Morning Minute | Blockchain Leaders Bet On The Memecoin Supercycle
TylerD's Market Summary
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🫂 Blockchains Embrace Their Memecoins
It's no secret that memecoins have taken over the attention cycle this past month.
They're all over Crypto Twitter (X), driving up DEX volume across chains and even Bloomberg is covering on a consistent basis.
While they were once shunned as vaporware, a shift is happening.
L1 and L2 blockchain leadership is beginning to embrace them - and even more.
What Happened?
Two major events happened yesterday highlighting this new trend.
First, the Avax Foundation announced its "Memecoin Rush" program.
The stated goal of Memecoin Rush is to "help scale liquidity & drive momentum" for its memecoins.
They are providing $1M in rewards for users who provide liquidity on SteakHut or Trader Joe for the following tokens:
Then, over on Base, notable leader Jesse Pollak spent the afternoon retweeting posts from various Base memecoins, including:
- $HIGH
- $DEGEN
- $doginme
- $NPC
- $TOSHI
- $NORMIE
And more.
This follows similar actions from some Solana leaders, who have actively embraced NFTs and tokens in their ecosystem.
What was taboo even a few months ago is now becoming mainstream.
Why It Matters
These signals from L2 leaders are important from both a macro and micro perspective.
At a high level, this support shows that leadership values this sector of their ecosystem and economy.
If support (time and money) continues to be thrown at memecoins, it's more likely this sector won't just completely go away.
It shows staying power for a new sector of crypto that many believe is just a fad.
At a more zoomed in level, whether they want to admit it or not, these teams are providing the list of memecoins for novice investors to buy into.
Avax specifically listed just 4 tokens being rewarded - why venture outside that list if you are new to Avax but want exposure?
Jesse went a bit wider with his retweets, but still the same concept - if the meme wasn't retweeted by Jesse or consistently in the conversation - is it worth one's time?
Attention is one of the single most important elements in memecoins success, so betting on the ones that heave leadership attention seems smart.
And given all of this new support, betting on a broader memecoin supercycle seems smart as well.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
- Ethereum led NFT trading volume with $12.9M on the day (-59%); BTC was next with $8M (-22%) and then Solana with $6.5M (-1%)
- The ETH NFT leaders were green again on the day; Pudgy +6% to 14.5 ETH and BAYC +5% to 14.1 ETH
- DigiDaigaku led notable top movers, rebounding 50% to 4.4 ETH
- Runestones was the top Bitcoin mover on the day tallying 53 BTC with the floor up 10% to 0.053 BTC as airdrops line up for the top runes set
- Little Pups were 3rd in volume on Bitcoin on the day, rallying to a 0.0072 BTC floor o 12 BTC volume
- Solana NFTs were mostly green on the day; Mad Lads even at 155, Tensorians +2% at 44.5, Claynos +6% to 24 SOL
- Howdy Hats was the top mover on Solana, jumping 55% to 4.4 SOL ahead of its token drop coming on March 25
💰 Token, Airdrop & Points Tracker
Highlighting the major token or airdrop news from the day.
- NIM Network's Genesis drop went live on Thursday, with $NYM tokens available for 500,000 addresses (including NFT project owners like Pudgy Penguins, Parallel, 9dcc, Pirate Nation, and more)
- Wasabi opened up trading for $PAC with up to 3x leverage, with 10k+ holders eligible for 2x points
- Arcade's $ARCD transferability proposal is moving to the next step, a 7-day period where the community votes off-chain via Snapshot
- The $PUPS team opened up a bridge allowing token holders to bridge their BRC20s to Solana via the Multibit bridge ($PUPS -20% to $3.50)
- Ronin's native token, $RON, is now listed on Coinbase
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- Crypto majors are red this morning; BTC -3% $64,860; ETH -2.8% at $3,440; SOL -8% at $175
- Solana SPL22 Tokens (like gh0sts and Elements) are coming to the OKX Marketplace
- Thruster confirmed its SSS token was exploited on Thursday, experiencing an infinite mint issue
🚀 NFT Total Volume
- BAYC ($6.3M, 14.1 ETH floor)
- Pudgy Penguins ($5.7M, 14.5 ETH floor)
- Runestones ($3.5M, 0.053 BTC Floor)
- Lil Pudgy ($2M, 1.27 ETH Floor)
- NodeMonkes ($1.1M, 0.7 BTC floor)
📈 NFT Floor Price Increase (ETH)
- Defimons Apartments (55%, 0.21 ETH Floor)
- SMOWL (54%, 0.02 ETH)
- DigiDaigaku (50%, 4.4 ETH)
- Cryptodickbutts S3 (40%, 0.59 ETH)
- Lasogette (37%, 0.34 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is another slower day of drops without major highlights.
With memecoin energy slowing down, it could be a good weekend for any NFTs that catch momentum - so be on the lookout.
It's also a nice setup for a quality stealth drop.
See the full list and dive in for more details with Swizzy's daily mint monitor.
- Geo Ordinals (11:00 a.m. ET)
- ElmonX x Patrick Hughes (11:00 a.m. ET)
- A Sunday in the Park (12:00 p.m. ET)
- SOL Bones (1:00 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 tyler.warner@luckytrader.com.
