Morning Minute | Bitcoin NFTs and Tokens Soar

Morning Minute | Bitcoin NFTs and Tokens Soar

TylerD's Market Summary

๐Ÿ“ˆ The Bitcoin Economy Is Boomin

Runes were called a total bust.

Ordinals were dead and down only.

Had we made the mistake of overhyping everything (like we always do)?

Well, Runes and Ordinals fans and holders may be getting a bailout - thanks to one dog token trying to fulfill its destiny.

What Happened?

Runes and Ordinals have staged a major rally in the past week, highlighted by major gains in the past 24 hours.

DOG GO TO THE MOON is leading the way, up 23% on the day to a whopping $922M market cap.

$1B is now squarely in sight for DOG which needs less than a 10% move to get there.

And DOG is dragging up the rest of the Runes market with it.

Other notable movers on the day:

  • RSIC +19% to $245M
  • PUPS +23% to $184M
  • BAMK OF NAKAMOTO +27% to $63M
  • LOBO +45% to $56M

Several other lower-end runes jumped 30-60% on the day in the wake.

But it wasn't just the Runes that pumped.

Ordinals have staged a major rebound in the past week as well, perhaps on the back of the Runes movement.

In the past week:

  • Puppets at 0.195 BTC (+90% off the bottom)
  • NodeMonkes at .289 BTC (+45% off the bottom)
  • Quantum Cats at 0.291 BTC (+17%)
  • OMB at 0.286 BTC (+22%)

The bottom looks like it came May 27-28 and many of these have printed new higher lows since.

Why It Matters

The Runes market seems to be the leader for action on Bitcoin.

As wealth is generated in Runes, it is likely to spread around the broader Bitcoin economy.

DOG is actively generating that wealth right now as it approaches $1B, and we have already seen its impact.

  • The major Runes are up 50% or more off the bottom
  • New Runes launches are generating more attention and running further
  • And Ordinals leaders are up 20-90% as well

Looking at the data:

  • Runes transactions are up in the 350k/day range (highest since late April)
  • New wallets interacting with Runes for the first time are at 30k/day
  • Cumulative users are up to 5.5M wallets (though declining in the past week)

So interest is up and a steady stream of new users are trading runes, but existing users may have their bags packed.

These numbers along with total daily volumes pale in comparison to those of Solana or ETH, to be clear.

But for the optimist - that shows the opportunity ahead. 

I certainly wouldn't want to be short the Bitcoin ecosystem right now...

๐Ÿšš What else is happening in NFTs?

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

  • BTC led NFT trading volume with $6.3M on the day (+50%); ETH was next with $5.1M (+18%) and then Solana with $3.3M (+20%) 
  • BTC NFT leaders were very green; NodeMonkes +10% 0.289, Puppets +35% at 0.198 BTC, OMB +5% at 0.285 and Quantum Cats -3% at 0.291
  • The Runes board was washed in green led by DOG which soared 23% to $922M mc; several others jumped 20-40%+ on the day
  • ETH NFT leaders were mostly green with BAYC +6% to 12.7 ETH, Pudgy +0.5% to 10.4, Azuki +1% to 3.96 and Doodles +8% to 1.67
  • Valhalla and Otherdeeds were notable outperformers on the day
  • Solana NFTs were mostly red; Mad Lads -3% to 61 SOL, SMB Gen 2 -3% to 23.5, DeGods -5% to 25.5
  • Blast NFTs were very red on the day; Apollo -20%, Blastopians -11%, Plutocat -1%
  • Rekt Brands opened its share claim for rektguy holders (as of Oct 26, 2023), open until June 17 at 5 pm ET
  • Blastin Pepes announced their mint coming June 5th on Blast starting at 11 am ET, priced at 0.069 ETH

๐Ÿ’ฐ Token, Airdrop & Protocol Tracker

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

  • Pacmoon completed its airdrop 4 event distributing $1M to its community of creators; the $PAC token actually rallied 4% on the day to $53M mc
  • Fantasy Top introduced a new burn mechanism allowing holders to burn 2 Hero cards and receive 1 different card of the same rarity (with a 0.5% chance at next tier) raising the floor about 30%
  • Magic Eden teased something coming "soon" for its Wallet and Rabby Wallet teased a new snapshot
  • BUS won the Blast Jackpot last night for a 3% win (73,800 Gold); the token was even on the day at $1.5M mc

๐ŸŒŽ Around Crypto and Web3

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

  • Crypto majors are slightly red this morning; BTC -0.5% at $68,900; ETH -1.4% at $3,760, SOL +0.2% at $165.40
  • Memecoin majors are mostly red this AM with DOGE -3%, PEPE -5%, WIF -7%, BONK -6%; LFGO, COK, BENJI, MOTHER outperform
  • $GME soared after someone purchased nearly 10,000 SOL ($1.61M) of $GME on Monday, briefly sending the token to $300M before retracing to $83M; this came after eTrade threatened to kick Roaring Kitty off its platform
  • Base is running back Onchain Summer with $2M in rewards and 600k $OP ($1.4M) up for grabs
  • Animoca Brands and Everest Ventures Group strengthened their long-term partnership via cross-investments  
  • Australia's first spot BTC ETF will begin trading today
  • Dapper Labs announced that it has settled a case (for $4M) confirming that its NBA Topshot Moments are not securities 

๐Ÿš€ Memecoin Movers 

  • $LFGO (+130%, $27M market cap, Solana) 
  • $COK (+73%, $13M market cap, Solana)
  • $BENJI (+54%, $31M market cap, Base)
  • $MOTHER (+42%, $93M market cap, Solana)
  • $WOLF (+38%, $62M market cap, ETH)

๐Ÿ“ˆ NFT Floor Price Increase (ETH)

  • JungleBay Ape (45%, 0.1 ETH Floor)
  • Otherdeed (29%, 0.1 ETH)
  • VeeFriends (27%, 0.86 ETH)
  • LoudPunx (23%, 0.47 ETH)
  • Lasogette (19%, 0.19 ETH)

๐Ÿ—“ Upcoming NFT Mints and Reveals

Today is a slower day of mints.

The highlight is likely Vinnie Hager's "Still Life" which will be the artist's Bitcoin debut. The collection of 200 will be available for Letter holders first, priced at 0.025 BTC each.

Other than that, Onchain Summer continues on Base with Sian doing a drop on Prohibition along with a few other artists dropping mints.

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

  • Vinnie Hager - Still Life (11:00 a.m. ET)
  • Sian x Prohibition - Onchain Summer (12:00 p.m. ET)
  • TAN-TAN - Reality Is Broken (3:00 p.m. ET)
  • Laurence Fuller - SOHO (3:00 p.m. ET)

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