Morning Minute | WTF Happened This Weekend?

Morning Minute | WTF Happened This Weekend?

TylerD's Market Summary

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🤔 What Happened Over Memorial Day Weekend?

If you were out traveling or spending time with the family this past weekend, it's time to catch up.

You may not have missed a ton with crypto majors (trading within a 2-3% range for the past several days).

But the memecoin market went bananas with some wild headlines and market action.

While NFTs look as bleak as ever.

Memecoin Mania Picks Back Up

It was a busy weekend.

In majors, PEPE led the way soaring to a $7B market cap, cementing itself as the primary ETH beta play.

WIF and BONK had strong weekends on Solana, running up to $3.65B and $2.8B respectively.

PAC fell on Blast after winning a 3rd jackpot but rebounded after the team teased its v2 coming on Wednesday.

A lot more action happened this weekend as well:

  • Trump tokens pumped (TRUMP, TREMP, MAGA) after the ex-president gave very pro-crypto remarks and said he wants the U.S. to lead the field
  • NORMIE was exploited and fell from a $50M mc  to 0
  • Caitlin Jenner had their social media hacked with the $JENNER token launched, seeing over $215M in trading volume in a single day (ran to $40M before falling)
  • The celebrity wave continued with Rich The Kid dropping a token and Iggy Azalea saying "Who's Solana...? I don't know that bitch"
  • A new Antonio Brown-backed memecoin CTESPN jumped to a $4M market cap in its first day of trading (now $2M)
  • TURBO reached a whopping $640M mc and has become a leading candidate for PEPE beta
  • MOG saw a new ATH at $580M and BITCOIN is close to ATH at $210M
  • EPIK soared over 400% after a 10% owner sold out of his tokens

Let's just say it was an eventful holiday weekend for memecoins.

Much less so for NFTs.

NFT Weekend Recap

NFTs just continue to struggle across chains.

  • Punks saw sales as low as 30 ETH over the weekend (currently 34.7)
  • Many ETH NFT leaders fell 10-15% on the week (Milady, Mocaverse and Captainz bucking the trend)
  • Luca Netz attempted to bet $100k that Pudgy Penguins will reach a $100k floor this year
  • Ordinals have fallen to their lowest levels in months (Puppets at 0.12, Nodes at 0.22)
  • onchain gaias fell to 0.29 ETH as Base NFTs continue a slow grind down
  • Blast had a very red week with a handful of exceptions (Apollo)
  • Solana leaders are mostly down only as well 

Not the holiday weekend action many wanted to see.

What are the takeaways?

For macro, the Mt. Gox movement is certainly an event to watch.

And it's teed up to be a turbulent week ahead with consumer confidence data coming today, GDP data coming Thursday and inflation data coming Friday.

So expect a bumpy week.

As for memecoins, they seem cemented as the primary focus for this cycle.

PEPE is leading the charge, and now WIF and PEPE betas (TURBO, MOG) are following.

Celebrities are starting to get in the game, which could lead to broader adoption (but could very likely be a net negative pending how they are handled).

Meanwhile, NFTs are close to the capitulation zone. It's hard to call bottom with the Blur incentives ending in one month, but sentiment seems as close to bottom as ever.

Hopefully the Blast TGE brings some light to the end of this long, dark tunnel.

🚚 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 $6.2M on the day (+30%); BTC was next with $4.8M (+18%) and then Polygon with $2.02M (-10%)
  • ETH NFT leaders were mixed with BAYC +4% to 12.45 ETH and Milady +2% to 4.84, while Pudgy's fell 2% to 10.2 ETH and DeGods -6% to 1.22
  • Pixelmon fell 10% to 0.7 ETH after its $MON token debuted
  • Sproto Gremlins (+39%) and Wassies (+29%) were notable outperformers on the day
  • BTC NFT leaders declined all weekend; Puppets at 0.124 BTC, NodeMonkes at 0.22, OMB at 0.25 and Quantum Cats at 0.25
  • DOG led Runes action on the day, jumping 5% to $415M mc; RSIC was up 3% to $163M
  • Solana NFTs were mixed on the day; Mad Lads -1% at 69 SOL, Tensorians -8% to 10.5, DeGods -4% to 28.3, SMB Gen 2 -3% to 26
  • Blast NFTs were mostly red; Apollo -3%, Plutocats even, Ship -4% and Blastopians +7%
  • Yuga announced the Super Punk World airdrop will happen this Thursday, solely for random holders of Nina's Super Cool World
  • OSF released another free mint on Blast called PAC REKT v2

💰 Token, Airdrop & Protocol Tracker

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

  • Fantasy Top saw floors fall after a stars burn / Lottery event was fudded on Friday (stars were refunded); Main Tourney 3 starts today at 5 pm ET
  • MON Protocol launched its $MON token which debuted at a $54M mc ($420M fdv)
  • Pacmoon teased its v2 coming within 36 hours ($PAC -11% to $40M mc)
  • nftperp passed $100M in lifetime trading volume on Blast
  • Blast has yet to release Gold distribution 4 details, expected very soon given just 4 weeks remain until TGE

ğŸŒŽ Around Crypto and Web3

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

  • Crypto majors are even this morning; BTC even at $68,450; ETH even at $3,890, SOL +2% at $169
  • Memecoin majors are mixed with DOGE even, PEPE +1% to $7.05B (new ATH), WIF +15%, BONK +11%
  • A big week of macro events looms with consumer confidence data coming today, Q1 2024 GDP data Thurs, and PCE and PMI inflation data Friday
  • A wallet tied to Mt. Gox moved over 107k BTC valued at $7B on Monday leading to concerns of potential selling coming
  • Ledger announced a new high-end hardware wallet Stax, now ready for pre-orders

🚀 Memecoin Movers 

  • $PENG (+80%, $80M market cap, Solana)
  • $PEPE* (+60%, $63M market cap, Solana) *Solana version
  • $WOJAK (+46%, $110M market cap, ETH)
  • $TURBO (+42%, $640M market cap, ETH)
  • $MICHI (+37%, $137M market cap, Solana)

📈 NFT Floor Price Increase (ETH)

  • Blockgames Dice (90%, 0.06 ETH Floor)
  • Sproto Gremlins (39%, 0.71 ETH)
  • Wassies (27%, 0.38 ETH)
  • Mocaverse Tresure Box (24%, 0.42 ETH)
  • Candy Collective (17%, 0.42 ETH)

🗓 Upcoming NFT Mints and Reveals

Today is a busy day of mints and events to kick off the week.

Several mints are happening tied to what appears to be an onchain summer theme on Base.

And then Fantasy Top is back with Main Tourney 3 going live this afternoon at 5 pm.

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

  • efdot - Breakthrough (10:00 a.m. ET)
  • jhekub - Get Based (12:00 p.m. ET)
  • Slander x Prohibition - Prohibited Bunny (12:00 p.m. ET)
  • Sofamon (1:00 p.m. ET)
  • Fantasy Top - Main Tourney 3 (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.

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.