Morning Minute | Crypto's New Bull Market

TylerD's Market Summary

There is a bull market happening in crypto right now, and it's being driven by easier onchain trading and new utility tokens. Read on to find out who's leading the way.

📈 Utility Coins Pave Way for Onchain Summer

The major crypto tokens like BTC and ETH may be chopping this summer, but there is absolutely a raging bull market happening in crypto.

And it's being driven by new tools, platforms and easier onchain trading.

2020 had DeFi Summer.

2023 has Onchain Summer.

So who's leading the way?

Unibot Leads with Unibot X

The new twist of Onchain Summer is that utility tokens are leading the way.

I'm defining utility tokens here as crypto projects launching with actual products that can be used (mostly for trading or gambling) vs pure memecoins.

Memecoins led the way in late Spring on the back of Pepe's meteoric rise, and are very much still relevant, but they've got some new competition.

And the leader of this new pack is Unibot.

Unibot is scorching hot, reaching a new ATH of $230 yesterday (a $230M marketcap) after the release of its new Unibot X product.

What started as a Telegram-native trading bot, making the trading experience easier for users with just a few clicks has now transformed into a Unified Trading Terminal.

In many ways I liken this to the "Blur for crypto."

Until very recently, it seems most crypto traders who weren't sophisticated bot users were trading coins on exchanges like Uniswap or maybe DexTools. There weren't many great tools out there for casual coin traders (as opposed to all the NFT infrastructure that has been built).

Well Unibot is changing that with Unibox X.

The key features they tout in this release include:

• live trading charts
• ability to set limit orders, trigger prices to buy/sell
• transaction simulators to show the potential impact of trades
• easier sell functionality via a scroll bar UI
• transaction history and PNL
• new token analyzers assessing for things like honeypot risk

The real differentiator as I understand it is Unibot's UI, which I've heard from users is significantly better than the competition.

In many ways, this feels like a "0 to 1" moment for easier, faster and more informed crypto trading. 

It's pretty shocking that more tools like this haven't been built yet.

The other driver of Unibot's success? Revenue sharing. 

Holders with at least 10 token get access to revenue share, which includes 40% of all box transaction fees and 1% of all trading volume. This is a trend that many other coins have utilized to garner community support and is becoming a hallmark of Onchain Summer.

OK so now that we have better tools and revenue share, the question becomes - what are Unibot users buying?

The Kings of Onchain Summer

With BTC and ETH ranging, a new crop of tokens have creeped into many trader's portfolios.

In my view, there are 2 primary tiers of emerging coins in the utility and memecoin sector catching hype and attention (disclosure: none of this is financial advice, I own small amounts of a few of these but not all of them, and there are major risks involved with all of them).

Leaders: Unibot, Rollbit, Pepe, $BITCOIN

Next Up: None, House, Aimbot, Axe, MOG

Rollbit is right up there with Unibot leading OnChain summer, notably surging to a new ATH last week after news of their new tokenomics and using revenue to burn tokens. 

Low volatility in BTC and ETH has been the perfect setup for their 1000x long product and crypto casino, and many could argue that RLB in fact kicked off Onchain Summer.

Pepe has cooled off a bit this summer after its parabolic rise in the memecoin sector, but it's got major new competition from HarryPotterObamaSonic10Inu ($BITCOIN) which hit a new ATH marketcap around $200M yesterday.

Many consider the HPOS meme to be better and more organic than Pepe and consider it a real contender in the (ridiculous) memecoin space.

Below that top level are the derivatives and up-and-comers:

• None is a discord trading bot similar in concept to Unibot but months behind in development ($15M mc)
• House is a telegram bot focused on sports gambling, allowing users to make sports bets via a few clicks with crypto ($5M mc)
• Aimbot is a telegram sniping bot similar to Unibot but more targeted at identifying token launches ($5M mc)
• Axe is an interesting new telegram bot that popped up 2 days ago allowing synthetic stock trading with leverage, up to 1000x ($9M mc)
• Mog is the newest Milady-ecosystem-adjacent memecoin to take storm with its signature sunglasses and hyped meme ($30M mc)

So these are very much still in the "low-cap" sector and even riskier than the "leaders."

I haven't linked to any of these on purpose - if you want more info, I encourage everyone to dyor (do your own research).

But with the NFT market on life support, more and more traders are turning to crypto and Onchain Summer - and it doesn't seem like summer is over just yet.

🚚 What else is happening in NFTs?

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

• Trading volume dipped to just over 7k ETH on Wednesday, led by DeGods which rebounded after whales offer to buy Machi's bag of now 400+ DeGods; NFTs saw a mix of red & green without much major movement
• It was a big day for art mints!
  • "The Boys of Summer" minted out its 999 supply (mostly in presale and allowlist) at 0.12 ETH before quickly 4x'ing to 0.5, then slowly falling back to 0.2 ETH overnight
  • Artist 0xdgb's "The Cameras" minted out its supply of 70 NFTs at 0.35 ETH and quickly 3x'd to a 1 ETH floor
• adidas Originals and BAPE® are releasing new shoes (Forum 84 BAPE® Low Triple-White sneakers), along with an NFT to celebrate the drop (just 100 in supply); the auction will be held Aug 22-25 with claim on Sept 26
• Sotheby's Grails IV closed its latest round of auctions, with a few highlights including 2 Fidenzas sold for $127,000 (70 ETH) and $190,500 (105 ETH)
• WAGMI United addressed the claims that it "rugged," stating that they are still committed to the world of sports and their existing NFT holders
• Artist Slime Sunday teased a new burn-for-art project called "The Great Purge" where NFT holders can burn any NFTs they want to receive a piece (on Base)
• LooksRare has entered SZN3 of its rewards program, lasting 8 weeks and with 1M $LOOKS up for distribution
• Animoca Brands is partnering with AWS as an official Activate Provider, boosting its 450+ web3 companies and projects with AWS resources
• Crypto security provider Fire announced it will be launching the Fire Wallet as a part of its mission "to make web3 safer by making it simple"; interested users can join the waitlist here

🌎 Around Crypto and Web3

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

• The crypto market fell more on the day; BTC -2.2% at $28,500; ETH -2% at $1,786
• Shiba Inu falls 9% as "Shibarium" launch ends in disaster as the bridge is non-functional and over $1.7M of ETH (954 ETH) are seemingly "lost"
• Ledger is allowing its users to buy crypto (Bitcoin and Ether) via PayPal in a major new partnership, allowing users the ability to buy tokens and deposit them directly in their hardware wallets
• Coinbase has been approved to offer futures contracts on BTC and ETH to US Customers in a major new approval
• New documents show that Donald Trump owns much more crypto than previously thought, totaling around $2.8M (though suspected to be largely from his NFT collection proceeds)

🚀 NFT Total Volume

• DeGods (2,455 ETH, 4.33 ETH Floor)
• BAYC (1,214 ETH, 28.6 ETH)
• Azuki (508 ETH, 4.8 ETH)
• MAYC (433 ETH, 5.74 ETH)
• Pudgy Penguins (357 ETH, 3.98 ETH)

📈 NFT Floor Price Increase

• Parallel Avatars (41%, 0.18 ETH Floor)
• Empty Rooms (33%, 0.24 ETH)
• Sakura Park (23%, 0.19 ETH)
• The Grapes (18%, 0.62 ETH)
• Metal Tools Access Pass (14%, 3.2 ETH)

🗓 Upcoming NFT Mints and Reveals

Today is another busy day of mints and events.

Wreck League has its Founders Mechs mint starting today for Yuga NFT holders, and the early secondary demand for these will likely provide some insight into how the public sale will go.

Artist Sabet is back with a new project "DREAMS" inspired by Picasso, Gary Vee and company have their Reebok sneakers dropping today, and then Pixelmon is up next for Base's Onchain Summer.

If you want more, see the full list of today's drops from Swizzy's daily mint monitor. 

• Wreck League Founders Mechs (12:00 a.m. ET)
• Sabet "DREAMS" (4:00 a.m. ET)
• VeeFriends x Reebok Alpaca Sneakers (12:00 p.m. ET)
• Pixelmon on Base (TBD)

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 tyler.warner@luckytrader.com.

For all volume and floor price data, see Lucky Trader's Project Rankings page.

For all upcoming mints, see Lucky Trader's NFT Calendar page.