Low-rise jeans. AOL. Narrators in movie trailers.

Some parts of the 90s are best left… in the 90s.

Though it seems like some aspects of the 90s we can’t escape, like we’re locked in an endless ouroboros, the snake eating its own tail.

But if that snake is soft and stuffed with plastic beans, it just might be worth a fortune.

That’s right — today we’re talking Beanie Babies and how the international craze around these hard-to-get stuffed animals might have been the spark that would, decades later, ignite crypto’s bonfire.

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Espresso Shots

☕️ Shibarium’s Ethereum Pickle 🐕 🪙

An issue with Shibarium’s new layer-2 network has resulted in $1.8 million of Ethereum becoming stuck between two networks.

Despite the intense anticipation surrounding Shibarium’s new layer-2 network, this problem comes just one day post launch.

Because of a flaw with Shibarium’s bridge contract, more than $1.8 million ETH has become stuck in limbo between the Ethereum network and Shibarium’s layer-2 solution.

Beosin, a blockchain security firm, advised users to stop using Shibarium.

“Help me, step-brother!” the Ethereum reportedly cried, “I’m stuck!”

☕️ Sei Drops 31% After Airdrops Open 🪂 🔻

Sei, a new blockchain claiming to be the fastest in crypto, released an airdrop of its native Sei coins, with… unexpected results.

As soon as the airdropped tokens became available to claim, the fervent response drove Sei’s price down 31%.

Sei may have overextended itself as it tried to capitalize on its newfound popularity. Sei expanded the initial 500,000 wallets available for airdrop to include an additional million wallets.

The resulting price drop has some calling this the most devastating airdrop since my cousin got a chopper gunner in his five-kill-streak care package.

☕️ McDonald’s Singapore Releases Grimace NFTs 🍔 🖼

In the wake of the Tik-Tok hype surrounding the Grimace shake, McDonald’s is attempting to capitalize by releasing a collection of Grimace NFTs built on Ethereum.

Unfortunately, the collection of 2,000 Grimace PFPs can’t be traded once minted. Additionally, the Grimace NFT collection will only be available in Singapore.

A clear stablecoin framework and Grimance NFTs? Why is it that Singapore seems to have all the fun?

We’re not sure how the Grimace collection will perform, particularly because of the lack of trading ability.

We have a feeling that this release, much like when “Morbius” reentered theatres, is just further proof that big brands can neither follow nor comprehend Gen-Z’s motives.

Spilling the Beans

Beanie Babies: The OG Crypto 🎎 👶

Chances are, unless you’re an eccentric collector or working your way through an estate stale, you haven’t thought about Beanie Babies in years.

But Beanie Babies have been thinking about you.

No, scratch that, Apple TV execs have been thinking about Beanie Babies.

In the latest in the growing trend of “how it’s made” or “how we got here” films, like “Tetris,” “Air,” or “Blackberry,” “The Beanie Bubble” explores the wild, untold story of how Beanie Babies took over not just the toy market of the 1990s, but defined eBay and redefined commerce.

The movie stars Zach Galifianakis as Ty Warner, the controversial creator of Beanie Babies. That heart-shaped “TY” card on all of the Beanie Baby ears, that’s him.

There’s extramarital affairs, unhinged behavior, it’s honestly a decent watch. But the real star of the show is Geraldine Viswanathan as Maya.

Maya is the fictionalized version of Lina Trivedi, who, for some reason, is the only character who has been renamed.

Lina Trivedi, rightfully, is often referred to as “The Mother of e-Commerce” for her creation of the Ty website.

With modern, digital advertising, it feels hard to wrap our heads around, but at the time, Ty was one of the only businesses with its own website.

But in addition to a new, online presence, Beanie Baby hysteria was the result of the creation of a secondary market, namely, the sale of “exclusive” or “limited edition” Beanie Babies on eBay for thousands, or even tens of thousands of dollars.

Now, if that market sounds a lot like another market, the one that we usually cover, well, you’re not alone.

And we don’t think this counts as a spoiler, but “The Beanie Bubble” ends with a slideshow depicting Cryptopunks and Bored Apes, just in case you couldn’t guess what this was all leading up to.

Did the Beanie Babie craze create the model for crypto? In some ways, absolutely. Ty certainly created artificial scarcity and limited editions, both hallmarks of crypto and NFTs (unless we explore the concept known as planned obsolescence.. but that would take an entire documentary).

But a crucial component of crypto that Beanie Babies, critically, didn’t have, was population control.

If Beanie Babies had a halving event, like Bitcoin, instead of just shelling out limited edition after limited edition, the Beanie Bubble may still be going strong.

But other than modulated quantity control, crypto has something that Beanie Babies never had. Utility.

Now, not every crypto has utility, there are “shitcoins” and memecoins out there that exist merely to exist.

But Bitcoin and Ethereum, at least, have utility. They’re used to access features of DeFi, and programs can be built upon their blockchains.

We can ascribe value to anything, whether that’s digital art, precious metals, or yes, a small, stuffed rabbit with a poem attached to its ear.

But in Beanie Babies’ defense, they do have one utility that crypto has yet to develop, and that’s whipping a Beanie Baby at the neighbor kid’s face at 50mph.

Premium Market Report

Coinbase seeks Canada's crypto crown with beefed-up offerings and regulatory allies 🍁 👑
Source: Blockworks

📃 Summary:

Meme of the Day

Ahh the 90’s. May all of its trends remain in the past. 🙈

Crypto 101

Bridge Contract: These are the bridges that exist between blockchains that allow the flow of tokens, information, and other assets between networks.

The Last Sip

Here are three more 90s trends that are kinda like crypto.

3. Pokémon Cards: What is a Bored Ape NFT if not the holographic Charizard of the digital age?

2. “Tales From the Crypt” (1989 - 1996): Yes, he’s a zombie that hosts a TV show, but what is the “Crypt-Keeper” if not a rejected name for a cold wallet?

1. Smoking Indoors: They can try to crack down and regulate all they want, but they’ll never stop us.

Stay Caffeinated,

Coffee & Crypto Team

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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.