Morning Minute | Bloomberg Covers $WIF and Other Memecoins
TylerD's Market Summary
The bankers are coming for our memecoins, and Bitcoin. And Phantom is getting ready for it.
🐶🧢 Bloomberg Sends $WIF To ATH
Last week it was BONK that caught all the headlines.
Now it's $WIF (dogwifhat) that's stealing attention share and trading volume.
And Bloomberg analysts are watching.
Yesterday, Bloomberg published an article "Crypto Gets Crazy Again With Dog-Inspired Tokens and Bitcoin Eyeing $45,000".
The post describes the recent memecoin rally and how tokens are going up 1,000% in a matter of days.
And WIF is specifically called out in the 2nd paragraph:
"So-called altcoins such as Dogwifhat - yes, a dog pictured wearing a hat - are the hottest things since..."
They go on to compare this rally to the last speculative token bull market.
Well, apparently the market likes Bloomberg coverage.
WIF surged 90% on the day to a $250M marketcap.
It's now up 600% on the week, and up nearly 100x since Dec 10.
Those are just incredible gains in such a time period, and likely enough fuel to keep memecoin season going for at least a little longer.
It came on a pivotal day with SOL surging to $87 with many wondering if the pop in Solana's native currency would stop memecoins and NFTs in their tracks.
The early answer is - the coins run with SOL, not against it.
We will see how that trend continues. And if Bloomberg continues to cover it.
📈 Bitcoin Is Coming
SOL, memecoins and alt-L1s may have taken some attention these past few weeks.
But it's critically important to pay attention to what's happening with Bitcoin right now.
There is a crypto marketing campaign that is just beginning ahead of the ETF's inevitable approval, and mainstream America is about to get bombarded with Bitcoin.
Yesterday, Bitwise dropped their 2nd BTC-themed commercial.
The first featured "the most interesting man in the world" who called Bitcoin the most interesting thing.
And in this new one, he stares at the camera and says "Satoshi sends his regards."
This is a small sample, but it's a signal about what's to come.
Once the ETFs are approved, the institutions behind them will launch a mass-marketing campaign to help change the narrative around crypto and BTC.
And any anti-crypto rhetoric from Biden and Liz Warren are likely to get drowned out from what's to come from the ETF backers.
Phantom is certainly betting on that.
Phantom Adds Bitcoin Integration
Phantom has been the leading Solana wallet for some time now and is looking to expand.
Two days ago they teased BTC integration.
And they didn't wait long for the full news.
Yesterday Phantom announced Bitcoin on Phantom is live.
Users are able to buy, sell, trade, transfer, and hold Bitcoin, Ordinals, and BRC-20 tokens all within Phantom.
This is huge for Ordinals specifically, which have suffered from severe roadblocks and barriers to entry with bad UI and infrastructure.
Now Phantom will support swapping to BTC and purchasing BTC NFTs.
It's a game changer.
Now the question becomes - will it lead to flows from SOL to BTC? Vice versa?
And will Phantom build enough momentum to displace MetaMask?
They are certainly doing the right things to make that happen...
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the weekend in NFTs:
- ETH trading volume held steady at $18.5M on Tuesday; NFT leaders saw mostly green
- Web3 gaming NFTs once again led top movers on ETH, with Mittaria Genesis +57% to 1.08 ETH and Blockgames Dice +34% to 0.61
- The $GRAPE token opened for trading this morning at $0.16 and a $37M market cap
- Open Solmap led volume on Solana, jumping from 0.21 to 0.59 SOL (a big move given its 237k supply)
- Bitcoin Punks rallied to a 0.09 BTC floor, leading Ordinals top movers along with bitmap
- Nifty Island introduced the $ISLAND token, launching with a Play-to-Airdrop campaign starting Jan 17 with special privileges for select NFT project members and partners
- Axie Infinity unveiled a new part evolution feature, adding deflationary mechanics to the Axie Infinity ecosystem with prizes and the ability to transform one's Axie's abilities and appearance
- VeeFriends Gift Goat holders as of the May 4, 2023 snapshot can claim the Goat Milk bottle tied to the infamous Beeple piece
- Kevin Rose spoke out about the recent rumors of a Moonbirds sale, stating that the early conversations didn't go anywhere and that there are no changes
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- Crypto majors rallied on the day even as equities fell; BTC +2.75% at $44,150; ETH +2.5% at $2,270; SOL +14% at $87.50
- Farcana announced a $10M funding round with participation from Animoca Brands, Polygon Ventures, Yat Siu, and more
- Immutable introduced Immutable Passport, a new tool for its web3 gaming, simplifying player sign-ups across games and marketplaces (IMX +12% on the day to $2.37, now up 80% on the month)
- WalletConnect revealed a new plan to decentralize with a new roadmap featuring 4 phases and resulting in an open, permissionless network
🚀 NFT Total Volume (ETH)
- Azuki (1,218 ETH, 5.98 ETH Floor)
- MAYC (756 ETH, 5.35 ETH)
- Pudgy Penguins (742 ETH, 10.6 ETH)
- DeGods (622 ETH, 2.69 ETH)
- Matr1x Kuku (591 ETH, 3.2 ETH)
📈 NFT Floor Price Increase (ETH)
- Project AEON (150%, 0.17 ETH Floor)
- Frontier Pass (67%, 0.32 ETH)
- Mittaria Genesis (57%, 1.08 ETH)
- Blockgames Dice (34%, 0.61 ETH)
- Skyborne Genesis Immortals (32%, 0.12 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is another slow day of drops ahead of the holidays.
Expect most attention to be on the memecoin market, the $GRAPE token and its impact on ETH web3 gaming projects, and whatever catches steam over on SOL and BTC.
See the full list and dive in for more details with Swizzy's daily mint monitor.
- fxhash "Snail Trails" (1:00 p.m. ET)
- Pepemon - City Rider Pepevenus (3:00 p.m. ET)
- Billy Restey - BitBlocks (3:00 p.m. ET)
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