Morning Minute | Crypto Rallies After Biden Steps Down

TylerD's Market Summary

📈 Biden Out, Crypto Up

lt was the most hotly contest (and bet on) question of the past month.

Would Joe Biden step down from the 2024 U.S. Presidential election race?

Yesterday, we got the answer.

What Happened?

Yesterday, President Biden announced he would step down from the 2024 Presidential race via a letter shared to his Twitter page. 

He mentioned it was "in the best interest of [his] party and the country" for him to step down, and then he went on to endorse Kamala Harris as his replacement nomination.

The decision will likely have impacts to several sectors and markets, and crypto has already seen a major impact.

Crypto Market Impact

Crypto majors dipped briefly on the news, then rallied sharply.

• BTC briefly fell to $66,100 before running over $68,000 (now $67,300)
• ETH briefly fell to $3,430 then shot to $3,560 (now $3,490)
• SOL briefly fell to $172 then shot all the way to $184 (now $180)

Solana is clearly leading, up 19% on the week.

Likely due (at least in part) to its memes having a major weekend.

The PoliFi memes saw violent action after the announcement:

• KAMA +57% to $17M (hit $25M at peak)
• OBEMA +58% to $5.8M
• BODEN -58% to $6.5M
• tremp +8% to $46M
• TRUMP -4% to $311M

So KAMA was the big winner, the Trump coins were mostly even and BODEN seems ded.

Other Solana memes had a huge weekend as well:

• WIF +56% on the week to $2.80
• POPCAT reaching $1B
• MEW soaring 45% to $700M
• BILLY reaching $200M
• DMAGA running 10,000x in a single day to $70M+

And several others which saw massive gains. The Solana meme casino is fully back in business.

What's Next?

In politics, the market is pricing in Kamala only at 81% to be the Democratic Nominee.

So there is still some thought that an Open Convention race is still on the table, with talks of folks like Manchin throwing their hat in the ring. And Vivek mentioned he thinks its Michelle Obama (now 10%).

Then there's the market for who she'll pick as VP (if she wins). Roy Cooper is currently in the lead with 33% market share, then Josh Shapiro at 26% and Mark Kelly and Andy Beshear each with 15%.

As for broader crypto, here are the events to watch:

• Today: Mt. Gox started moving some new funds this morning in a sign of more of their $6B in holdings are about to move
• July 23: ETH ETFs to launch
• July 27: Trump speaks at BTC Nashville
• July 31: Next FOMC

This week especially is set up to be a huge one.

The ETFs are launching with some of the biggest tailwinds in months.

Trump is speaking at a BTC conference and expected (speculated on) to share a BTC strategic reserve policy.

And then next week, we are likely to hear about the potential of future rate cuts at FOMC.

Buckle up, the bull market is back on.

🚚 What else is happening in NFTs?

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

• Solana led NFT trading volume with $4.65M on the day; ETH was next with $4.55M, and then BTC with $2.4M
• ETH NFT leaders mostly chopped on the day; Pudgy +1% at 10.5 ETH, Milady -1% to 5.4, Azuki -2% to 4.1 and BAYC -1% at 9.34
• Valhalla and OCM were notable top movers on the day, jumping 40-50%
• BTC NFT leaders were mixed; NodeMonkes -2% at 0.168 BTC, Puppets +2% at 0.13 BTC, Quantum Cats -2% at 0.292; Based Angels jumped 22% to 0.01 BTC leading top movers
• The Runes leaders were mostly green; DOG +3% at $470M mc, RSIC -9% at $79M mc, PUPS +16% at $59M
• Solana NFTs were mostly red; Mad Lads -1% at 68 SOL, SMB Gen 2 -3% at 29, DeGods -6% at 16
• A Joe Pease 1/1 "Smoke Break" sold for 55 ETH, one of the biggest 1/1 sales in months
• ApeCoin DAO is voting on a proposal to launch an Ape-themed hotel in Bangkok

💰 Token, Airdrop & Protocol Tracker

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

🌎 Around Crypto and Web3

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

• Crypto majors are green this morning; BTC +1% at $67,300; ETH -0.3% at $3,490, SOL +4% at $180
• Memecoin majors are mostly green with DOGE +5%, PEPE +1%, WIF +11%, BONK +2%, MOG +4%; DMAGA soared 10,000x to $72M mc in a single day after Elon changed his PFP
• POPCAT became the latest memecoin to hit $1B, briefly reaching the number before dipping to $870M
• The ETH ETFs were formally confirmed by the CBOE to launch for trading on July 23 (tomorrow)
• Retail interest in Bitcoin has reportedly hit levels not seen since it was at $16,000
• Boyaa became the latest company to declare BTC on its balance sheet after a $100M buy
• Wintermute is in talks to raise with a valuation of ~$2B according to Bloomberg

🚀 Memecoin Movers 

• $DMAGA (+10,000%, $70M market cap, SOL)
• $ELON (+80%, $12M market cap, ETH)
• $BILL (+60%, $26M market cap, SOL)
• $KAMA (+50%, $16M market cap, SOL)
• $MEW (+45%, $707M market cap, SOL) 

📈 NFT Floor Price Increase (ETH)

• The Undead (180%, 0.95 ETH Floor)
• Sabotage (58%, 0.78 ETH)
• Valhalla (48%, 0.12 ETH)
• OnchainMonkey (41%, 0.88 ETH)
• Genuine Undead (25%, 0.07 ETH)

🗓 Upcoming Mints and Events

Today is a slower day of mints and events to start the week.

The highlight is Bold Leonidas's Boldinals drop on Bitcoin. With just 100 in supply and priced at 0.01 BTC, there will be big secondary demand for this one. And likely 3-5x+ potential for minters.

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

• Bold Leonidas - Boldinals (8:00 a.m. ET)
• Drifterz (10:00 a.m. ET)
• Memes by 6529 (11:00 a.m. ET)
• rudxane x Verse - Piezo (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.warner@luckytrader.com.