To be perfectly blunt. I am getting tired of opening my monthly report remarks with the statement “What a week in crypto!”. For all the wrong reasons.

Just when I thought we had seen the wildest behavior in particular with the memecoin sector we got another humdinger. The very popular president of Argentina, Javier Milei seems to have crossed a major line in discretion when he was seen promoting (he says shared not promoting) a memecoin aptly named LIBRA. Let me summarise as this is a short story and not a saga.

It was listed on 14 February with Milei posting minutes after its launch. The narrative. To boost Argentina’s economy! Token runs to $4.5B. Within hours the LIBRA token crashes by 90% to $200M. It’s immediately revealed by smart people that these are ALL insiders that rugged $100m in liquidity. The irony is sniper wallets linked to the famous MELANIA memecoin.

Bottom line, Milei is being sued in his home country. Argentina’s stock market crashed 6%. Solana has dumped 20%. He’s denying being involved. What a mess.

Crypto has always proven a hotbed for very scammy tactics where it’s PvP. We have had some cataclysmic events that have shaped our industry. We are still recovering from FTX and LUNA. I get this crypto casino that Solana survives on (pump.fun specifically) but we can and need to do better.

Personally I expect some sense to return to quality, utility based projects. And that brings us to the current state of things in crypto.

473MWith many asking if we will see the seasonal altcoin cycle, it’s hard to imagine with the massive increase incrypto tokens over the last few years if this is even possible.

It is estimated that 50000 to 75000 tokens are created daily! To be clear, the majority of these are ALL memecoins and not legitimate use case tokens with utility.