🥛 Solana shock: First SOL ETF filing in the US rocks crypto world 💥

PLUS: 50 Cent to 0 cent, watch out for celebrity scams/rugs                                                                                                                                                                                                                                                                                                                                                                                                                 June 28, 2024 | [Read Online]( 🥛 Solana shock: First SOL ETF filing in the US rocks crypto world 💥 PLUS: 50 Cent to 0 cent, watch out for celebrity scams/rugs [fb]( [tw]( [in]( [email](mailto:?subject=Post%20from%20Milk%20Road&body=%F0%9F%A5%9B%20Solana%20shock%3A%20First%20SOL%20ETF%20filing%20in%20the%20US%20rocks%20crypto%20world%20%F0%9F%92%A5%3A%20PLUS%3A%2050%20Cent%20to%200%20cent%2C%20watch%20out%20for%20celebrity%20scams%2Frugs%0A%0Ahttps%3A%2F%2Fthemilkroad.beehiiv.com%2Fp%2Fsolana-shock-first-sol-etf-filing-us-rocks-crypto-world) Today’s edition is brought to you by [MetaMask]( – the leading self-custodial wallet to manage your identity, digital assets and to explore web3. [Secure your crypto journey today!]( [breaker] GM. This is the Milk Road. The #1 Doctor recommended source for your daily crypto nutrients. Here’s what we got for you today: - ✍️ First $SOL ETF filing is here - ✍️ Celebrity memecoins: Watch out for scams/rugs - 🎙 The Milk Road Show: [Solana analysis and predictions]( - 💰 Funding Friday - 🍪 Trump vs Biden debate shakes PolitiFi [Prices as of 9:30AM ET. Click here for our Fear & Greed Index]( [breaker] FIRST $SOL ETF FILING IS HERE 💥 VanEck, an NYC based investment firm, just dropped a bombshell by filing for the first Solana exchange-traded fund (ETF) in the US. [Source: @MilkRoadDaily]( So, what's next? First off, this news is just an application for a Solana ETF and we’ve still got a long way to go… To give you some context, the first [Bitcoin]( spot ETF was filed in July 2013, and it didn't get approved until January 2024, more than 10 years later. ⌛ Talk about a long wait! [Source: LSEG]( Looking at Bitcoin ETFs, the approval process was like the milk man’s Tinder game—lots of rejections before finally getting a match years later. [$]([ETH]( had a slightly smoother ride, though. 🤔 Its first spot ETF application was by VanEck in 2021. The SEC ignored it for years until BlackRock stepped in, and the SEC finally [approved it last month.]( The process seems to be getting smoother and smoother, right? Some folks are even saying that, from a regulatory angle, Ethereum and Solana are like long-lost twins separated at birth. So, if the SEC gives the thumbs up to $ETH ETFs soon (which is expected next week), there's a good chance Solana ETFs will follow suit. For the whole creamy story, [check out our latest episode]( of The Milk Road Show – we’re churning out all the details on Solana's latest updates! 🥛 Milk Road Take: Let's be real—this will likely take a while before we see any Solana ETF approval. There are lots of steps left before that can happen. [$SOL]( even has a few hurdles to clear, like the fact that the SEC once labeled it a security, leading to its delisting from Robinhood. Being called a security means more rules, more inspections, ultimately making it harder to wrap as an ETF. 😕 But hey, this is crypto we’re talking about, and anything can happen. The SEC is expected to give the final approval for the $ETH ETFs next week, which would be a huge boost for Solana’s process. There’s a chance we could see a Solana ETF launch in about a year if everything goes perfectly. Even then, it's not a guarantee. ETF or no ETF, we remain very bullish on Solana – in fact, $SOL makes up a whopping 26.5% of the [Milk Road PRO Portfolio.Â]( Why 26.5%? Read our [how to build a crypto portfolio in 2024 report]( to find out. 🚨 Heads up: The Milk Road PRO Portfolio & the report above are exclusive to PRO members. [Upgrade your membership today to gain access.Â]( P.S. On Sunday, Milk Road PRO prices are going up by ~14%. You have 2 days left to lock in the best deal before it’s too late. ⏳ [INTRODUCING METAMASK POOLED STAKING]( [MetaMask Pooled Staking]( is your new go-to for staking ETH—convenient, accessible, and user-friendly. - No Minimums: Stake any amount of ETH, from tiny to titanic. - Continuous Rewards: Earn staking rewards continuously. - Flexibility: Withdraw your staked ETH anytime. Now available in MetaMask Portfolio, MetaMask Pooled Staking lets you stake your way. Powered by Consensys Staking, it uses the same reliable infrastructure that runs over 33,000 validators efficiently and optimizes rewards with zero slashing incidents. With MetaMask Pooled Staking, ETH holders of all sizes can contribute to Ethereum’s security while earning rewards. Note: The initial launch isn’t available in the US or UK (sorry!), but it's on the roadmap. [Unlock the power of staking with MetaMask today!]( [breaker] CELEBRITY MEMECOINS: WATCH OUT FOR SCAMS/RUGS👩🏻‍⚕️ Imagine the Milk Man himself walking into a room, shades on, looking like he just stepped off a Hollywood set. "What’s up, fam? Just dropped a memecoin, send that sh*t to the moon!” When in reality I’m just looking to milk my fame for all it’s worth after I bought one too many houses when I was actually relevant… Jokes aside, celebrity memecoins are still buzzing but is it for the right reasons? Well, the Milk Man is here to drop some thoughts on this hot topic. Let’s start with the most talked-about recent incidents. The other day, 50 Cent’s account got hacked, and suddenly, he was shilling a memecoin? [Source: @3orovik]( It tanked faster than you can say "Get Rich or Die Tryin”. Then, Jason Derulo drops a memecoin and almost immediately claims [“Sahil” the serial scammer]( got him too… [Source: @jasonderulo]( Our favorite onchain detective, [@zachxbt](, quickly added a community note calling out Derulo for promoting scammy pump-and-dump schemes in the past. [Source: @zachxbt]( Now let’s look at some of these celeb coins from top market cap to now: - Caitlyn Jenner coin: 🚀 Peak: $42.5M → 🛬 Now: $1M - Iggy Azalea coin: 🚀 Peak: $266.5M → 🛬 Now: $59.8M - 50 cent hack: 🚀 Peak: $4.88M → 🛬 Now: $37K - Jason Derulo coin: 🚀 Peak: $36.82M → 🛬 Now: $26.9M Seeing All That Red? 🟥 It’s like a horror movie, but instead of blood, it’s your hard-earned cash. The Milk Man is here to give another friendly reminder: be smart and don’t become exit liquidity. Here’s what you should keep in mind with memecoins: 1/ Celeb coins aren’t the future of crypto These coins often lack real utility. They’re more about the hype than substance. Just because your favorite celeb backs a coin, doesn’t mean it’s a good investment. It’s like thinking every reality TV star is a financial genius (spoiler: they’re not). 2/ Higher standards needed The crypto industry deserves better than these projects that lack substance and are purely attention driven. We need real value and innovation. So next time a celeb coin pops up, think twice. Ask yourself, "What’s the real value here?" 3/ Gambling vs. investing “Investing” in celeb coins is like “investing” in the lottery. Sure, you might win big, but the odds? Not in your favor. Don’t confuse this with sound investment or visionary projects. It is gambling. If gambling is your thing, that’s fine, but keep in mind the house usually wins. Wen 1-800 number for memecoin addictions? 4/ Prone to manipulation These coins are often subject to pumps, dumps, and rug pulls. Celebrities can easily abandon the project, leaving investors with worthless tokens. It’s the crypto equivalent of ghosting after a bad date. Here’s a couple thoughts from leaders in the space: [Source: @ChainLinkGod]( [Source: @ViktorBunin]( 🥛 Milk Road Take: Crypto’s permissionless nature means anyone can create a coin, including opportunistic celebrities. While this freedom is exciting, it also leads to a flood of hype-driven tokens lacking real utility. This is why community accountability is crucial right now. Take ZachXBT, for example, an anonymous crypto sleuth has become a modern-day onchain Sherlock Holmes, tirelessly working to expose scams and hold bad actors accountable. One might even say he's doing Gary Gensler’s job for him, but with a lot more flair and a lot less red tape. In this evolving landscape, staying informed and cautious is key. Not every glittering coin is gold, especially when it’s backed by a celebrity. Stay smart and stay milky! 🥛 [breaker] IT’S FUNDING FRIDAY 🤑 Welcome back to Funding Friday! This week, a whopping $159.1M was raised by crypto companies. Here's the scoop on who secured the bag: 1/ Conduit raises $37M - What they do: [Conduit]( is revolutionizing the blockchain infrastructure game, making it easier for developers to build and deploy decentralized applications. - Who led the round: [Paradigm](. 2/ MegaLabs (MegaETH) raises $20M - What they do: [MegaLabs]( is focused on building scalable solutions on the Ethereum blockchain, pushing the boundaries of what's possible with smart contracts and decentralized finance. - Who led the round: [Dragonfly Capital](, with [Vitalik Buterin]( participating as well. 3/ Ora Protocol raises $20M - What they do: [Ora]( Protocol is developing a next-gen protocol for secure, efficient, and transparent transactions on the blockchain. - Who led the round: [Polychain Capital](. Honorable mentions: - [Nillion]( raises $20M in a public round to enhance blockchain infrastructure. - [Crossover Markets]( raises $12M to revolutionize financial trading platforms. Funding led by [Illuminate Financial](. - [Redacted](raises $10M to build secure and private DeFi solutions, [Spartan Group]( led the charge. We'll monitor these funds like a hawk. No detail escapes us. 👀 And if your holdings are still looking slim, we hope this news brought a smile to your face! 😄 [breaker] BITE-SIZED COOKIES FOR THE ROAD 🍪 [Stripe to Support Base Amid Coinbase Partnership.](Stripe teams up with Coinbase to support USDC on Base. Stripe's back in the crypto game—looks like they've decided Bitcoin isn't the only cool kid on the block! [Trump vs Biden debate triggers PolitiFi memecoin crash.]( Looks like the memecoins had a tough night—both Trump and Biden-themed coins nosedived during the debate. Maybe next time they'll debate over who can bring more stability to the crypto market! [Nostra CEO steps down 11 days after token airdrop.](Nostra's CEO pulled a Houdini just days after their token airdrop with no vesting periods. The new interim CEO will be Richard Thomas-Pryce from Tempus Labs. [Kraken Co-Founder Jesse Powell Makes $1M Crypto Donation to Trump.]( Powell sent a cool million in Ethereum to Trump’s campaign, citing frustration with current crypto regulations. Trump is now accepting campaign funds in digital gold – the times they are a-changin'. [breaker] MILKY MEMES 🤣 [Source: @MilkRoadDaily]( [Source: @0xDesigner]( [Source: @ASvanevik]( [breaker] RATE TODAY’S EDITION What'd you think of today's edition? [🥛🥛🥛🥛🥛 F**king great]( [🥛🥛🥛 Meh, do better]( [🥛 You didn't bring the heat]( ROADIE REVIEW OF THE DAY 🥛 VITALIK PIC OF THE DAY [breaker] DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research. 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