[Daily] The winter is over

Good morning! Welcome to The Daily Moon. It’s DOGE season. After the Musk pump and Burger King tweet, there is a “dogumentary” on the rise of the memecoin. Own the Doge and PleasrDAO will produce it. Apparently, “it will be wild”. 👀

As of Tuesday, 7:15PM IST

The markets rallied on the back of Bitcoin's bull run. Retail and institutional investors brought Bitcoin amidst FOMO. Ethereum saw accumulation with just a few hours to go for the Shanghai upgrade. S&P 500 and Nasdaq moved in opposite directions amidst volatility in technology stocks. Back home, Sensex and Nifty ended higher for the seventh day in a row on buying in metals and financial stocks.

Bitcoin Regains Its Peak

Bitcoin crossed $30,000 for the first time since June 2022. Nothing less than a euphoric moment because it indicates that the worst may be over for crypto.

From $16k to $30kIt was a wild ride for Bitcoin in 2023. The king crypto started out on a bullish note in January. But it turned volatile after a crackdown on liquid staking, and the collapse of Silicon Valley Bank and Signature Bank. Amidst this confusion, Bitcoin slipped to $16,600 levels.

But the bank runs had an unintended positive consequence, investors switched from TradFi to crypto. Meanwhile, the US Fed also indicated that rate hikes will be slower.

Crypto stocks join the partyMarathon Digital, MicroStrategy, Riot Platforms, and Hut8 Mining rallied after BTC breached $30,000. Crypto-linked stocks gained and the value of their BTC holdings zoomed.

We can’t make any future predictions but the US will release its inflation data for March today. If the price rise is under control, it could mean a rate hike pause. Good times are here to stay. The IMF has also indicated that we may have seen the peak of interest rates. 🤞

LANDs Sold But….

The Sandbox has made brisk sales. Over 23,000 LAND owners have minted 115,850 LANDs. But whales are unimpressed and have stayed away from making big moves.

FYI LAND is the digital real estate on The Sandbox metaverse that you can buy and build on. SAND is the metaverse’s utility token.

What’s up with LAND?The Sandbox has set out a roadmap for LAND that include:

• Minting assets as NFTs on the blockchain

• Personalised logos for LAND

• Weekly rewards of up to 100,000 SAND tokens for staking assets

• NFTs for those who hold HODL LAND for at least three months.

What do whales not like?SAND token HODLers have made transfers to exchanges, which means that they are about to sell. Whale transactions have dipped as well.

End Of The Road For LUNC

Luna Classic, the token left behind after the Terra collapse from last year, and the establishment of a new Terra chain, has suffered a major blow.

A devastating hack LUNC’s most promising DeFi project, called Terraport Finance, suffered a hack to its liquidity wallet.

The community wasn’t happy. It seems the project did not heed advice to be audited before launching the platform. And now there’s this. The damage: About 9.5 million TERRA, 15 billion LUNC, and 5.5 million USTC. Investors have little to no chance of recovery on this one.

The end for LUNC?The LUNC community was quietly building Web3 products and services after the Terra collapse. It hasn’t been doing well more than price performance, the incident will likely erode investor trust. Another resurrection, if attempted, will not be easy.

Alibaba Has Entered the Chat

It’s not just the large American companies getting ChatGPT FOMO. It’s Alibaba too. The Chinese tech giant has announced plans to launch its own chatbot.

Meet Tongyi QianwenThe product, called Tongyi Qianwen, will be integrated with two of Alibaba’s offerings. The first is a workplace communication software and the other is a smart home appliances provider. So it will get people at work and people at home talking. Smart move. Oh, and the chatbot will work in Chinese and English.

Provocative AIWell, the technology underlying ChatGPT is called generative AI. At the rate it is making everyone rush to launch their own versions, might as well call it provocative AI. Ok, we’ll make better jokes. But seriously though, the potential for things to go wrong is immense. We hope there are lessons here, not new catastrophes.

And that’s it for today. If this email was forwarded to you, please consider subscribing. It’s free. We’ll never show you an ad or charge you for this. We swear.

To sweeten the deal, here's an offer you cannot refuse! You can refer this newsletter to your friends, family and any amazing community. The top referrer every month wins a guidebook to upcoming potential airdrops and exclusive premier content! Click below to share your unique referral link!

Who are we? This newsletter’s ambition is to educate (and to entertain). The world of money is changing everyday and we want to help you decode what’s happening in the world of crypto, public markets in the US and India.