Newsletter #199 - The Perfect Blend of CPI, Lenders & Saudis

Yo Shitcoiners,

Lenders filing for bankruptcy, funds disappearing, everyone back on the ramen diet. Last week really did feel like we had hit the bottom. On a recent podcast appearance SBF was pretty coy with a prediction, according to him this could be the bottom… or it might not be.

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In that clip SBF talks about the possibility “bad things happening tomorrow”. Well, CPI numbers were released a few days after this podcast and oh boy, it was a doozy.

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Bitcoin went down with the rest of the ship. Crab market enjoyooors in disbelief!

It did bounce pretty much immediately. It bounced so quick there was not enough time for YouTube feeds to be full of this garbage.

Rumours have been circulating that Celsius are royally screwed for weeks. By opting for Chapter 11 bankruptcy they have opened the door for restructuring after they’ve paid back creditors. We are intrigued to learn how this goes. Is this even salvageable?

Supposedly smart contracts are better than people now.

Throwback next to how they got in this mess.

Meanwhile 3AC are still under the spotlight. While Zhu’s yacht has been located, he has not.

We guess no one is checking their mail!

Blockchain.com are a victim of the disappearing act. We aren’t sure how much this affects them but $250M disappearing can’t be that much fun.

Arthur with the spice.

The LUNA collapse feels like a long time ago now, here’s some commemorative artwork!

The darlings of the last bull run are now the villains. For the rest of us who are praying we are GMI, there is hope. The Saudis are here and they are #MAXBIDDING.

The meme is strong with this one. OpenSea volume is undoubtably down but that hasn’t stopped The Saudis climbing to the top.

There’s something quite special about meme evolution. It was only a matter of time before “The Jews” was a thing. Who controls the Jews?

Maybe SBF? Maybe CZ? Here he is schmoozing President Macron recently.

While CZ wore a suit, Bitlord was in his pyjamas getting ready to join the mile high club. We didn’t know a sock and some lotion counted.

Is Bitlord on his way to save Sri Lanka? Probably not. They have no leaders now anyway, they’ve gone full DAO.

Bitlord probably isn’t heading to Colombo but we are happy to report that His Excellency Justin Sun is ready to drop in and run the country on Tron.

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This man does not stop.

Meanwhile over in India they have slapped Vitalik on a poster and are praying for the merge. By the time we actually get there we imagine this poster will be looking a little worse for wear.

The people extracting MEV will also be looking even more REKT by then too!

Did you buy ETH at the top anon? You are now The “investor”.

This little guy is destined for that Netflix username too, without the quotation marks.

The “investors” are trying their hand at sales as they do their best to get rid of their horrible bags. Whoever owns pen.eth might be sitting on a goldmine if ENS sales ever recover. The owner is hoping that their 30 ETH price tag will be met due to memes.

Imagine losing $1.1M on a Bored Ape? Can you imagine the cope?

This is the cope.

Whatever you are doing to pass the time during the bear market, remember, bear markets are for building.

Oh and here’s Ameen looking like a cult leader.

That's all for this week. Follow Andreas on Twitter and stay up to date with us @Shitcoindotcom too. See you next week!

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Team Shitcoin.com