Morning Minute | $4.3M for A Dog Wif Hat NFT

TylerD's Market Summary

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📈 NFT Market Weekend Recap

Solana memecoins. And Bitcoin NFTs.

That's shaping up to be the optimal portfolio headed in to the 2024 cycle.

And events this weekend further cemented that thesis.

What Happened?

Early this morning, famous crypto trader GCR won the Dog Wif Hat 1/1 auction on Foundation.

For $4.3M (1,210 ETH).

This just went down as one of the single biggest NFT sales (especially 1/1s) since the 2021 boom.

It also comes as a signal that the dogwifhat ($WIF) meme is here to stay ($WIF has rallied 25% since the sale to $3.17). 

And likely the entire memecoin sector, which many are predicting to get to $1T in a true crypto bull run cycle.

That idea may have been insane even a week ago, but after seeing $BOME launch late last week and run to $1.8B in market cap in <checks notes> 2 days, anything seems possible.

Solana has been a big winner of this meme cycle, reaching $206 this morning and up 45% on the week.

The other major winner from the weekend? 

Bitcoin NFTs.

Bitcoin NFT Market Overview

After a 2-week lull, Bitcoin NFTs are booming again.

And Runestones are likely to thank.

The biggest airdrop in BTC history went down late last week with Runestones airdropped to 113,000 wallets.

The market gobbled them up, running to 0.046 BTC at peak before settling at 0.038 BTC this weekend ($2,600 & a $294M mc).

That pump was a welcome liquidity injection, stimulating the whole market.

Notable leaders and their weekly change:

• NodeMonkes at 0.75 BTC (+50%)
• OMB at 0.48 BTC* 
• Quantum Cats at 0.36 BTC (+20%)
• Bitcoin Puppets at 0.257 (+49%)
• RSIC at 0.079 (-30%)
• Nat Cats at 0.073 BTC (-40%)

A few notes:

• OMB was at 1.3 BTC floor last week but dipped to 0.38 after the Orange Eyes expansion mint (now back up 25% to 0.48)
• Nat Cats and RSIC are down on the week but both up 30 to 100% from local bottom
• Bitcoin Puppets got another airdrop with Rune Pups, trading at 0.016 BTC and tied to the rocketing $PUPS token (a BRC20 converting to runes)

With ETH and SOL NFTs seeing continued bleeding, it's clear that the Bitcoin ecosystem is the place to focus right now.

ETH NFT Market

The pain continues on ETH, though there are a few bright spots.

Let's look at the damage (weekly % change):

• Punks at 48.9 ETH (-2%)
• BAYC at 13.65 ETH (-17%)
• Pudgy Penguins at 10.38 ETH (-24%)
• Captainz at 3.85 ETH (-24%)
• Azuki at 3.82 ETH (-6%)
• Milady at 3.36 ETH (-28%)
• Kanpai Pandas at 2.67 ETH (+3%)
• MAYC at 2.23 ETH (-14%)
• Doodles at 1.55 ETH (-17%)
• DeGods at 1.48 ETH (-5%)

So basically everything is down 10-20%.

Punks are holding strong at $175k floor, and Kanpai is holding up in the low mid-tier.

But that's pretty much it.

Parallel Avatars were a notable winner, up 40% on the week to 1.27 ETH after the Colony whitepaper and Parallel's new AI innovations wowed the market.

Other than that - it's just pain. With no real end in sight.

Solana NFT Market

Solana the token is one of the best stories in crypto right now.

It soared 45% this week to $206 and flipped BNB in the process to become the #4 crypto token by market cap in the world.

Solana NFTs on the other hand? Not as hot.

Perhaps unsurprisingly, the NFTs didn't fare well with a 45% rise in the native currency.

A few notable floors:

• Mad Lads at 174 SOL (-12%)
• Tensorians at 48 SOL (-12%)
• Claynos at 19 SOL (-35%)
• Bodoggos at 6 SOL (-10%*)
• Frogana at 2.35 SOL (-60%)

So the leaders held up relatively ok with the rocketing SOL price, but the rest, not so much.

Bodoggos briefly jumped 100% last week as founder Nick went viral along with his "Choose Rich" slogan, but it wasn't enough to sustain the NFTs, now fully roundtripped back to 6 SOL after reaching 12.

With the memecoin casino gaining all attention on Solana, it's hard to see the NFTs thriving anytime soon.

But airdrop SZN may be enough to help sustain floors a bit longer.

🚚 What else is happening in NFTs?

Here is the list of other notable headlines from the weekend in NFTs:

• BTC led NFT trading volume with $24M on the day; ETH was next with $11.6M and then Solana with $10M
• The BTC NFT board was washed in green (prices above); Runestones led volume with 175 BTC, then NodeMonkes and OMB with 83 and 80
• Rune Pups were airdropped to Bitcoin Puppets owners (0.016 BTC), redeemable for a portion of 23% of the $PUPS runes coin
• BAYC led volume on ETH though with its floor falling 5% to 13.65 ETH; most leaders down 2-5%
• alignDRAW was a top winner, +63% to 1.55 ETH; Parallel Avatars spiked 30% to 1.27 ETH following $PRIME
• Solana NFTs were red over the weekend as SOL pumped; Mad Lads even at 174 SOL, Tensorians -5% to 48, Frogana -14% to 2.35; Claynos -15% to 19
• nftperp officially launched on Blast, including a new "Degen Draw" raffle game, 100% of Blast airdrop to its community, additional $VNFTP rewards and more
• Wasabi added leverage trading for the $YES token, following its $MOG launch
• Starbucks announced it will be sunsetting its web3 program Odyssey on March 31

💰 Token, Airdrop & Points Tracker

Here's a rundown of major token or airdrop news from the weekend:

• ArcadeDAO raised a proposal to make its $ARCD token transferable (meaning TGE)
• $PRIME rallied 16% to $25.36 after its groundbreaking Colony whitepaper
• $PUPS soared over 160% to $4.64 over the weekend as Rune Pups were airdropped

🌎 Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

• Crypto majors are green this morning after a weekend pull back; BTC +2% at $68,300; ETH +0.7% at $3,600; SOL +8% at $207
• $BOME saw over $3.75B in volume in a single day, briefly going as high as $1.8B before falling over 50% to $800M
• WIF rallied past $3 on Sunday after Elon posted an (unrelated) picture of dogs, then falling back to $2.40 before GCR's $4.3M buy sent it back to $3.20
• Solana outpaced ETH in onchain trading volume Sunday, with Solana DEX's combining to beat Uniswap on the day
• Presales were the rage this weekend, following $BOME's run; $NAP raised $10M, $SMOLE raised $30M, $LIKE raised $15M and then last night $SLERF burned $10M in presale liquidity in stunt

🚀 NFT Total Volume

• Runestones ($11.6M ETH, 0.038 BTC floor)
• BAYC ($5.9M ETH, 13.65 ETH floor)
• NodeMonkes ($5.7M, 0.75 BTC floor)
• OMB ($5.4M, 0.48 BTC floor)
• Pudgy Penguins ($2.9M, 10.38 ETH floor)

📈 NFT Floor Price Increase (ETH)

• DystoPunks (64%, 0.31 ETH Floor)
• alignDRAW (63%, 1.55 ETH)
• Lasogette (52%, 0.19 ETH)
• Abasho (45%, 1 ETH)
• Parallel Avatars (30%, 1.27 ETH)

🗓 Upcoming NFT Mints and Reveals

Today is a busy day of drops to start the week, focused in the art sector.

OSF is launching his Professional Degen 5 as a free mint with an extensive WL tiering system.

Richard Nadler is doing his first Bitcoin drop with Memento Mori, with 190 pieces up for sale in a 24 hour ranked auction.

And Lucrece is back with BitMON, coming to Ordinals for Defy Pass holders.

See the full list and dive in for more details with Swizzy's daily mint monitor. 

• OSF Professional Degen 5 (12:00 p.m. ET)
• Orcneas (12:00 p.m. ET)
• Richard Nadler - Memento Mori (1:00 p.m. ET)
• Lucrece - BitMON (5:00 p.m. ET)

Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.warner@luckytrader.com.