Morning Minute | Memecoin Mania Returns

TylerD's Market Summary

💰 Memecoin Mania Returns

It was a rough summer for memecoin enthusiasts.

With BTC and crypto majors mostly chopping and dipping, most meme leaders were slowly bleeding out and very few new tokens caught steam.

Now tides seem to be reversing.

What Happened?

Yesterday, the 5 leading memecoins added roughly $5.8B in market cap as most jumped double digits.

As the dust settles this morning on the big 5:

• DOGE +8% to $18B
• Shiba +14% to $11.5B
• PEPE +15% to $4.43B
• WIF +5% to $2.35B
• BONK +15% to $1.6B

Shiba is up 35% this week and alone has added nearly $3.5B to its market cap - the equivalent of WIF + POPCAT.

It's not just the majors catching all the action.

The mid-tier memes have largely rallied anywhere from 20-60%+ on the week, led by "household" meme names like GIGA, MOTHER, michi, BILLY and more.

But the real rejuvenation is coming from the hottest new memecoin launch of the quarter - MOODENG.

MOODENG, named after the now viral baby hippo, jumped 60% overnight to $180M mc (briefly touching $235M).

It's up 10x on the week and roughly 63x over the past 2 weeks, printing new millionaires in the process and spawning a new zoo animal meta in its wake.

Why It Matters

Is memecoin season actually back?

While it may be too early for a definitive answer, it certainly feels that way.

The key here is the action up top.

With the "memecoin majors" adding nearly $6B in a day, a huge wealth effect is created.

Holders of those coins feel richer, and more likely to spend on new or downstream memes.

That leads to the downward cascade, where mid-tiers rally and new launches have a higher likelihood of success.

And new runners like MOODENG are certainly doing their part to help.

The new memecoin app Moonshot is breaking new user onboarding records by the day right now, as another sign of increased interest in the sector.

Now for this memecoin wave to continue, we will need the true crypto majors like Bitcion to cooperate.

Breaking $65k yesterday was a key level as we head into October, historically a huge month for Bitcoin.

If Bitcoin can find a new ATH in October, it's a juicy set up for the meme sector.

Supercycle still alive...

🚚 What else is happening in NFTs?

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

• Ethereum led NFT trading volume with $5.9M on the day; Bitcoin was next with $3.15M, and then Solana with $2.2M
• ETH NFT leaders were slightly red down about 1-2%; Punks -1% at 27.8 ETH, Pudgy -1% at 10.23, BAYC -2% at 11.3 ETH, Azuki even at 5.65
• Lasogette (+55%) and Nakamigos (+20%) were notable top movers
• BTC NFT leaders were very green led by Puppets; NodeMonkes +10% at 0.207 BTC, Puppets +30% at 0.147 BTC, OMB +3% at 0.192, Quantum Cats -1% at 0.263; Runestones +20% to 0.0095
• The Runes leaders were very green with DOG +20% at $427M mc, RSIC +20% at $78M mc, PUPS +48% at $82M and BILLION DOLLAR CAT +50% to $43M
• Solana NFTs were mostly red on the day; Mad Lads -1% at 47 SOL, SMB Gen 2 -3% at 2, DeGods -8% at 16 SOL, Claynos -5% at 12.5

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token, protocol and/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 1-2% this morning after BTC broke through a key level; BTC +2% at $65,500; ETH even at $2,644, SOL +2% at $156
• Memecoin majors were very green with most up double digits; DOGE +7%, SHIBA +13%, PEPE +15%, WIF +5%, BONK +13%, POPCAT -6%, and MOG +6%
• MOODENG continued its moon mission, jumping another 60% on the day to $190M (hit $235M overnight)
• BNY Mellon received official approval from the SEC to custody crypto
• Arbitrum announced that Circle's Brdiged USDC is available on all Orbit chains
• Maxine Waters, the House Financial Services Chair, has changed her position on crypto saying "crypto is the future" and that she wants to "start from scratch" on building crypto legislation
• Guggenheim Treasury Securities launched the first Digital Commercial Paper (DCP) on Ethereum, continuing the trend of tokenizing financial instruments
• Swan Bitcoin filed a lawsuit accusing former employees and Tether of conspiring to steal its Bitcoin mining business

🚀 Memecoin Movers 

• $omochi (+200%, $22M market cap, SOL)
• $MOODENG (+60%, $190M market cap, SOL)
• $NPC (+26%, $230M market cap, ETH)
• $BENJI (+30%, $35M market cap, Base)
• $BITCOIN (+18%, $128M market cap, ETH)

📈 NFT Floor Price Increase (ETH)

• Gangster All Stars (60%, 0.04 ETH Floor)
• Lasogette (56%, 0.1 ETH)
• SuperCreators (36%, 0.15 ETH)
• Nakamigos (20%, 0.16 ETH)
• Pudgy Puppets (10%, 0.03 ETH)

🗓 Upcoming Mints and Events

Today is another slower day of new mints to end the week.

Expect most focus on the memecoin sector headed into the weekend.

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

• Primz (11:00 a.m. ET)
• mechsicko - re:generates (12:00 p.m. ET)
• Shrouds (12:00 p.m. ET)
• Omen (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.d.warner@gmail.com.