OVERVIEW

The Suck Continues 🤦‍♂️

We’re into week three of the first retracement of this bullish expansion phase. Red is never fun if you’re a bull, but it’s part of how markets move. 🧠

In today’s Litepaper, we’re looking at how bad BONK’s and WIF’s moves have been and a Technically Speaking over Injective Protocol, XRP, and Polkadot.

Also on deck: an interesting story on gold, Tether printing more money, and PayPal’s changes to NFT buyers and sellers.

Before we dive in, here’s today’s crypto market heatmap: 

And here’s a look at crypto’s total and altcoin market cap YTD:

MEMECOINS
BONK and WIF: A Tale of Crypto Gravity 🐶

Last March, Solana’s ($SOL) Dogwifhat ($WIF) and Bonk ($BONK) were the belles of the ball. 🎢

Fast-forward a month, and it’s nosedived as much as 50%, plunging into the abyss of crypto despair.

While Dogwifhat briefly flirted with the $5 mark again, its trading volume shrunk, not unlike my interest in fad diets. Over at Bonk’s corner, things look just as gloomy.

Once a contender in the crypto big leagues, it's now eyeing an early exit from the top 100, thanks to its price tumbling down a cliff. Adding insult to injury, the memecoin's market cap dipped below the billion-dollar line. 🛑

TECHNICALLY SPEAKING
A Bunch Of Altcoins Are Negative For The Year ☢️

There are several altcoins that were still positive for 2024 but have since moved into the red. Let’s take a look at some of them. ☣️

XRP

Last week was particularly bad for $XRP, which was down -15.26%, its worst week since early November 2022. It’s down 20.25% for 2024 so far. 

Injective Protocol

$INJ was 2023’s best-performing high market-cap crypto. And over the past year, it’s still up +251.57% over the past year, but down -32.35% for 2024.

Polkadot

From up +24.37% for 2024 at the beginning of March to -19.51% today. $DOT’s weekly chart is not much different from most of the altcoin market. 🟥

STOCKTWITS CONTENT
The Future Trends You Don’t Want To Miss 👀

We will be live with ARK Invest’s Chief Futurist, Brett Winton, to discuss what the future holds for your money on Wednesday, April 17th at 4PM EST! 🗓️

Save your spot here and reply to our tweet with the questions you want answered!

NEWS
Look, More Magical Printed Money 💲

Imagine being able to print a billion dollars. Now stop imagining because Tether just did it. Again. ✨

In what’s being dubbed ‘inventory replenishment,’ Tether minted a cool billion in $USDT. While people are screaming “Monopoly money!” Tether insists it’s all part of its plan.

Amidst Tether’s printing spree, competitors like $USDC’s Circle are seizing the moment to call for some regulatory eyeballing. Even BlackRock is chiming in, hinting at the shaky ground beneath this towering stack of digital dollars. But Tether insists all of their USDT is backed by cash and US treasuries. 🕵️‍♂️

NEWS
PayPal Rolls Back NFT Safeguards 🛼

Picture this: you're buying and selling NFTs using PayPal ($PYPL), but for whatever reason, something bad happens. Until now, PayPal stood guard, ensuring that both parties played nice. 🛡️ 

But with a flick of their corporate pen, transactions over $10,000 will be released into the wild, unprotected from fraud, counterfeits, or the dreaded buyer's remorse.

Why this sudden cold shoulder? Well, it seems PayPal has decided to cap its heroics at $10,000. Transactions beneath this threshold can still sleep sound under PayPal’s protective wing, provided they aren’t tagged as "unauthorized" by buyer’s remorse—or savvy scammers.

So yes, you can still get your money back if that digital Mona Lisa turns out to be more of a digital mess. 🎭

Links That Don’t Suck 🔗

🪙 Cardano sees massive growth in smart contracts as ADA bulls target triumph over Ethereum

🐵 ApeCoin nears all-time low as Bored Ape Ethereum NFT prices plummet

🔫 Did North Korean hackers use Railgun? Protocol fervently denies

🏛️ Pro-XRP John Deaton’s Senate campaign boosted by Ripple execs, Winklevoss twins and Anthony Scaramucci: Report

🐂 Bybit CEO: Institutions driving crypto bull market with 186% increase in capital flows

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