Morning Minute | MemeCoin 20x's in Highly Anticipated Airdrop
TylerD's Market Summary
The NFT market just got a $200M injection and it looks like an "Upvember" is on the table. Find out more about this massive Memecoin injection and all of the day's news.
📈 Memecoin's Massive Debut
Hype was off the charts for this highly anticipated $MEME airdrop from the Memeland team.
There were what seemed like outlandish calls for the token to 100x out of the gate, and premature victory lapping was happening all week.
Well perhaps it wasn't premature.
$MEME debuted this morning at $0.022, a 22x out of the gate from its $0.001 launch price, much to the delight of NFT holders and those in the presale.
By The Numbers
Here were the airdrop allocations by Memeland NFT:
- Potatoz: 228K $MEME
- Human Captainz - 685K $MEME
- Shark and Kraken Captainz - 1.3M $MEME
- Kaiju and Kong Captainz - 2M $MEME
- Alien Captainz - 6.85M $MEME
And then 20% of those tokens were unlocked today, with 80% on a vesting schedule.
So for a Human Captainz (the floor), roughly 137k tokens unlocked today.
At $0.022, that's $3,014.
A solid win.
The NFTs were at 5.69 ETH yesterday and at 4.14 ETH now (4 ETH post-royalties), so those have lost 1.69 ETH ($3,025) in value.
So basically a wash.
The X factor was the bonus from Maps, which greatly rewarded those who grinded and accumulated (too many permutations to lay out the math here).
The other winners here - those who got in on the Firesale (presale). Those lucky folks were able to buy $300 worth of $MEME at $0.001 - that's now worth ~$6,600.
The overall $MEME token is holding a $1.55B FDV at time of writing and a ~$200M marketcap.
With 8,797B tokens circulating, this was a $193M liquidity injection.
Whales were also greatly rewarded.
Dingaling posted his airdrop numbers this morning:
- Total: 288M $MEME tokens
- Unlocked and claimable: 41.8M token
- Total airdrop value at today's price: $6.34M
- Claimable airdrop value today: $921k
That's a nice day at the office.
What's Next
A few major questions surface in the immediate hours post-airdrop:
- How will the NFTs trend as $MEME continues to unlock?
- Where will demand for $MEME come from?
- How will it impact the broader NFT market?
It's too early to answer any of these. The most important is the 2nd question - where will buyers come from and why?
What utility will the Memeland team drive to this token to make it worth buying?
It's a billion dollar question.
But congrats to all involved on an incredible airdrop day - go have some fun this weekend.
👥 Friend Tech Trend Tracker
The Friend Tech market lull continues into today's airdrop, and the metrics are mostly unchanged. I will start reporting on them again when there is a notable change.
One item for hopium - this $MEME airdrop.
For many in the NFT market, the draw of the Memeland NFTs was the airdrop. It wasn't the cool PFP or community (though some will point to that).
That's a very similar set up to the Friend Tech market right now.
Something to watch.
The other major news in SocialFI - Stars Arena was bought out!
Jason Desimone has taken over and the entire old team is gone.
A few key details:
- the platform contracts have changed ownership from their multi-sig to his
- ongoing platform fees are directed to a new, fresh wallet
- the domain, IP rights and social media channels have been transferred
- an audit is underway to ensure no changes to the code and no other vulnerabilities
- the referral fee system has been fixed
- team is focused on bot prevention and other UI bugs before getting into new features
The market wants to give Jason a chance, with TVL now up to $646k (a 3x from bottom).
Now let's see what he does with it.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
- Trading volume jumped 15% to $16M (8,930 ETH) on Thursday, though with mostly red on the leaderboard
- The Grapes and Yogapetz led top movers, up 42% and 33% respectively
- XCOPY updated his REMNANTS mint to show 250 unique pieces for the RarePass airdrop, driving that floor up 20% to 10.69 ETH
- A Victor Wembanyama Sorare card (a Unique 1/1) sold for 61.18 ETH yesterday ($110,200)
- PROOF announced its Fall/Winter curated exhibition series, including 5 artists (Helena Sarin, Herbert W Franke, Craig Mullins, Summer Wagner, and Other World) and kicking off with Sarin's "GANimals: Rite of the Handmade"
- ACK announced a new numbered edition of 25 called "Warothy" coming soon in partnership with Avant Arte, with a physical glitch component
- NFTfi added support for native CryptoPunks on Thursday, no longer requiring Punks to be wrapped before taking advantage of their lending platform
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- The crypto market fell on Thursday; BTC -3.4% at $34,200; ETH -2.8% at $1,790; SOL -11.5% at $38.90
- SBF was convicted of all 7 charges in the FTX case, marking the end to a very emotional chapter for many; sentencing will occur on March 28, 2024 and he faces up to 115 years in prison
- Coinbase beat its Q3 earnings estimate, marking its 3rd consecutive beat; total revenue for the quarter was $674M compared with $650.9M estimate; trading volume missed estimates though and was down ~20% from the prior quarter
- Claynosaurz shared more details about its first limited-edition plushy, with their shop open tomorrow at noon ET (for 48 hours only)
🚀 NFT Total Volume
- BAYC (3,248 ETH, 29.7 ETH Floor)
- Captainz (1,910 ETH, 3.96 ETH)
- MAYC (760 ETH, 5.69 ETH)
- BAKC (561 ETH, 1.7 ETH)
- Potatoz (471 ETH, 1.41 ETH)
📈 NFT Floor Price Increase
- The Grapes (42%, 0.89 ETH Floor)
- Yogapetz (33%, 0.17 ETH)
- Forgotten Runes Wizards (29%, 0.41 ETH)
- Wonky Stonks (23%, 0.14 ETH)
- RarePass Genesis (20%, 10.69 ETH)
🗓 Upcoming NFT Mints and Reveals
Today has already been off to a fast start with the $MEME airdrop (covered above).
The other highlight of the day is XCOPY's RarePass airdrop over on SuperRare, featuring 250 unique REMNANTS, His latest edition ALGO BRO has a 10 ETH floor with ~40 supply - where will REMNANTS open?
See the full list and dive in for more details with Swizzy's daily mint monitor.
- $MEME airdrop (4:00 a.m. ET)
- XCOPY REMNANTS airdrop (10:00 a.m. ET)
- Memes by 6529 (11:00 a.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.
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.
