$ETH Price Target Drops Due to 'Parasitic L2s'

️ On today's Top Picks:

Crypto News

• ⭐️ Standard Chartered cuts Ethereum $ETH 2025 price target to $4K from $10K; cites Layer 2s are extracting profits from Ethereum ecosystem.

• Digital Asset Investment Products saw $1.7B of outflows last week; fifth consecutive week of negative flows; Bitcoin $BTC with $978M outflows, Ethereum $ETH with $175M outflows, BNB $BNB with $528M outflows.

• Burwick Law files class action complaint alleging "Kelsier, KIP, Meteora, and related parties orchestrated an unfair token launch ($LIBRA), allegedly misleading purchasers and harming retail investors."

• Pump[.]fun deposits 196,370 Solana $SOL worth ~$25M into Kraken; deposited a total of 1,519,200 Solana worth ~$285M to Kraken in 2025.

• Hashdex files to expand Hashdex Nasdaq Crypto Index US ETF to include Solana $SOL, XRP $XRP, Cardano $ADA, & more altcoins; currently only tracks Bitcoin $BTC & Ethereum $ETH.

• ⭐️ Telegram $TON Founder Pavel Durov granted permission by French court to leave France; Durov was arrested in France last year over a cybercrime investigation.

• Canary Capital files S-1 registration for Sui $SUI ETF; also recently filed crypto ETF applications for Solana $SOL, XRP $XPR, & Dogecoin $DOGE.

• Offchain Labs $ARB launches Onchain Labs, an OCL program designed to accelerate emerging apps on Arbitrum; to announce the first Onchain Labs-supported project soon.

• OKX pauses DEX aggregator within OKX Web3 after consulting with regulators; Lazarus Group reportedly used the services to launder Bybit hacked funds; pause to allow for additional upgrades to prevent further misuse.

• Gemini appoints Dan Chen as CFO; previously at Affirm as VP of Capital Markets and Bank Partnerships teams; Gemini recently filed confidentially to go public.

• Bank of Korea has not considered creating Bitcoin $BTC reserve; cites Bitcoin's volatility and IMF guidelines for its decision.

Alpha

• Superboard launches 5 new Monad testnet quests on its Nads on Testnet campaign.

• Reddio launches Reddio Foundation; $RDO TGE & airdrop potentially launching soon.

• Rainbow to launch Rainbow Rewards Phase 2 this week; TGE & airdrop potentially launching soon.

• ⭐️ WalletConnect to launch $WCT transferability proposal on March 19th; WCT stakers are eligible to vote; voting ends on March 26th.

• Reya teases "a long series of announces is coming" on X; TGE & airdrop potentially launching soon.

• Lens Chain posts "Loading Lens: ▓▓▓▓▓▓▓▓▓▓▓▓▓▓░ 96%" on X; mainnet launching soon.

• Union leaks early draft of $UNO tokenomics; 12% of supply allocated for airdrops; though Union says "..Much has changed since then, and the document no longer represents the current thinking on Union tokenomics."

• Gitcoin launches Gitcoin Grants 23 OSS Program Applications; applications close on March 31st.

Airdrops

• Mira Airdrop Strategy by Earndrop.

• Bedrock launches $BR airdrop eligibility & allocation checker; uniTokens holders, Bedrock NFT holders, & more are eligible.

• KiloEx delays $KILO TGE & airdrop to April due to additional third-party audits; increases total airdrop allocation by an additional 1.5% for a total of 8.5%.

• Lisk launches $LSK airdrop eligibility checker; airdrop campaign participants are eligible.

• ICYMI Weekly Airdrop Recap by Earndrop.

• ICYMI Swing Airdrop Strategy by Earndrop.

Finance News

• ⭐️ MicroStrategy $MSTR buys 130 Bitcoin $BTC for ~$10.7M at ~$82,981 per Bitcoin; holds 499,226 Bitcoin worth ~$42B.

• Robinhood $HOOD launches prediction markets powered by Kalshi; service to become available for eligible users in the coming days.

• Bakkt Holdings $BKKT discloses that neither Bank of America $BAC nor Webull Pay will renew their commercial agreements; requests extension to file 2024 annual report with US SEC.

• Tether increased its stake in Bitdeer $BTDR to a total of 31,891,689 Class A common shares; represents 21.4% of the company’s outstanding shares.

• Bitfarms $BITF completes acquisition of Stronghold Digital Mining; deal valued at $175M when announced last year.

• Key Events This Week by The Kobeissi Letter.

Security and Exploits

• Microsoft discovers new RAT malware used for crypto theft; steals crypto wallet data by scanning the configuration information of 20 crypto wallet extensions.

• ⭐️ Security Alliance releases advisory on Reflected XSS Exploits by Perpetual Drainer; ongoing drainer campaign targets Solana & Tron users.

• Revoke[.]cash adds support for Fairside, a coverage platform that allows users to get coverage for certain phishing and social engineering wallet drains.

• Four[.]meme suffers attack & suspends launch function for emergency investigation; promises to fully compensate affected users.

Token Unlocks

• Melania $MELANIA / ~$18M / MAR 18th
• Polyhedra $ZKJ / ~$32M / MAR 19th
Sourced from Tokenomist

Funding

• Slingshot DAO raises $16M in funding from several investors.

• PlaysOut raises $7M in Seed funding led by OKX Ventures, Kenetic Capital, & KBW Ventures.

• Kamigotchi raises $1.3M in Seed funding from several investors.

• Exactly Protocol raises $2M in funding from Uphold.

• Oro raises $1.5M in Pre-Seed funding from several investors.

• Domin Network raises an undisclosed amount in Strategic funding from several investors.

• Plume Network $PLUME raises an undisclosed amount in funding from YZi Labs.

The Degen Farmer