Cryptocurrency
Wolf Of All Streets worries about a world where Bitcoin hits $1M: Hall of Flame
Scott Melker is the host of The Wolf Of All Streets Podcast and author of The Wolf Den newsletter.
“If I tweeted about a small cap [crypto] of some sort right now, the price would probably change by like 50%,” says Scott Melker, better known to his 904,800 Twitter followers as The Wolf Of All Streets.
Melker says he takes this responsibility seriously and won’t share tweets that might “impact the market” – but this makes Twitter “a lot more boring” from his end. In fact, Melker declares that Twitter “stopped being fun” when he reached 100,000 followers.
“That’s when I went through a phase of a real love-hate relationship with Twitter because that’s when I guess 10% of the people who respond to comments were trolling at any given time.”
All you can really post to 900,000 followers is “Bitcoin and inspirational quotes” because “everything else” will land you in hot water.
After graduating from Penn State University with an Anthropology degree in 1999, Melker tried his hand at a “million” other things — finding the most success in his 20-year stint as a DJ.
Shortly after finishing university, he also started his own magazine in Philadelphia called 101 Magazine, focusing on street culture and city vibes.
It caught the attention of a “huge” magazine called Frank 151, which acquired it, and Melker became the editor-in-chief of both.
During that time, he had the opportunity to attend “insane” parties and rub shoulders with legendary acts like the Wu-Tang Clan and Outcast.
The music industry led him to try crypto trading in the first place.
“I just happened to look into crypto because there was a bunch of DJs trading it,” he says.
He first started trading on the Gemini crypto exchange in 2016 and recalls buying Bitcoin to send it to another exchange, Bittrex, so he “could buy Ethereum and Ripple.” ETH was “under 20 bucks” back then, he notes in a cheeky humble brag.
Rather than some lofty higher purpose, he says the main attraction was making cold hard cash.
“I was really just trading, trying to make money to support a new family; it had nothing to do with what Bitcoin was or what the asset class was.”
What led to Twitter fame?
Melker initially started stacking up followers when he was “trading the market well” and posting about it on Twitter. At that point in time, his content was “100% charts and trades.”
However, Melker didn’t want his account to be based on trades because it’s “fickle.”
So, he transitioned toward a more holistic approach to his content within the crypto industry.
“I would love to tell you there was some strategy that I took to grow my account, but it was always just me doing whatever I enjoyed doing the most at any given time.”
Melker has observed a direct correlation between his follower growth and the performance of the crypto market.
During previous bull markets, he has experienced an insane influx of daily followers.
“There was a time when I was getting a hundred thousand [followers] in two months,” he says.
Melker used to “literally respond to everybody” who commented on his tweets or messaged him, but that ship has now sailed.
“That’s like a full-time job, and then you just get to the point where you literally can’t open all your DMs anymore,” he says.
But it’s best not to refer to him as an “influencer.”
“I hate the term influencer because, to me, I’m just a student of crypto, and it’s something I’m passionate about and want to learn more about.”
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What type of content do you do?
Melker’s content revolves around crypto news and keeping people up-to-date with what’s happening in the market.
He likes to share his take on what’s important, and “what’s kind of noise and not signal.”
“[My content includes] all the lessons that I’ve learned in my streams and podcasts, but I would say it’s generally educational/informational content about this market.”
Melker emphasizes the overwhelming pressure he faces whenever he decides to “fire off a tweet,” considering how many followers he has amassed on Twitter.
“Twitter is like a movie where you throw a grenade in a room and walk away, and there’s a huge explosion behind you. That’s how I feel every time I send a tweet now,” Melker says.
Extreme beef: Gary Gensler
Melker is not a fan of United States Securities and Exchange Commission Chair Gary Gensler.
He admits that his Twitter is filled with many “angry tweets against Gensler.”
“I literally contributed to aggressively getting #firegarygensler trending on Twitter,” he declares.
He explains that his problem with Gensler is his recent regulatory actions, which he perceives as a “massive overcorrection” targeting crypto firms.
He believes that it stems from a sense of embarrassment over the fact Gensler was meeting with Sam Bankman-Fried before the collapse of FTX and didn’t realize “he was a fraud.”
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Spicy beef: ZachXBT
ZachXBT, a pseudonymous on-chain researcher, accused Melker of pumping and dumping shit coins to his followers in 2021. It was a troubling time for Melker, who received threats and became the target of white-hot anger.
Melker vehemently refuted the claims and announced he would steer clear of tweeting about projects with small market caps altogether.
Melker says he doesn’t want his audience to get the wrong idea and prefers to focus on the educational stuff. He reiterates that he “was passionate” about trading altcoins, but says it can be difficult to navigate the boundaries of what you should and shouldn’t talk about as your following grows.
“You don’t just show up with 900,000 followers one day and understand what you can and cannot tweet about.”
Price predictions?
“There’s nothing that makes you look dumber than a price prediction,” Melker states. He should know, given he took an optimistic swing at predicting Ethereum would hit five figures in 2021.
However, he is bullish on Bitcoin hitting six figures in the next bull run.
“I think the next cycle would be somewhere between 100 (thousand) and 250 (thousand),” he declares.
But Melker believes that after that, the market will see another huge decline before it hits half a million.
“Then we drop down to 60 (thousand), and it’s boring forever. Then, we pop up to half a million, like we continue these four-year cycles.”
However, Melker doesn’t want “to live in a world where Bitcoin is a million dollars.”
“The faster it happens, the worse the world is,” Melker says.
“Because if Bitcoin goes to a million dollars. It means that everything else has exploded, including the United States dollar, and we’re living in some Mad Max dystopian future.”
“Where you and I are those guys without faces painted going to gas town, fighting off the enemies,” he describes, referring to the 2015 movie Mad Max: Fury Road.
But maybe in a couple of decades.
“I would like to see Bitcoin at a million dollars in 20 years, following reasonable cycles,” he adds.
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The team behind Infected, a speculative pandemic-simulation game that recently gained viral traction, announced its decision to migrate from Ethereum’s Layer-2 network Base to the Solana blockchain.
The announcement was made via the game’s official X account. It cited Base’s inability to handle transaction volume during the game’s launch and broader concerns about the scalability of EVM-based chains.
Infected Ditches Ethereum’s Layer 2 for Solana
“Infected crashed Base,” the team stated, referencing the game’s launch, which attracted 130,000 sign-ups within 48 hours. The sudden demand led to a spike in gas prices and failed transactions, especially in the first 30 minutes.
This issue, according to the developers, significantly impacted the game’s momentum and user experience. Describing the incident, they noted that many users were unable to participate and subsequently abandoned the game, which runs on a 7-day cycle reliant on real-time interaction.
While the developers acknowledged that the issue was not unique to Base, they framed it as part of a larger, ongoing limitation across all EVM-compatible chains. Despite previously believing Layer 2 solutions were the future of Ethereum scalability, the team said that it now views these bottlenecks as structural and unresolved in the near term.
The shift to Solana was also driven by what the team identified as two key advantages: culture and user base. They drew a contrast between Ethereum’s technically advanced but builder-focused ecosystem and Solana’s more user-oriented approach. According to the post, Solana’s developer community is more closely aligned with current consumer behavior, as seen in the success of other Solana-native applications such as Pump.fun and DAOs.fun.
Additionally, user feedback played a role in the decision. The Infected team said many players requested a version of the game built on Solana to avoid the need to bridge assets. The post read,
“If they are on XRP, we’d go to XRP. If that was Bitcoin mainnet, we’d go there. But today’s users are on Solana.”
The team also highlighted that their future games will also launch on Solana, aligning with what they see as the best available infrastructure for high-volume, consumer-facing applications.
Response
Head of Base and Coinbase Wallet Jesse Pollak responded to Infected’s announcement, saying that while he respected teams building on any platform, he felt compelled to clarify what he described as factual inaccuracies.
“Base did not crash – the chain hummed along, just as it should.”
He wrote that the technical issues experienced during Infected’s launch were related to frontend problems, which the game’s team had previously acknowledged and discussed with Base. The Infected team, however, denied this claim.
Meanwhile, Pollak added that the team behind the Coinbase-incubated network had reached out to Infected immediately after their migration announcement, but had not received a response.
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The first quarter of 2025 turned out to be the worst Q1 bitcoin (BTC) has seen in seven years. The leading digital asset lost at least 12% of its value between January and March despite heavy accumulation from corporate entities.
The market analytics platform CryptoQuant explained that long-term holders’ on-chain activity is why BTC plummeted significantly despite major corporate buying.
Corporate Entities Accumulate Heavily
Public companies that have embraced Bitcoin acquired a total of 91,781 BTC in Q1 2025. The business intelligence firm Strategy (formerly known as MicroStrategy) made the highest purchases, totaling 81,785 BTC worth about $8 billion. The entity now holds 528,185 BTC worth $45.64 billion at press time.
CryptoQuant said the 8,888 BTC acquisition by the stablecoin issuer Tether was surprising. The purchase brought the company’s BTC stash to 92,646 BTC, valued at approximately $7.96 billion at bitcoin’s current price.
Besides Strategy and Tether, other companies that bought BTC include the venture capital firm Metaplanet, healthcare technology provider Semler Scientific, and The Blockchain Group, which develops blockchain technologies for business sectors. Between January and March, Metaplanet topped its bitcoin stash with 2,285 BTC, Semler Scientific acquired 1,108 BTC, while The Blockchain Group purchased 605 BTC.
In addition to the acquisitions, a few more companies have revealed plans to acquire BTC in the new quarter. One of them is the leading Bitcoin mining entity Marathon Digital, which unveiled a $2 billion stock sale geared toward buying BTC. Also, the electronics retail company GameStop has proposed a $1.5 billion convertible notes offering to buy BTC after adopting a Bitcoin reserve strategy.
Long-term Holders Sold
Amid all these acquisitions and BTC purchase announcements, BTC closed Q1 2025 with a negative return of 12%. CryptoQuant attributed the decline to selling activity by long-term holders. The supply of this cohort of investors dropped by 178,000 BTC, adding selling pressure to the cryptocurrency and offsetting the bullish momentum from corporate buys.
Moreover, the selling pressure was intensified by outflows from spot Bitcoin exchange-traded funds (ETFs) – investors withdrew at least $4.8 billion from these funds in the first quarter.
As the second quarter begins, CryptoQuant sees an impending battle between fresh purchases stemming from corporate demand and selling pressure from existing holders cashing out. It remains to be seen if BTC will end Q2 on a positive note.
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TL;DR
- Ripple’s cross-border token is currently trading around a crucial level that can determine whether it shoots up by double digits or slumps hard.
- The worst-case scenario, though, sees the asset dropping to $1.3.
The renowned crypto analyst Ali Martinez has outlined multiple times the importance of the $2 support for XRP’s future price movements. The asset tested it on a couple of occasions in the past month, dipping below it twice since March 11.
However, it ultimately withstood the pressure and helped XRP remain among the top performers since the US elections in early November. Moreover, Ripple’s token bounced off quite impressively after the March 11 crash and shot up to $2.6 within the next week.
That price surge transpired after Brad Garlinghouse, the company’s CEO, announced that the lawsuit against the SEC had effectively ended.
Since then, though, XPR has failed to recapture its momentum and slipped below $2 earlier this week, charting a 24% decline amid the escalating Trade War.
As mentioned above, the $2 support remained strong, and XRP now trades at $2.15. Martinez believes holding that level could serve as a propeller for the next leg up, which could push its price north by 30%.
If $XRP can stay above the key $2 level, a 30% move toward the channel’s upper boundary at $2.60 could be next! pic.twitter.com/tBXV0Y28De
— Ali (@ali_charts) April 5, 2025
However, he also highlighted a bearish scenario in which $2 is broken to the downside. In this case, the fourth-largest cryptocurrency by market cap risks dropping all the way down to $1.3 as there’s not much support between these two levels given XRP’s explosive surge in November and December last year.
$XRP is breaking out of a head-and-shoulders pattern, setting the stage for a potential move to $1.30! pic.twitter.com/L5rlE4eXIc
— Ali (@ali_charts) April 4, 2025
Nevertheless, Martinez is overall predominantly bullish on XRP, as the TD Sequential also recently flashed a buy signal on the daily chart.
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