Morning Minute | Crypto Majors Dip As Big Week Looms

Morning Minute | Crypto Majors Dip As Big Week Looms

TylerD's Market Summary

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๐Ÿ—“ Crypto FUD As Big Week Looms

This is arguably the most important week of the year for the crypto space.

The biggest potential airdrop in crypto history is now rumored to come, along with several other major protocol token drops.

But it comes against one of the most unstable regulatory backdrops in a long time.

What Happened?

Let's start with the bad news.

On Friday, news spread that MetamMask parent company Consensys was suing the SEC after it was revealed the SEC had sent them a Wells Notice earlier in the month.

Wells Notices typically come before enforcement actions, like the ones the SEC has filed against Coinbase, Binance, etc.

For Consensys, the SEC alleges that they violated securities laws via MetaMask Swaps and Staking.

Later in the day, the DTCC filed a change to its Collateral Hairucts mandating that Bitcoin and other crypto should be marked down to 0 collateral value for loans.

Not great, although the DTCC headline seems to have less substance than the SEC one.

This all went down Friday as the Japanese Yen fell to its lowest value against the USD after BOJ decided to keep its interest rates unchanged.

Combined these headlines made for a shaky Friday night.

And really bad timing as the crypto market prepares for a massive week of token launches.

Airdrops SZN Heats Up

Here is the list of tokens expected to come this week:

*NFTFI will be claimable but not tradeable for 41 days

**Eigen is not yet confirmed, just speculated

The wildcard on that list if Eigenlayer which has $15B+ in TVL for the leading ETH restaking protocol.

If it does indeed airdrop this week, it could very well be the biggest one in crypto history. And many pointed to the ETH pump from Saturday as insider's buying ahead of that airdrop.

FriendTech v2 officially launches today with its $FRIEND expected to come as well (though also not confirmed). Given all of the influencers with big point totals, expect a ton of chatter around this one today (especially with Fantasy Top delaying).

And Solana sees a few major protocol airdrops this week with Drift and Kamino dropping their tokens, with Kamino likely to garner more attention.

It's a huge week with a massive potential influx of capital - if macro markets can cooperate behind the scenes.

Buckle up. It may be a bumpy ride...

๐Ÿšš 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 $7.2M on the day (-17%); ETH was next with $7M (+31%) and then Solana with $4.4M (-20%)
  • Prometheans led the BTC NFT board with 43 BTC volume but falling ~70% after the runes snapshot
  • RSIC pumped 15% to 0.048 BTC after its genesis RUNECOIN was listed on OKX Jumpstart
  • Udi announced the OP_CAT proposal will go live on Bitcoin's "signet" this week, an upgrade that will enable a bigger crypto economy on BTC
  • Ink announced its new INKUBATOR for builders (NFTs at 0.02)
  • BTC PFP leaders dipped 5-10% on low volume; NodeMonkes at 0.34, OMB at 0.4 BTC, Quantum Cats at 0.4, Bitcoin Puppets at 0.28
  • ETH NFT leaders were mixed with BAYC even at 15.2 ETH, Pudgy -6% to 11.4, Azuki +7% to 4.6 and MAYC -4% at 2.66; most closed the week up 15-25% still
  • Mintify Genesis and Mocaverse were notable winners, jumping 19% and 9% respectively
  • Solana NFTs were mostly green on the day; Mad Lads even at 90 SOL, Tensorians +10% at 14.8, Mall Street +19%, Saku +15%
  • Blast NFTs were led by Skellie at 0.059 ETH, Blastopians jumping to 0.18 ETH & BAC Genesis Runner at 0.24
  • 0xMaki launched the Hero Glyphs whitepaper along with a cross-chain scavenger hunt to mint the NFTs
  • Yuga announced broad layoffs on Friday as the company looks to go back to its roots

๐Ÿ’ฐ Token, Airdrop & Protocol Tracker

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

  • NFTfi announced its $NFTFI token claim date of Apr 30, with a 41-day staking period before it will go live for transfer and trading (June 10)
  • CyberKongz completed their DECENTRALIZE snapshot on Sunday and announced the rune tokens comes today (the NFTs fell 75% to 0.02 BTC)
  • Memeland completed its Runecoin airdrop on Friday, leading to a 50% pump in the token into the OKX announcement
  • OSF minted out his "PAC REKT" NFT set on Blastr in 1 hour, raising 563 ETH ($1.8M), with holders able to claim a refund in 28 days
  • Base coin $BORED is going to release a Farcaster Frame game called "Boregon Trail" with $2000/day in prizes
  • nftperp crossed $100M in lifetime trading volume on its perp platform
  • Blast completed its Gold Distribution 2 to all eligible Dapps

๐ŸŒŽ Around Crypto and Web3

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

๐Ÿš€ Memecoin Movers 

  • $COOL (+700%, $33M market cap, Solana)
  • $MICHI (+55%, $55M market cap, Solana)
  • $USA (+39%, $70M market cap, Solana)
  • $PAC (+22%, $18.5M market cap, Blast)
  • $KEYCAT (+17%, $39M market cap, Base)

๐Ÿ“ˆ NFT Floor Price Increase (ETH)

  • Cecu Cube (35%, 0.32 ETH Floor)
  • Mintify Genesis (19%, 0.12 ETH)
  • Honey Comb (10%, 0.33 ETH)
  • Mocaverse (9%, 4.08 ETH)
  • Yogapetz (8%, 0.43 ETH)

๐Ÿ—“ Upcoming NFT Mints and Reveals

Today is a huge day of events to kickstart the week.

Friend Tech v2 is set to launch (and potentially airdrop $FRIEND) along with the $DRIFT airdrop.

Prometheans is airdropping and launching its DECENTRALIZED runes today.

And new mints are picking back up across Bitcoin (gas fees are going back to normal) and Base (with artist Resaang highlighting).

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

  • BitLads (7:00 a.m. ET)
  • Ultiverse (8:00 a.m. ET)
  • Petopia airdrop (10:00 a.m. ET)
  • Memes by 6529 (11:00 a.m. ET)
  • Resaang - Kintsugi (3:00 p.m. ET)
  • Prometheans - DECENTRALIZED airdrop (TBD)
  • Friend Tech v2 (TBD)
  • $DRIFT airdrop (TBD)

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Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.