot bitcoin exchange-traded fund.
The acquisition, executed between February 26 and March 10, 2024, saw MicroStrategy paying an average price of about $68,477 per bitcoin, inclusive of fees and expenses.
Funding for this latest bitcoin purchase came from a combination of sources, including $781.1 million from the proceeds of a recent private offering of convertible senior notes and $40.6 million from excess cash reserves.
With an aggregate purchase price of approximately $6.91 billion and a current market value surpassing $14.7 billion, MicroStrategy's bold investment underscores its bullish stance on the cryptocurrency.
Despite the market's fluctuations, the company's average purchase price per bitcoin remains at a relatively lower $33,706, inclusive of fees and expenses, positioning MicroStrategy favorably in the evolving landscape of digital assets.
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🚖Solana-Based Tokens Lead Memecoin Rally
In the current market surge, fueled by record highs in bitcoin and the ascent of various tokens, memecoins are capturing significant attention.
Memecoins like DOGE, SHIB, and PEPE have experienced remarkable gains, with Solana-based memecoins leading the charge. Notably, Solana's memecoins gained momentum last year with the rise of BONK and the surge in demand for the Solana Saga phone, which included 30 million BONK tokens.
The resurgence of Solana's network in December further propelled these tokens, with dogwifhat (WIF) emerging as a notable player, supported by its unique concept and community enthusiasm.
Listed on platforms like Robinhood Europe and Binance, WIF has surged over 600% in the past month to $2.10 from a fraction of a cent in December, reflecting the growing popularity of memecoins beyond traditional dog-themed tokens.
While dog tokens have historically dominated the memecoin scene, a new trend of "misspelled celebrity name" memecoins has emerged, with tokens like Jeo Boden gaining substantial market caps in short periods.
Solana's prominence in hosting memecoin activity is unsurprising given its lower transaction fees compared to other blockchains, making it an attractive choice for traders seeking cost-efficient transactions during market frenzies.
Despite the surge in activity, Solana validators are still incentivized to prioritize transactions, with tips hitting an all-time high, showcasing the robustness of the ecosystem amidst increased demand.
2️⃣ Crypto Top 100
Memecoins had yet another week of huge gains and this week also had the AI narrative coins reaching local tops 🤯
Top 4 Gainers of the week
⬆️ 93.7% $FLOKI Floki
⬆️ 68.2% $RUNE Thorchain
⬆️ 55.8% $NEAR Near
⬆️ 51% $RNDR Render
Source: CryptoBubbles.com
3️⃣ Token Unlocks 🔓
$ARB - $2.38B
$APT - $339.19M
$UNI - $119.80M
$SEI - $114.54M
$ICP - $49.33M
$APE - $36.06M
$GRT - $35.23M
Source: Cryptorank.io
4️⃣ NFTs Trending
Ethereum
Source:OpenSea
Bitcoin
Source: Magic Eden
Solana
Source: Magic Eden
5️⃣ Meme of the Week
6️⃣ Legends of Crypto X
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Disclaimer
This newsletter publishes information about Cryptocurrency NFTs and Web3. This is not Financial or tax advice and should be used for information purposes only. Always do your own research. Cryptocurrency is high risk.