🍩 DONUT HOLES

• Bitcoin sets new record of daily transactions

• Second-largest bank failure ever - J.P. Morgan acquires First Republic Bank

• Venmo is making it easier to buy & send crypto

• Layoffs at highest level since 2020, and job openings at its lowest since 2021

FINANCE

Millionaire burns $1.5 million to warn you about THIS

So last March, we told you about Balaji, the ex-Coinbase CTO, and his wild million-dollar bet that 1 bitcoin will hit $1 million in 90 days. With BTC at $26K at the time, his chances were slim.

But get this: Balaji didn’t care about winning. He wanted people to watch his 10-min video, warning folks of imminent U.S. hyperinflation.

Here’s the TL;DR:

1. Everything Everywhere All at Once

Balaji pointed out a laundry list of economic troubles, like the debt ceiling crisis, banking crisis, auto-loan delinquencies, credit card debt, de-dollarization, and loads more.

All sorts of bad stuff like debts, defaults, and failures are hitting record highs, some even worse than the 2007-2008 financial crisis levels. But the public’s in the dark because:

2. The government won’t sound the alarm

Remember when Bear Stearns tanked in March 2008? Bernanke from the Fed called it a "mild recession" in April. Fast forward six months, and we were in the middle of a full-blown financial crisis.

To prevent mass panic, it's no surprise the Fed wouldn't announce a crisis beforehand.

3. Smart money are making moves

“Mild recession is already here. Further rate hikes will trigger severe recession. Mark my words.”

That’s from Elon Musk’s tweet just last week. And yesterday, that “further rate hike” became reality.

Add to that, the number of millionaires entering the US dropped 86% since 2019, and central banks scooped up a record 1,136 tonnes of gold in 2022. Are the rich prepping for a major recession or inflation?

So, when’s it gonna go down?

Balaji says there’s a 10% chance of hyperinflation in months, 70% chance in years, and 19% in decades.

We're not fully on board with Balaji's extreme view, but it's true that economic crises come and go, and the signs aren't looking great. Take his words with a grain of salt, but maybe consider stashing some cash in inflation-proof assets like Bitcoin. Just a thought!

GUIDE / TOOLS

Check this before buying a meme coin

Remember $PEPE the meme coin we talked about a couple weeks ago? It's soared even higher – 5.5x since then, to be exact! That means our buddy who dropped $250 on it is now sitting on $8 million. Crazy, right?

But let's get real: Meme coins can skyrocket, sure, but they can also nosedive just as fast. If you're itching to throw some cash at a fresh meme coin, spend just 5 mins on these two quick checks:

1. Smart contract safety checker

All tokens, meme coins included, are built on smart contracts. They’re lines of code that dictate how the token will behave, and De.Fi is a site that scans for any red flags or weak spots.

Take Pepe Pig, the Pepe coin copycat, for example. It scored a measly 16 out of 100 on De.Fi with the issues listed below.

Not sure where to find a token's contract address to search on De.Fi? Here’s a handy guide.

2. Holder distribution bubble map

Bubblemaps provide super handy visuals of a token’s supply distribution. If you spot a few ginormous bubbles compared to the rest, that may be a red flag. They also reveal connected wallets, which can expose whales (large investors) that were hiding.

Remember: more concentration = higher risk of one whale spoiling the party with a massive sell-off.

So there you have it! Remember, diving into meme coin territory is like jumping into a pool teeming with sharks and treasure 🦈💰. They're high-risk by nature, so doing a little extra research can help minimize potential losses.

🐦 TWEET OF THE WEEK

Yesterday, the Fed once again raised the federal funds rate by 0.25%, putting it on par with the rate back in late 2007, just before the 2008 financial crisis. The difference is that they did it in half the time than they did 16 years ago.