Morning Minute | Coinbase Lists Leading Memes PEPE and WIF
TylerD's Market Summary
🚀 Memes Soar After Coinbase Lists PEPE
We all thought a Trump presidency would be likely positive for the broader crypto space.
We didn't realize how quickly it would happen.
Major players are acting, and they're acting swiftly.
What Happened?
Both Robinhood and Coinbase listed the 3rd biggest memecoin by market cap PEPE yesterday.
Which immediately saw a massive spike in price and trading volume.
PEPE sits this morning at an $8.8B market cap (+60% on the day), hitting $10B at peak.
It flipped DOGE in trading volume with a whopping $22B in action.
Just insane numbers, once again showing the Coinbase / retail effect.
But Coinbase didn't stop there.
They also listed Dog Wif Hat (WIF), which briefly rallied to $4.80 ($4.8B) before settling in the $4.20 range, still up 30% on the day.
Why It Matters
Many had been begging Coinbase to list these 2 memecoins for spot trading for months. They listed the perps a full year ago.
And then, within 1 week of Trump being confirmed as President-elect, they moved forward with listing.
It's a sign that the regulatory shackles may be off, and more coins will be listed soon (likely memes).
Another important takeaway, from a trading perspective - PEPE saw over 6x the trading volume that WIF saw on the day, despite being listed for just a few additional hours (though WIF is not on Coinbase).
So either 1) the Robinhood pump is very real and stronger than Coinbase and/or 2) unit bias plays a big role in retail trading decisions.
For $100, a trader can get 4.68M PEPE tokens. Or 25 WIF tokens.
Which would you rather have in that scenario?
I know what I'm choosing, especially if I don't know much about either meme but just want exposure.
Time to pay attention to those memes with the best unit bias (MOG, USA jump out).
Let's revisit this once both memes have had time to sit on the retail markets for a bit...
🚚 What 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; Bitcoin was next with $5.1M, and then Solana with $4.8M
- ETH NFT leaders were mostly green; Punks +12% at 32.9 ETH, Pudgy -3% at 9.4 ETH, BAYC +3% at 11.4, Milady +7% at 5.12
- The CryptoPunk floor jumped 12% on the day to 32.9 ETH ($105k) on the back of a big $1M sweep from Wintermute
- Lo-Fi Pepe (+10%), Peplicator (+50%) and Mog Auras (+33%) led notable top movers
- BTC NFT leaders were mixed; Bitcoin Puppets +2% at 0.183 BTC, NodeMonkes -3% at 0.132 BTC, OMB -4% at 0.154, Quantum Cats -1% at 0.204
- The Runes leaders were mostly green; DOG +4% at $392M mc, PUPS +6% at $298M, GIZMO +15% at $62M mc, BDC -2% at $104M
- Cypher Genesis was the top Runes mover jumping 100% to a $16M mc, now up 600% on the week
- Zereborn NFTs were the leader on Solana, jumping 90% to a 3.24 SOL floor
- The McDonalds x Doodles collab information is reported to drop this morning (so be on the lookout)
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token, protocol and airdrop news from the day:
- Parallel started doing mobile testing this week for its upcoming game launch
- The Utopia Labs team announced it's joining Base to execute its onchain payments roadmap inside Coinbase Wallet
- MoonPay announced a new "MoonPay Balance" feature allowing users to buy crypto instantly with zero fees
- Pump Fun has created over $4B in memecoin market cap via its top performers in just the past 2 months
- BlackRock launched its BUIDL stablecoin on several EVM chains including Arbitrum, Avalanche, Optimism & Polygon
- Zero Gravity Labs announced a $40M raise to develop a decentralized AI operating system dAIOS, adding to their $35M pre-seed in March
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- Crypto majors are green led again by Bitcoin; BTC +3.6% at $91,000, ETH even at $3,170, SOL +3% at $214; all of the top 7 biggest movers were memes
- Memecoin majors are very green following PEPE's Coinbase listing; DOGE +1 at $0.391, SHIBA +3%, PEPE +56%, WIF +30% (also got Coinbase listing), BONK +11%, PNUT +35%, POPCAT +24%
- Elon praised DOGE's flat inflation rate as a "Feature, not a bug" in a response to a tweet about its tokenomics
- Senator John Thune was elected to serve as Senate Majority Leader, important because Thune is considered pro-crypto, has backed crypto bills in the past and is expected to help drive crypto regulatory change.
- IBIT saw $5B in trading volume on the day as the ETFs pick up speed
- Coinbase added both WIF and PEPE to its platform on Wednesday, leading to a temporary surge in both; meanwhile Coinbase soared to the #1 finance app on iOS
- Robinhood listed PEPE as well along with several other coins it had delisted (i.e. Solana)
- Polymarket is facing a Department of Justice probe into their users, which also resulted in a raid on founder Shayne Coplan's home
- Bitwise acquired Attestant, a non-custodial Ethereum staking provider with $4 billion in staked assets
- Meanwhile Bitwise's chief investment officer Matt Hougan believes Bitcoin can run to $500k, a sentiment shared by Mike Novogratz on CNBC yesterday
- NFL Player Odell Beckham Jr. taunted the anti-crypto crowd, boasting about taking his salary in Bitcoin and showing the chart
🚀 Memecoin Movers
- $OBOT (+35000% to $30M market cap, SOL)
- $🦅 (+30000% to $17M market cap, SOL)
- $LESTER (+9700% to $10M market cap, SOL)
- $FRED (+200% to $260M market cap, SOL)
- $SHOGGOTH (+130% to $88M market cap, SOL)
📈 NFT Floor Price Increase (ETH)
- The Doge Pound (220%, 0.16 ETH Floor)
- MatrixWorld (200%, 0.18 ETH floor)
- Lo-Fi Pepe (150%, 0.25 ETH)
- CEDEN (80%, 0.06 ETH)
- Peplicator (51%, 0.08 ETH)
🗓 Upcoming Mints and Events
Today is a very busy day of mints and events, mostly in the art sector.
Marfa kicks off so look out for any stealth mints tied to that. Otherwise 0xSerra, ClownVamp, Roope and others all have drops.
See the full list and dive in for more details with Swizzy's daily mint monitor.
- Marfa - Kick Of (8:00 a.m. ET)
- 0xSerra x fxhash - Artificial Selection (10:30 a.m. ET)
- Apechain Dinos (11:00 a.m. ET)
- ClownVamp - The Junk Machine (12:00 p.m. ET)
- Roope Rainisto x Mercedes NXT - Symbiosis (12:00 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.