Morning Minute | Roaring Kitty Roars Back, Tokens Soar
TylerD's Market Summary
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🤯 Roaring Kitty Discloses $100M+ GME Position
It had been a relatively quiet weekend.
Folks out touching grass and enjoying the final days of spring hadn't missed much.
Until Roaring Kitty came back and sent markets into chaos (good chaos).
What Happened?
Last night, Roaring Kitty posted for the first time in 2 weeks with a simple meme:
A reverse uno card.
At the same time, he posted on Reddit disclosing a massive GME stock position.
He holds $115M worth of GME shares and $65M worth of call options that expire in 18 days.
The market went nuts on the news.
Market Impact
GME stock is up 85% pre-market and trading like a memecoin.
The actual memecoins on Solana are up even more:
Roaring Kitty tweets have become massive market-moving events, that much is clear.
There may be impacts for broader crypto incoming.
Kaleo pointed out that Dogecoin had its major 2021 run just after GME stock hit its peak.
If history repeats itself, we may be in store for a major memecoin SZN.
What Else Happened This Weekend
The rest of the weekend was a bit more rocky.
Biden Vetoes SAB121
On Friday late afternoon, Biden vetoed SAB 121 after both the House and Senate came together to repeal the SEC's anti-crypto bill.
The move goes against the recent posturing from the Biden administration that they want to work towards creating a "balanced regulatory framework for digital assets."
And it makes Biden the anti-crypto candidate in an increasingly polarizing election (especially after last week's Trump verdict).
Iggy Azalea's $MOTHER Storms Back
We thought the celeb memecoin meta was over.
Then it wasn't.
After Iggy made a series of Twitter posts talking about her plans for the token, the market responded strongly.
$MOTHER soared nearly 20x from local bottom to a $90M+ market cap on Saturday before pulling back (currently $65M).
Sahil thought this was a good catalyst to launch his next token $FLOYD along with Floyd Mayweather. But the market wasn't having it, with the token just briefly soaring to 7 figures before falling back to near zero $225k this AM).
It looks like $MOTHER is the clear leader in this new sector. The question is - how long will the sector last?
BRETT Passes $1B Market Cap
The $BRETT token passed a $1B market cap on Base this weekend, making it the 7th highest memecoin by mc.
This has seemingly kickstarted a Base SZN, with several memes jumping 30-40% over the weekend including TOSHI, KEYCAT and more.
Some are speculating that the NORMIE exploit and Racer threatening to take Friend Tech off Base marked the bottom - perhaps they are right.
🚚 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 $4.6M on the day (even); BTC was next with $3.7M and then Solana with $2.8M
- ETH NFT leaders were mostlyred with BAYC -0.3% to 11.9 ETH, Pudgy -2% to 10.3 and Azuki -9% to 3.9
- Sproto Gremlins, CEDEN Keystone Nodees and Skyborne were notable outperformers on the day
- BTC NFT leaders were green; NodeMonkes +10% 0.269, Puppets even at 0.14 BTC, OMB even at 0.275 and Quantum Cats +5% at 0.3
- Frucks are the hot new mover on Bitcoin, jumping more than 5x since mint now at 0.025 BTC
- DOG fell 5% on the day to $750M mc as most Runes were red on the weekend
- Solana NFTs were mixed; Mad Lads -2% to 63 SOL, SMB Gen 2 +5% to 24.5, DeGods -3% to 27
- Blast NFTs were also mixed; Apollo +7%, TinFun +7%, Blastopians -9%, Plutocat -2%
- Blastopians won Blast Jackpot 17 Friday night for a 6% win (136k Blast Gold)
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token or airdrop news from the day:
- Photon teased a potential token launch on Sunday
- Pump dot fun crossed $30M in revenue, consistently bringing in $600k+/day including a recent ATH of $1.5M on May 29
- Iggy Azalea's token $MOTHER is holding at $69M after briefly running to $90M+ over the weekend
- Floyd Mayweather dropped a token $FLOYD with Sahil, only reaching $6M at peak and now down to $225k
- Fantasy Top Main Tourney 3 ended on Saturday though rewards have not been distributed (and no new tourneys have been announced)
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- Crypto majors are green this morning ahead of the weekly open; BTC +2.3% at $69,000; ETH +1% at $3,810, SOL +0.5% at $165
- Memecoin majors are very green this AM with DOGE +3%, PEPE +5%, WIF +6%, BONK +6%;
- BRETT passed $1B over the weekend, making it the 7th highest memecoin by mc and the first Base meme to reach that milestone
- Chamath shared a $500k BTC price target on the latest "All-In" podcast
- Linea (an ETH L2) shut down after an exploit to prevent additional funds from bridging out
🚀 Memecoin Movers
- $AMC (+380%, $10M market cap, Solana)
- $KITTY (+375%, $11.9M market cap, Solana)
- $GME (+250%, $95M market cap, Solana)
- $BENDOG (+120%, $28M market cap, Solana)
- $HAMMY (+52%, $33M market cap, Solana)
📈 NFT Floor Price Increase (ETH)
- Valhalla (64%, 0.09 ETH Floor)
- Tiny Astro (53%, 0.18 ETH)
- Defimons (47%, 0.29 ETH)
- Sword of Grandia (41%, 0.37 ETH)
- Sproto Gremlins (39%, 0.79 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is a slow day of mints and events to kick off the week.
The highlight is likely the Pacmoon Season 4 airdrop. After the prior 3 airdrops, the token has pumped. Will history repeat itself?
See the full list and dive in for more details with Swizzy's daily mint monitor.
- Memes by 6529 (11:00 a.m. ET)
- Pacmoon Season 4 airdrop (12:00 p.m. ET)
- Basedeneo x Prohibition - Onchain Summer (12:00 p.m. ET)
- Whitters - ordAR (12:00 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.
