Morning Minute | Trump's Pro-Crypto Comments Spark Memecoin Rally

TylerD's Market Summary

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🙈💸 Political Memecoin Season Heats Up

Like it or not, politics is becoming deeply intertwined with crypto.

For reasons you would expect (policy, regulation) and for some you might not (memecoin price action).

And the market impact is becoming too big too ignore.

What Happened?

Two major political stories broke yesterday impacting crypto:

• The Biden administration said it plans to veto legislation allowing banks to custody crypto
• Trump made several pro-crypto comments at a rally last night and said he'd accept donations in crypto

Regarding the Biden news, the decision was apparently driven because self-custodying for banks would "disrupt the SEC's work to protect investors."

What could that possibly mean?

Its just the latest in the Biden adminstration's crusade against crypto, rightfully or wrongfully. And it does not appear to be slowing down.

As for the Trump comments, in a different year these may not even make headlines.

But given the memecoin cycle we're in, they had a massive impact.

The top movers and winners on Solana yesterday were all political coins:

🚚 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 $7.5M on the day (+10%); ETH was next with $6.1M (-6%) and then Solana with $3.4M (+12%)
• Bitcoin Puppets led BTC trading volume with 15 BTC volume and holding at 0.22 as most Ordinals leaders dipped 5-10%
• OMB -5% to 0.39 BTC; Quantum Cats -15% at 0.33, and Node Monkes -6% to 0.28
• ETH NFT leaders were mostly red down 3-7% again; BAYC -7% to 14.3 ETH; MAYC -8% to 2.73; Pudgy -7% to 11.5; Doodles +6% to 1.82 outperformed again
• Wolf Game led top movers, jumping 160% to 0.07 ETH
• Solana NFTs were also red on the day; Mad Lads -11% to 70 SOL, Tensorians -5% at 12; DeGods -3% to 44, and y00ts -2% to 10.5
• Blast NFTs saw red for the first time in awhile, with many sets down 5-20%; Blastopians -20% to 0.32, Plutocats -6% to 2.28 

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token or airdrop news from the day:

🌎 Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

• Crypto majors are red this morning; BTC -2% at $61,000; ETH -0.5% at $2,970, SOL -2% at $142
• Memecoin majors were mixed with DOGE -1%, WIF -4%, PEPE +3%, BONK -2%; tremp, boden, HIM and CHUCK outperform
• The Biden administration said it would veto legislation to allow banks to self-custody crypto in its latest crackdown effort
• VanEck's MarketVector launched a new Memecoin index featuring DOGE, SHIBA, PEPE, WIF, FLOKI and BONK

🚀 Memecoin Movers 

• $TRUMPWIFHAT (+12000%, $6M market cap, Solana)
• $DC (+235%, $8M market cap, Solana)
• $TREMP (+120%, $60M market cap, Solana)
• $HIM (+200%, $11M market cap, Base)
• $CHUCK (+33%, $20M market cap, Base)

📈 NFT Floor Price Increase (ETH)

• Wolf Game (160%, 0.07 ETH Floor)
• Volted Dragons (50%, 0.09 ETH)
• KIP Protocol (17%, 0.1 ETH)
• Skyborne Nexian Gems (13%, 1.08 ETH)
• Yogapetz (13%, 0.45 ETH)

🗓 Upcoming NFT Mints and Reveals

Today is a very slow day without any marquee events or mints of note.

Expect more attention on SocialFi and more jockeying for the Blast Jackpot 5.

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

• Clouded Vision (9:00 a.m. ET)
• Hayden Clay - Mowing the Lawn (9:00 a.m. ET)
• Pixiz (9:00 a.m. ET)
• Ordimaps (11:00 a.m. ET)
• Planet Atmos (4:00 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.