🚨 RUG ALERT 🚨 Binance's Latest Shill: Renzo Protocol

Gm fren,

State of the Market: Bitcoin takes a nap, Shiba Inu sells dog treats, and Wall Street wants to learn to love insomnia.

Womp womp, Bitcoin bulls. Turns out, that halving thing everyone hyped up isn't the instant rocket fuel we were hoping for 🚀💥. Analysts are saying it might take a couple of months before we see any real supply and demand fireworks. Patience? In crypto? LOL! 😂

Meanwhile, Bitcoin was chilling around $66K, unsure of whether to break out or crash and burn. Bitcoin kept trying to break that $67,000 barrier and kept getting smacked down for its efforts. What happened next? A $2,250 crash sent it reeling down below $64K, and a bunch of overconfident traders got liquidated. Ouch.

Analysts are watching these key levels like hawks: 🧐

$67,200: That's the main resistance: if Bitcoin is strong enough, has to beat that price hard. 

$64,400: A CME futures gap created over the weekend has already been filled, which means it will now act as a support level. Buuuut, if the price breaks below this level, it could trigger an "oh no, here we go again to lower targets” moment.😬📉.

Chart of the day:

Alright, all you chart nerds, listen up! Those squiggly lines hint at a potential breakout for Bitcoin, but whether they mean anything is debatable. Bitcoin's Bollinger Bands are flashing the pattern they did in February when Bitcoin jumped above $50K. Could history repeat itself? Maybe...or maybe not. 🤷‍♀️

Here's the key level everyone's freaking out about: $66,700. The bulls might have a fighting chance if Bitcoin can hold above that. But if it tanks, well, get ready for the usual doom and gloom. 📉

Most important news of the day. 

Surprise, surprise, the SEC is still dragging its feet on approving those spot Ethereum ETFs. They just love to keep us in suspense, don't they? 🙄

Shiba Inu memecoin project actually managed to raise $12 million from institutional investors for its TREAT token. 🐶💰

Get this: the NYSE is thinking about letting people trade stocks 24/7, just like crypto. Looks like traditional markets are finally realizing that sleeping is overrated when there's money to be made! Took them long enough. 🥱

 🚨 RUG ALERT 🚨 

Renzo Protocol.

Okay folks, let's play a game called "Spot the Scam". 👀 Take a good look at this pie chart.  Something smells funny, and it ain't the pie.

Check out how much of the pie goes straight to the team and their investor buddies. Looks like they're planning to get rich quick, leaving the investors with crumbs. 🤏

Seriously, who thought this design was a good idea? They're trying to make those tiny 2.5% slices look way bigger than they are. Pie chart trickery it’s called. 🤨

This dodgy pie chart belongs to Renzo Protocol’s token allocation. If this pie chart is as trustworthy as a politician's campaign promise, is the project a classic rug pull in the making?

What is Renzo Protocol About?

Renzo is all about "liquid restaking" on Ethereum. Basically, they let you stake your ETH and get some fancy "ezETH" tokens in return. These are supposed to earn you more rewards than regular staking...in theory. They're big into this thing called EigenLayer, which is another way to add stuff onto Ethereum.

The Brains Behind the Operation

Who's running this show? Honestly, what we need to know is who designed the chart. 🤦‍♀️

Token's Superpowers: Is "REZ" the Next Big Thing?

Their token, REZ, is supposed to be used for governance and stuff.  Basically, holding it gives you a say in how the protocol is run...which could be good or bad, depending on how greedy those token holders get.

Tokenomics Time! Uh oh...

Here's where things get shady. Check out that pie chart! A huge chunk of tokens goes straight to investors and the team. Meanwhile, they're trying to hide the fact with some sneaky pie chart design. Red flag #1! 🚩

Is it worth the gamble?

Binance is shilling this hard, the exchange will add the REZ governance token for the liquid restaking protocol on April 30th. Users can earn REZ rewards by staking major tokens on Binance Launchpool. So, the exchange is backing up the project, but don’t fall for it.

The Reality Check: Does Renzo smell fishy? 🐟

The dodgy token distribution indicates the team and main investors get the lion's share, leaving regular folks with scraps. 

After all this shady pie chart drama, things got messy over at Renzo! Surprise, surprise!

It turns out their ezETH token (a form of liquid Ethereum for restaking) is acting more like "ezWrecked" after it lost its peg. This is causing a whole chain reaction of liquidations across DeFi platforms, leaving many folks with empty bags.

Users were stampeding for the exits, trying to ditch their ezETH and get real ETH back while they still could. Problem is, there's not enough liquidity to go around. Talk about a recipe for disaster! 💥

Pro tip: When a crypto project's token distribution looks this lopsided, run for the hills! 🏃‍♀️💨  It’s all about token allocation, baby!

P.S. That pie chart is a crime against data visualization. Seriously, who designed that mess?

See you next week!

-Principle Pep