Whale Games

CZ vs. Justin Sun, Memecoins and Microstrategy

Author

Nathaniel Whittemore
May 02, 2023

5. Justin Sun gets caught

Tron Founder Justin Sun was publicly called out by CZ after being caught trying to farm the SUI airdrop. Sun claimed that a member of his market making team accidentally used $56M in TrueUSD to spam the liquidity pool, leaving little remaining for retail investors. Who among us hasn't accidentally used $56M to abuse an exchange promotion?

4. Silly Season

Meme coins are back with a vengeance. We’ve got a Frog Coin, two rival Wall Street Bets coins and who knows what else. One has even made it into the top 100 in market cap. Some are basking in the return to ridiculousness, some are very worried about what 10x memes coins tell us about where we are in the cycle. Stay safe if you’re on your degen tip this week.

3. More evidence of Chokepoint 2.0

What will likely go down as one of the worst kept secrets in US government history continues to unravel. New reporting from New York Magazine uncovered even more examples of government agencies shutting down the Crypto industry, just because they can. Remember, just because you’re paranoid doesn’t mean they’re not after you.

2. Treasury running out of cash

Treasury Secretary Janet Yellen has warned that the US government will run out of cash as soon as June 1, jump-starting debt ceiling negotiations which have barely begun. President Biden will meet with congressional leaders next Tuesday to push for a resolution. Just mint the coin, you cowards!

1. Microstrategy Earnings

One of the most ambitious public leveraged bets in history continues to run with Microstrategy announcing a massive profit on the back of tax loss harvesting. Beneath the top line figures, the company reveals that they will need to issue stock and refinance debt on favorable terms to keep the dream alive. Is Saylor in over his skis or is he simply doubling down with conviction?

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Thanks for reading -NLW