Morning Minute | Magic Eden Teases Token, NFTs Rally
TylerD's Market Summary
📈 NFTs Stage Major Recovery Rally
Crypto was hit hard over this past weekend but is since on the road to recovery.
Now NFTs can say the same.
But what is the driver?
What's Happening?
NFTs rebounded strongly across chains in the past few days.
Ordinals on BTC led the charge, with majors up 20-40% (Nodes and Puppets up 35-40%).
ETH leaders were up 5-10% and similar over on Solana.
So the question - is this just a recovery rally?
Well, this rally may have more to it.
Yesterday, Magic Eden's Foundation page on Twitter changed its handle to "$ME."
This is leading to speculation that the leading cross-chain NFT marketplace may be airdropping its token soon.
Why It Matters
It's important to understand how the Magic Eden airdrop works.
Traders were given Diamonds (points) based on historical activity, along with a potential bonus of up to 200-500% pending activity.
To unlock the bonus, traders must continue buying, selling, bidding and listing NFTs on Magic Eden.
Many likely put this off, or haven't unlocked their full potential airdrop (Diamonds convert to ME tokens in some ratio still TBD).
So there is a good chance more folks will turn to Magic Eden to get their volumes up to unlock their airdrops.
Plus, anyone (i.e. farmers) can earn Diamonds via those same transaction activities.
With no good farms on the radar right now and many farmers "out of work" post-Blast, it wouldn't be a surprise to see them grind Magic Eden for the next few weeks or months.
What does that mean?
NFT prices very well may go up - but it's important to see who's buying.
If the pump is truly farmer driven, we could have a Blur-like pump and dump.
Just something to watch. But hey - it's nice seeing green on the NFT board again.
🚚 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 $4.9M on the day; Solana was next with $3.3M, and then BTC with $2.9M
- ETH NFT leaders were mostly green up another 4-10%; Pudgy +3% at 8.5 ETH, BAYC +8% to 9.84, Milady +5% at 3.95, and MAYC +9% at 1.57
- Realms (+70%) and DeGods (+60%) were top movers
- BTC NFT leaders were very green up 20-40% in a massive rebound; NodeMonkes +34% at 0.134 BTC, Puppets +38% at 0.098 BTC, Quantum Cats +19% at 0.282, OMB +15% at 0.164
- The Runes leaders were green as well up 5-15%; DOG +5% at $305M mc, RSIC +10% at $43M mc, PUPS +20% at $31M
- Solana NFTs were very green; Mad Lads +10% at 58 SOL, SMB Gen 2 +3% at 22, DeGods +46% at 18
- DeGods announced that they are moving their primary chat to Telegram, creating a new DeGods HQ and focusing on timeline raiding
- Luca Netz teased major updates incoming for Pudgy World
- AI Arena announced it will drop its Champion NFT collection on Ag 8
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token or airdrop news from the day:
- Magic Eden changed their Foundation X handle to "$ME" raising speculation that their token is coming soon
- Ronin reported it has recovered ~$10M in ETH from white hats after a bridge exploit; the bridge remains closed and will be audited prior to reopening
- Pump Fun announced a new "endless chat" function signaling no need for chat apps like TG for token launches
- Wasabi added 3 new web3 gaming tokens to their perps platform, including KARRAT, PIRATE and PIXL
- Crypto.com unveiled its "Prime Card" offering luxury concierge, uncapped fiat transfers, first class air tickets, and more
- Ubisoft announced its crypto game will take place on Arbitrum and that they're working with Captain Laserhawk: The G.A.M.E on the endeavor
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- Crypto majors are up 3-9% this morning in a continued rebound; BTC +3% at $57,000; ETH +1% at $2,480, SOL +9% at $152
- Memecoin majors are up even more with DOGE +3%, PEPE +5%, WIF +25%, BONK +7%, MOG +14%
- Jump Trading sold another $100M+ of ETH bringing their cumulative total over $600M and they have $60M left
- Morgan Stanley advisors to start offering BTC ETFs to their clients today
- Starknet's CEO Diego Olivia stopped down after holding the CEO position for about 1.5 years
- Nasdaq and BlackRock filed for an options product on top of their spot ETH ETFs
- Eric Trump teased a big announcement coming after sharing that he has fallen in love with crypto and DeFi, leading to speculation of a potential token launch
- A new Democratic group "Crypto4Harris" is bringing together a group of industry participants and experts to discuss ways to support the Harris campaign
🚀 Memecoin Movers
- $GINNAN (+86%, $61M market cap, SOL)
- $WDOG (+70%, $20M market cap, SOL)
- $WAI (+70%, $31M market cap, ETH)
- $NEIRO (+45%, $265M market cap, ETH)
- $POPCAT (+33%, $570M market cap, SOL)
📈 NFT Floor Price Increase (ETH)
- AniCatsWorld (433%, 0.08 ETH Floor)
- Realms (73%, 0.26 ETH)
- DeGods (53%, 1.04 ETH)
- Project AEON (46%, 0.12 ETH)
- TOPIA Worlds (39%, 0.6 ETH)
🗓 Upcoming Mints and Events
Today is a busier day of months across chains.
Trevor Jones is back with his infamous Crypto Angels, but this time dropping on Bitcoin as an edition of 21 with 7,777 in total.
Esra Eslen is the Meme Card artist, Hank Willis Thomas has a drop with Avant Arte and then Floor is back with their weekly drop.
See the full list and dive in for more details with Swizzy's daily mint monitor.
- Trevor Jones - CryptoAngels (10:00 a.m. ET)
- Memes by 6529 (11:00 a.m. ET)
- Hank Thomas x Avant Arte (12:00 p.m. ET)
- James Joyce - No Jokev(12:00 p.m. ET)
- Floor ICONS Series 4 Drop 3 (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.
