Morning Minute | Roaring Kitty's Return Sends GME, Tokens Soaring
TylerD's Market Summary
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๐ Roaring Kitty Return Leads to Chaos Across Markets
The Gamestop Saga might be writing its next chapter.
On Sunday night, lead character from that saga "Roaring Kitty" (also known as Deep F*cking Value) returned to Twitter (X) after a 3-year hiatus and posted a simple meme.
Then all hell broke loose.
What Happened?
GME stock soared 118% on Monday in the first day of trading after Roaring Kitty's simple Twitter meme post.
It was halted multiple times throughout the day as it tripped Wall Street circuit breakers, and short sellers apparently lost $1B.
A related memestock AMC also jumped ~80% on the day.
But those stock gains pale in comparison to what happened in the crypto markets.
The Roaring Kitty token on Solana ($KITTY) soared 20,000% at peak and reached a $30M market cap on a whopping $55M in volume.
The GME token on Solana jumped about 3,500% in that time, reaching a $125M mc on an insane $130M in daily trading volume.
Why It Matters
The story has already gone incredibly viral with coverage across all major news providers.
It highlights a critical difference between traditional markets and crypto as well.
GME stock jumped 120%, didn't open for trading until 9:30 am ET on Monday and was halted several times.
The $GME token jumped 3,500%, can be traded 24 hours per day and cannot be "halted" as long as Solana is up and running. Anyone who saw the post and immediately ran to hit the buy button made a killing.
This is also a reminder of the importance of the Gamestop saga and how it shed a light on how "rigged" tradfi can be at times.
For many (myself included), it was a driver to go deeper into crypto for a more "fair" and decentralized trading experience.
Roaring Kitty's return is helping some remember why they made this shift in the first place. And many want to bet on him.
Expect him to become a main character in crypto if he keeps the posting up for the weeks and months to come.
๐ Fantasy Top Finds New ATH
Fantasy Top is the main game in town right now and deserves daily coverage for the foreseeable future.
So we're going to give the people what they want.
A new daily feature in this newsletter!
Why?
Well Fantasy Top did 1,900 ETH ($5.6M) in volume yesterday.
That's nearly 2x the volume of Solana and is neck-and-neck with NFT volume on ETH and Bitcoin.
That volume was driven by a flurry of news from yesterday.
Fantasy news from yesterday:
- Announced the new "Stars Capped Competition" for Thursday with 111k Gold in prizes
- Released the new Hero Score v0.3 with objectives to avoid manipulation and achieve balance between big and small accounts
- Won Blast Jackpot 8 for all its cardholders, with 3.2 Gold per Card distributed (if played in the Blast deck)
- Shared start time for Main Tourney 2 as 5 pm ET
The new Stars Capped competition generated the most discussion and was received very positively.
It will lead to a supply crunch (2 concurrent tourneys) but also level the playing field and add a new twist of strategy into that tournament (whales can't simply steamroll their way to the top).
As for the new scoring, this one will take time to unpack and we won't really know how it works until the next tourney begins.
Overall, it has become clear that Fantasy Top is the main game in town right now.
Buckle up, it's going to be a big week...
๐ What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
- BTC led NFT trading volume with $6.3M on the day (+18%); ETH was next with $5.9M (+2%) and then Solana with $3M (even)
- BTC NFT leaders continue to dip on low volume; Puppets -10% to 0.19 BTC, NodeMonkes +3% to 0.3; Quantum Cats and OMB -3% at 0.37
- ETH NFT leaders were mostly red with leaders down 2-3%; Pudgy -3% to 11.8 ETH, BAYC -3% to 13.8 ETH; MAYC -2% to 2.6; Azuki -2% to 5
- Wolf Game and Remnants led notable top movers, jumping 28% and 21% respectively
- Solana NFTs were red on the day; Mad Lads -3% to 67 SOL, Tensorians -5% at 13; DeGods -2% at 41
- Blast NFTs saw mostly red again on Monday; Blastopians -28% to 0.21, Plutocats +5% to 1.8, Blast Hoods -6% to 0.07, PAC REKT -15%
- The Plutocats founder launched a 48 hour open edition mint (0.077 ETH) for an NFT that comes with 10k $GOODY, effectively as a way to farm the jackpot
- Ostro Studios announced its 2nd investment in Pudgy Penguins and lil Pudgy's
- Imaginary Ones announced a new partnership with Transformers ahead of their TGE today
๐ฐ Token, Airdrop & Protocol Tracker
Here's a rundown of major token or airdrop news from the day:
- $DRIFT announced its airdrop claim will go live May 16 at 8 am ET
- Friend Tech shared it will giveaway 20k $FRIEND to the best explainers of its platform this week
- The Shitcoin Summer meme club took off on Friend Tech, jumping 50% to 120 $FRIEND (though $FRIEND fell to $1.60)
- Arkham announced a partnership with Blast, allowing its users to examine Blast's onchain activity
- YOLO Games added a new 0.1 ETH "Limited" wheel for gamblers with smaller bankrolls
๐ Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- Crypto majors dip after recent rally; BTC -1.6% at $61,750; ETH -2% at $2,900, SOL +1% at $146
- Memecoin majors rallied after Roaring Kitty's return with DOGE +6%, WIF +3%, PEPE +21%, BONK +2; KITTY, GME outperform
- GME and KITTY soar on massive volume, AMC also rallies
- Jupiter announced the next three LFG Launchpad candidates: DeBridge, Exchange Art, and Divvy Bet
- Conduit indicated a custom config change on Friday impacted the Degen and Proof of Play L3's, triggering reorgs for both blockchains
- LayerZero CEO Bryan Pellegrino noted that 100,000 addresses have self-reported as sybils
- MoonPay made a $1M donation to the Stand With Crypto PAC, a newly formed political action committee built to engage with candidates that support crypto
๐ Memecoin Movers
- $AMC (+1400%, $28M market cap, Solana)
- $GME (+380%, $125M market cap, Solana)
- $KITTY(+150%, $28M market cap, Solana)
- $MICHI (+31%, $250M market cap, Solana)
- $POPCAT (+22%, $515M market cap, Solana)
๐ NFT Floor Price Increase (ETH)
- Wolf Game (28%, 0.16 ETH Floor)
- Remnants (21%, 6.9 ETH)
- Peplicator (20%, 0.06 ETH)
- Sproto Gremlins (15%, 0.39 ETH)
- Sugartown Oras (12%, 0.15 ETH)
๐ Upcoming NFT Mints and Reveals
Today is a big day of events but light on new mints.
Imaginary Ones launch their $BUBBLE token this morning, and then this afternoon the Fantasy Top Main Tournament #2 kicks off at 5 pm ET.
See the full list and dive in for more details with Swizzy's daily mint monitor.
- Imaginary Ones - $BUBBLE launch (6:00 a.m. ET)
- Runestone Maxi Biz (11:00 a.m. ET)
- The Court of Public Opinion (12:00 p.m. ET)
- Fantasy Top - Tourney 2 (5:00 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.