Morning Minute | A $375M Airdrop Is Coming
TylerD's Market Summary
🎁 The Magic Eden Airdrop Is Coming
Airdrop SZN is around the corner.
And early indications show that the Magic Eden $ME airdrop is going to be big - perhaps bigger than expected.
What Happened?
Yesterday the Magic Eden Foundation released the tokenomics for its upcoming airdrop.
TLDR:
- Total: 1B $ME
- Initial claim: 12.5%
- Community: 37.7% (22.5% for users rest for eco)
- When: Soon (TBD)
Overall the team is keeping about 50% for themselves and contributors and sharing 50% with the community over the next 4 years.
We still don't know the math on converting diamonds to tokens, the main remaining open question along with when the airdrop will happen.
But the main reason for excitement - the $ME token tripled on Whales Premarket yesterday, reaching $3 per token.
That means this is a potential $375M airdrop if prices hold (that would put ME at a $3B FDV).
What Are They Saying?
The ME Foundation commented:
"The 12.5% community allocation instantly unlocked from the start matches that provided by Tensor, a rival Solana NFT marketplace to Magic Eden," said the ME Foundation in a post.
CEO Jack Lu also commented:
“You’ll be able to earn $ME through your daily use of Magic Eden products.”
So there will be more earning opportunities coming up.
Why It Matters
This is a big potential stimulus for the NFT community and for Runes traders (the only fungible token on Magic Eden).
As a reminder, Magic Eden is the #1 NFT market place by all key metrics (volume, unique wallets, 1st time wallets) over the past 6 months. They are in the driver's seat in 2024 and have plans to continue expanding.
That should bode well for their token valuation on launch.
Now, will the $3/token hold? Tough to say, and generally premarket values have been 30-50% higher than actual launch.
But we're in a bull market now, and there are tailwinds we haven't seen in 3 years.
This could be a very big airdrop. Then the question becomes - where will that hot ball of money rotate?
🚚 What is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
- Ethereum led NFT trading volume with $12M on the day; Bitcoin was next with $5.8M, and then Solana with $3.1M
- ETH NFT leaders were very green; Punks -2% at 36 ETH, Pudgy +14% at 11.8 ETH, BAYC +3% at 13.2, Milady +2% at 6.5
- Pudgy Rogs (+50%) and Tubby Cats (+40%) led notable top movers
- BTC NFT leaders were mixed; Bitcoin Puppets -5% at 0.17 BTC, NodeMonkes -1% at 0.135 BTC, OMB even at 0.142, Quantum Cats +2% at 0.194
- The Runes leaders were very green again; DOG +17% at $840M mc, PUPS -5% at $385M, BDC +6% at $150M, CYPHER +30% to $41M
- Zereborn NFTs led Solana movers, up 50% to 7.1 SOL; new GOAT NFTs doubled from mint price, now at 0.6 SOL
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token, protocol and airdrop news from the day:
- Magic Eden shared its tokenomics on Monday, revealing 1B total with nearly 50% going to the community including a 12.5% initial airdrop claim
- Raydium saw 50% more trading volume than Uniswap in the past week ($30B compared with $20B), while still trading at 1/3 the value of Uniswap's FDV
- Wasabi added BONK trading with up to 6.9x leverage
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- Crypto majors are green up 1-2%; BTC +1% at $91,700, ETH +2% at $3,130, SOL +1% at $246; HBAR (+30%) and Tezos (+30%) were top alt movers
- Memecoin majors are mostly green this AM; DOGE +5% at $0.383, SHIBA +2%, PEPE -4%, BONK +2%, WIF -4%, POPCAT +3%; ZEREBRO hit a new ATH at $440M
- MicroStrategy added $4.6B in Bitcoin to its balance sheet in the past week at an average price around $88k while announcing another $1.75B offer of convertible notes to buy more BTC
- Options on BlackRock's IBIT Bitcoin ETF go live today
- Binance announced its plans to launch a new stablecoin with 19.9% yield
- Trump's media group is reportedly in talks to acquire crypto trading platform Bakkt , which provides SaaS solutions for crypto ownership and trading
- Meanwhile Trump is planning to meet with Coinbase CEO Brian Armstrong to discuss his cabinet appointments
- California rejected Lido DAOs argument that it's not a legal entity, with potential widespread ramifications for DAOs
- Cobie shared that he's been buying memes for months but not disclosing which ones, while hinting at some of his holdings
🚀 Memecoin Movers
- $ELIZA (+73000% to $70M market cap, SOL)
- $BAKKT (+15000% to $17M market cap, SOL)
- $KIRBY (+19000% to $17M market cap, SOL)
- $CHILLBUY (+540% to $40M market cap, SOL)
- $ARIE (+160% to $10M market cap, SOL)
📈 NFT Floor Price Increase (ETH)
- Pudgy Rogs (50%, 0.52 ETH Floor)
- Banners (44%, 0.36 ETH floor)
- Tubby Cats (41%, 0.05 ETH)
- Treeverse (32%, 0.18 ETH)
- Yayo (25%, 0.28 ETH)
🗓 Upcoming Mints and Events
Today is a busy day of mints and events mostly focused in art and AI.
Joe Pease has a drop with Glitch and Raja Nandepu has a mint with Braindrops.
See the full list and dive in for more details with Swizzy's daily mint monitor.
- Dragons (10:00 a.m. ET)
- Joe Pease x Glitch (11:00 a.m. ET)
- Raja Nandepu x Braindrops (1:00 p.m. ET)
- Wyatt Wide World (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 to tyler.d.warner@gmail.com.
