Morning Minute | Tokens, Tokens and More Tokens
TylerD's Market Summary
Mocaverse's powerhouse token is finally here, The Grapes may have destroyed the web3 gaming narrative, and Jupiter's first memecoin launches today. Catch up on some major token news plus all the latest in NFTs.
💰 A Quattro of Token Updates
NFTs have had a very nice stretch here.
Interest on 2 new blockchains in BTC and Solana has surged.
NFT Stats' Large Cap Index on ETH is up 12% this year and 40% or more off the bottom.
But tokens are likely even hotter than NFTs.
Four major token stories from yesterday:
- Mocaverse & Animoca partner for the MOCA Foundation and $MOCA launch (coming soon)
- Jupiter team announces $WEN details ahead of tomorrow's launch
- The Grapes team deploys $GRAPE on ETH, thanks to Layer Zero (live)
- OnChainMonkey shared new details for earning $KARMA
A bit more on each one and why they matter.
Mocaverse & $MOCA
Animoca Brands and Mocaverse NFT are officially teaming up as strategic partners for the Moca Foundation.
Their focus is on network growth, culture integration and governance.
And we know what governance means - token.
The $MOCA token will power Moca DAO, the DAO of DAOs to manage this growing empire.
Why It Matters
$MOCA is positioned to be the new web3 gaming index play.
Animoca has its hands in everything and seemingly infinite cash.
Fading their token would be a mistake. And the market has shown that, with Mocaverse NFTs 5x'ing over the past few months past a 5 ETH floor.
Expect more and more attention on this growing force in the weeks to come.
Jupiter's First Coin Test
Yesterday we got the official details for Jupiter's first memecoin - $WEN.
Here's the TLDR:
- What? $WEN is a memecoin derived from fractionalizing a poem-turned-NFT from founder @weremeow
- When: Jan. 26 at 10 am ET (claim opens)
- Who: 70% of $WEN will be distributed to more 1M wallets on an even basis
- Why: The First LFG Launchpad Project, debuting as a beta project for wider accessibility and stress testing of the LFG Launchpad -
- Where: lfg.jup.ag/wen
- More Info: Learn more here here: wenwencoin.com and follow on X here: @wenwencoin
Why It Matters
Expectations are sky high for the $JUP airdrop next week, with many expecting it to boost the entire Solana ecosystem in one of the largest-ever airdrops.
All focus on Solana right now is squarely on memecoins (evidenced by terrible NFT performance), and Jupiter is on the spotlight.
Their mock memecoin $mockjup, which the team said several times should not be taken seriously, ran to a $20M in marketcap.
So expectations are high for $WEN, at least for the next few days ahead of $JUP going live...
Grapes Moves to ETH
Launching their token on BSC was a mistake. It got instant negative feedback, and the token has performed very poorly.
$GRAPE is now down 85% from launch and is sitting at a $7.4M market cap. The Grapes NFTs are down 75%+ from ATH, now below 1 ETH at 0.89 ETH (still a surprisingly high floor TBH).
But now they are looking to fix their mistake and perhaps save their token by bridging to ETH, thanks to Layer Zero technology.
Why It Matters
The Grapes disaster took the wind out of all of web3 gaming.
Web3 gaming was the consensus narrative for best bet for the NFT market for 2024.
$PRIME was pumping, passing $10 at peak. Projects were launching, promising tokens, and doing presales by the day.
Then Grape went live and everyone faced a harsh reality - very few of these are going to be successful.
In fact, most web3 gaming token charts will look the same as GRAPE or worse.
This was a harsh reminder that while there will be some big winners in web3 gaming, most will lose, and it has become an increasingly difficult market to trade in for folks who aren't well-versed in gaming and doing serious due diligence.
OnChainMonkeys Turn to $KARMA
The OCM team has certainly been busy this past year, and mostly on Bitcoin.
The team seemingly has gone all-in on betting in Ordinals, and now they're pushing their holders even harder to make the same bet.
Yesterday, they shared new ways to earn $KARMA before the official snapshot:
- Own OCM Genesis on BTC
- Own OCM Genesis on ETH and migrate to BTC
- Own OCM Dimensions on BTC
It's pretty clear - they want you on BTC.
Why It Matters
OCM has made a bet on BTC, but should other ETH NFTs look to follow suit?
It's not obvious they should.
- OCM Genesis is holding at 0.1 BTC floor ($4,100 or 1.8 ETH, on 8.25 BTC lifetime volume.
- OCM Dimensions has performed better, at 0.369 BTC on 26 BTC volume.
But for perspective, hot new projects like NodeMonkes (1380 BTC volume) and Bitcoin Puppets (204 BTC volume) have seen substantially more volume and market traction.
Ordinals traders are seemingly more interested in new projects vs buying migrated ones.
OCM should be applauded for their efforts to help push the Ordinals space forward from a technical perspective, but for founders trying to decide to follow suit in migration, perhaps take a look at the data.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
- ETH trading volume was up a tick to $23.9M on Thursday, with most leaders seeing slight red
- Mocaverse led notable top movers on ETH, popping 27% to 5.09 ETH; Boo Bears jumpsted to 23.5 ETH and Kanpai Pandas Infinity surged to 8.85
- OnChainMonkey announced new details for their $KARMA drop, raising the floor 33% to 1.75 ETH
- Pudgy Penguins shared news that they have sold over 750,000 toys in Season 1, with over 55,000 new Pudgy World accounts
- Mochimons had a huge day on Base, briefly pumping 4x to a 1 ETH floor before settling at 0.55, still +110% on the day
- RSIC led action on BTC with 57 BTC in trading volume on the day though falling 10% to 0.041 BTC; Bitcoin Puppets up 33% to 0.05, Nodes at 0.194
- New generative art project "Memory Blocks" minted out at 0.005 BTC and ran to 0.04 at peak, settling at 0.03
- Solana NFTs were heavily red yesterday with Froganas leading volume and holding at 8.9 SOL; Rubber fell 51% to 9, Undeads -13% to 8.3 and Ovols down 13% to 10
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- Crypto majors are back in green this morning; BTC +3.9% at $41,400; ETH +2% at $2,250; SOL +5% at $91.60
- Solana memecoins rallied ahead of today's Jupiter $WEN drop; BONK +12% to $738M, WIF +8% to $377M
- The U.S. Government filed notice to sell $130M of Bitcoin from the Silk Road event
- Rari Foundation launched Rari Chain Mainnet on Arbitrum, with the key differentiator in its ability to guarantee royalties by embedding them at the sequencer level; they're celebrating with "TEN by RARI" a curated series of 10 drops from 10 major artists Jan 29-Feb 9
🚀 NFT Total Volume (ETH)
- MAYC (1,670 ETH, 4.48 ETH Floor)
- Azuki (1,460 ETH, 7.13 ETH Floor)
- DeGods (750 ETH, 2.99 ETH)
- Emby (720 ETH, 0.4 ETH)
- BAYC (638 ETH, 25.6 ETH)
📈 NFT Floor Price Increase (ETH)
- Early Retired Cats Club (133%, 0.27 ETH Floor)
- Mocaverse Treasure Box (115%, 0.8 ETH)
- Decal by XCOPY (84%, 3.1 ETH)
- OnChainMonkey (34%, 1.75 ETH)
- Michelin 3xplorers (30%, 0.26 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is a slower day for NFT drops but a big one for tokens.
$WEN is in the spotlight, launching this morning at 10 am ET.
Farcana's BRC-20 also launched this morning on Bitcoin.
Expect the tokens to be in the spotlight today.
See the full list and dive in for more details with Swizzy's daily mint monitor.
- Farcana - BRC-20 Ordinals (9:00 a.m. ET)
- $WEN claim (10:00 a.m. ET)
- Memes by 6529 (11:00 a.m. ET)
- HAHArtifacts - Glitchframes (1:00 p.m. ET)
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