Morning Minute | Franklin Templeton's Social Media Manager Is Based

Morning Minute | Franklin Templeton's Social Media Manager Is Based

TylerD's Market Summary

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πŸ“ The Institutions Are Tweeting About Crypto

Since the BTC ETFs became the major focus of Crypto Twitter (X), the crowd has been watching the social media and marketing of the big players closely.

We celebrated when Bitwise launched its first BTC ETF commercial, with those commercials getting punchier by the week.

Well, things are escalating quickly.

What Happened?

On Wednesday, Franklin Templeton (a global investment firm with $1.5T in AUM) let a few members of their Digital Assets Research Team take over their Twitter.

And fireworks ensued.

As a quick preface, Franklin Templeton (FTI) made a splash after the BTC ETFs by changing their PFP to a laser-eyed Ben Franklin (I couldn't even make this up).

Back to the action.

The Digital Assets intern came out firing.

Their first tweet:

"You are unsure how to feel about Laser Eye Ben? Just think instead of Ben wif hat."

The dogwifhat ($WIF) reference sent the WIF token to $450M and new ATH (now back at $420M).

Next up, NFTs on Bitcoin.

"Ordinals & Layer 2 solutions on Bitcoin shouldn’t be ignored

These are vital to solving Bitcoin’s economic security problem and increasing BTC’s utility as a SoV".

That tweet seemingly led to a storm of buys on Bitcoin Puppets (a relatively cheap, trending Ordinals set), which rallied 30% to 0.03 BTC (now back at 0.026).

The DA intern went on to post about Solana, Ethereum, other L1s, and blockchain in general, before going out with a bang:

"The lawyers won't let us respond to comments, but we hear you"

Just an epic performance from the FTI Digital Assets team.

VanEck got in on the mix as well, reposting a partner announcement that they'd be coming to NFT Paris 2024 and saying

"Coming for your jpegs"

It was a big day for Crypto and NFT Twitter, let's just say that.

And it all comes against the backdrop of Jamie Dimon sharing his Bitcoin views at Davos, talking about how he thinks "Satashi" (meaning Satoshi) is going to come back and erase all the Bitcoins or print more supply.

A laughable take from Dimon, whose bank is also an authorized participant for BlackRock's spot Bitcoin ETF.

Why It Matters

Exposure.

Crypto isn't mainstream.

And for years the talking heads and politicians have been mostly touting anti-crypto rhetoric - it's all mainstream has heard since the crash.

Well now major institutions are talking about crypto positively.

It will take time, but progress is happening. Slowly - then all at once.

πŸš€ Pudgy Penguins Take Flight

There was no major news.

No token announcement or teaser.

But the Pudgy Penguin ecosystem has been pumping like time is running out to buy in.

What Happened?

The Pudgy Penguins have had a helluva week.

The run seemingly started on Monday and it hasn't stopped for 4 days.

In that time, the Pudgy floor has moved from ~10.8 ETH to 19.2 ETH in a rapid escalation.

That included a 37% spike yesterday to 19.2 ETH, marking a +78% week.

When NFTs level up, the moves happen violently.

Lil Pudgys jumped to 1.93 ETH (+120% on the week) and reclaimed the 10:1 ratio with Bigs. And the Pudgy Rogs reached 0.96 ETH (+100% on the week).

Perhaps even more interesting, and telling, about this Pudgy run - sell pressure has evaporated.

Yesterday, listings between 16-20 fell to 70. And what happened? The floor pushed to near 20 with haste.

Guess what? There are only ~100 listings to 25 ETH or so right now.

The path to the flippering (flipping BAYC in floor price) seems as clear as ever.

Could it happen this week?

🚚 What else is happening in NFTs?

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

  • ETH trading volume jumped to $32M on Wednesday led by the Pudgy Penguin ecosystem explosion; most of the leaderboard was very green
  • Pudgy Penguins led top movers on ETH, popping 36% to 19.2 ETH as the flippering feels more imminent than ever
  • NodeMonkes led action on BTC with 15 BTC in trading volume, with the floor holding at 0.192 BTC; Puppets jumped 10% to 0.026 (hit 0.03 at peak)
  • Solana NFTs were led by Crypto Undeads and Open Solmap, with the Undeads falling to 11.6 SOL though founder dollar told holders to "set your alarms" for 3 pm ET today
  • Yuga Leaders shared a BAYC update, saying that "we're going back to basics," introducing a revamped club site, a community survey, and reminding holders about the Otherside & Dookey Dash events
  • Claire Silver announced a new project on Braindrops called "corpo | real" debuting as an AI-Collaborative fashion collection; it mints Jan 31 for 1 ETH each (500 supply)
  • Sappy Seals founder Wab.eth shared that he's actively talking to protocols to line up airdrops for Seal holders and to "position accordingly" (Sappy Seals +74% on the day and +118% this week)
  • Nakamigos released their Crypto Trading Cards as a free mint for 837 NFTs, which opened at 0.33 ETH on solid volume (now 0.4); they also gave out free bobblehead toys
  • The Shadow Hats auction was won by Adam Hollander for 2.5 BTC, as the Shadows rebounded to 0.1 BTC floor

🌎 Around Crypto and Web3

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

  • Crypto majors are down this morning; BTC -0.5% at $42,360; ETH -1% at $2,510; SOL -2.6% at $98
  • WIF did more volume than 4 of the top 5 memecoins in Coinmarketcap's "Meme" category yesterday, tailing only Doge, as it jumped 17% to $430M
  • AltLayer announced an airdrop for Eigenlayer and TIA stakers along with Oh Ottie NFT holders (along with others); Oh Otties crashed 60% on the news
  • TIA staking wallets have jumped 200% over the past 2 weeks from 117k to 334k on the hopes of more airdrops like AltLayer

πŸš€ NFT Total Volume (ETH)

  • Pudgy Penguins (4,813 ETH, 19.3 ETH Floor)
  • Azuki (3,218 ETH, 7.68 ETH Floor)
  • BAYC (2,494 ETH, 25.48 ETH)
  • Lil Pudgys (2266 ETH, 1.93 ETH)
  • MAYC (1,687 ETH, 4.65 ETH)

πŸ“ˆ NFT Floor Price Increase (ETH)

  • Sappy Seals (75%, 0.97 ETH Floor)
  • Lil Pudgys (52%, 1.93 ETH)
  • Pudgy Penguins (37%, 19.3 ETH)
  • Pudgy Rogs (36%, 0.96 ETH)
  • HV-MTL (35%, 0.33 ETH)

πŸ—“ Upcoming NFT Mints and Reveals

Today is another busy day of drops with major action on Bitcoin.

Pizza Ninjas are finally debuting after delay, minting at 0.03 BTC in a multi-phase mint. 

Alien Queen and Summer Wagner highlight artists dropping new work today.

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

  • Pizza Ninjas (10:00 a.m. ET)
  • Alien Queen - Choose Freedom (12:00 p.m. ET)
  • Summer Wagner x PROOF - American Fever Dream (1:00 p.m. ET)
  • ThankYouX - Terrains (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 tyler.warner@luckytrader.com.

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.