Morning Minute | Crypto Stages Major Rebound, Memes Lead

TylerD's Market Summary

📈 Major Crypto Rebound Eases Pain

In the midst of it being so over...

We found ourselves so back.

A bloody weekend turned into a very green Monday and concerns of a deeper crypto pullback are starting to alleviate.

What Happened?

After crashing 20-30%+ over the weekend, crypto majors staged a major rebound rally.

BTC and ETH were up 7-8% and SOL jumped 22%.

Alts like Avax, Link, Arb and more were up to the tune of 15-20%.

Meme leaders were up even more:

• DOGE +18%
• Shiba +22%
• PEPE +29%
• WIF +25%
• BONK +22%
• BRETT +49%

Granted, meme leaders had fallen more so not totally surprising to see a bigger recovery, but still nice to see given the amount of folks calling for their entire death.

Those calls seem premature.

Why Is It Happening?

A few positive factors driving the crypto rebound in no particular order:

• Japan's Nikkei 225 jumped 10% on the day after crashing Monday
• U.S. stocks rallied on Monday after gapping down at the open, ending up down just 1-2% vs -5%
• ETH in particular saw $49M in inflows from the ETFs

All of this while the U.S. money printer is going to turn back on as the U.S. Treasury is set to begin Treasury buy-backs again in August to the tune of $30B/month (should increase liquidity and money supply).

And now the Fed is favored to cut rates in September by 50 bps - no longer a question of if, but how much.

What's Next?

I don't have a crystal ball but it seems there is a real chance the worst is behind us.

Several major negative events happened at the same time to cause this past weekend's crash and many of them are behind us or losing their impact.

The Iran Israel conflict is likely the main overhang at this point to watch on a near term so we likely need to clear that before getting too excited.

But with the money printers turning back on, rate cuts on the horizon and the election in November, there is a strong chance for a big Q4.

And historically Q4s are big for crypto.

Just make sure to survive til then (don't get liquidated)...

🚚 What else is happening in NFTs?

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

• ETH led NFT trading volume with $5.6M on the day; Solana was next with $2.65M, and then BTC with $2.1M
• ETH NFT leaders were mostly green up 3-8%; Pudgy +8% at 8.2 ETH, Captainz +5% to 2.1, Milady -6% at 3.76, and BAYC -2% at 9.0
• Opepens (+50%) and Treeverse (+25%) were top movers
• BTC NFT leaders were very green in a strong rebound; NodeMonkes +6% at 0.1 BTC, Puppets +18% at 0.071 BTC, Quantum Cats +16% at 0.237, OMB -4% at 0.143
• The Runes leaders were green as well; DOG +35% at $280M mc, RSIC +3% at $38M mc, PUPS +3% at $25M
• Solana NFTs were very green; Mad Lads +1% at 53 SOL, SMB Gen 2 even at 21, Bando Kids +58% at 2
• Azuki introduced a new character Mizuki in a new short shared on its X page, building out the Azuki universe
• Jack Butcher dropped a new Opepen twist with "freedom to opt-out", enabling those who choose to opt out to no longer be able to participate in the Opepen protocol and instead receive an NFT from a new contract
• Danny Cole teased the return of Creature World (with no additional details)

💰 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 up 6-20% this morning in a massive rebound; BTC +6% at $55,150; ETH +8% at $2,460, SOL +20% at $139
• Memecoin majors are up even more with DOGE +16%, PEPE +24%, WIF +22%, BONK +20%, MOG +32%
• The U.S. Treasury is set to begin Treasury buy-backs again in August to the tune of $30B/month (should increase liquidity and money supply)
• Semler Scientific bought $6M of Bitcoin on Monday and filed to raise $150M to buy more
• Animoca Brands announced a collab with web3 game publisher Revolving Games
• Caitlin Jenner is launching another memecoin tied to her 1976 Olympic gold medal, represented by an NFT which will be fractionalized on Base and distributed via 100M MEDAL tokens

🚀 Memecoin Movers 

• $GINNAN (+170%, $34M market cap, SOL)
• $BRAINLET (+170%, $54M market cap, SOL)
• $mini (+121%, $12M market cap, SOL)
• $SCF (+85%, $78M market cap, SOL) 
• $ZYN (+64%, $26M market cap, ET)

📈 NFT Floor Price Increase (ETH)

• Opepen (50%, 0.13 ETH Floor)
• Mog Auras (50%, 0.06 ETH)
• Treeverse (25%, 0.27 ETH)
• Winds of Yawanawa (20%, 5.11 ETH)
• Sproto Gremlins (18%, 0.59 ETH)

🗓 Upcoming Mints and Events

Today is a slower day of mints in what may be another chaotic day in markets.

Pindar Van Arman likely has the highlight collabing with 452b for "reflections, a synthesis of creativity" coming at noon ET.

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

• Pindar Van Arman - reflections, a synthesis of creativity (12:00 p.m. ET)
• Shaun Keenan - wymng (1:00 p.m. ET)
• Schizordies (2:00 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.