Morning Minute | Bitcoin Puppets Dominate NFT and Memecoin Market
TylerD's Market Summary
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🟠 Bitcoin Puppets Take Over
It's rare to see an NFT project make major headlines these days.
Most have been slowly chopping or bleeding over the past several months.
But there is one clear exception.
The Bitcoin Puppets.
What Happened?
Last night saw major moves for all 4 of the Bitcoin Puppet related assets:
- Bitcoin Puppets pumped 15% to 0.46 BTC
- O.P.I.U.M (the OG set) jumped +25% to 0.63 BTC
- Rune Pups (getting runes at the halving) soared 50% to 0.147 BTC
- $PUPS (the BRC20 which converts to runes) rocketed 60% to $77 ($600M mc)
The Puppets have nearly flipped NodeMonkes after this leg up, now 0.48 BTC to 0.46.
O.P.I.U.M is now the leading PFP by floor price on Bitcoin.
Serious momentum is building here, at a time when not many Ordinals are catching momentum that aren't runes related.
Of course, that is the twist.
Why Is It Happening?
The success of the $PUPS BRC-20 token is likely a major propellant of this recent action.
Ansem made a splash, "calling" the PUPS token last Friday on his stream, which briefly sent the token to $140 on Solana* before settling around $20-$25.
*The PUPS team opened a bridge allowing the BRC-20 to be bridged to Solana, opening up a 2nd blockchain market (a move that will go down in history for the token)
He has since doubled down over the past week, calling it the first and best memecoin "on the world's oldest blockchain."
And PUPS has been up only this week, now at $77 (halfway to filling the "Ansem wick") and at a $600M market cap.
The success of the token is intertwined with the success of the NFT and the meme though.
And the meme / NFT is winning because it's spreading.
More and more puppet PFPs are popping up all over Crypto and NFT Twitter (X). Not many other collections are spreading like that right now.
The fun-loving, whacky yet degen cult is becoming a movement.
Predictions
So have they topped?
No.
The keys are dilution (or lack there of) and high signal holders.
On high signal, more and more high signal folks in the crypto circle are repping or at least talking about Puppets consistently now.
On dilution - the reason tokens and NFTs on Bitcoin are winning is because there simply aren't many.
It's NodeMonkes, Puppets, Quantum Cats and OMB up top the NFT leaderboard on Bitcoin. There aren't many options and more and more traders want exposure. It's simple supply and demand.
For runes, it's Runestone, RSIC and PUPS. And only PUPS is a true memecoin on that list.
PUPS is set up to be THE winning memecoin on Bitcoin. And if a memecoin market actually springs up post-runes launch, it's hard to see PUPS not grinding higher in the future.
And the more that PUPS win, the more that the Puppets will win. It's an incredible fly wheel.
So I'm not calling top anytime soon.
My only hope is that NodeMonkes and OMB battle Bitcoin Puppets all the way up, so we have some friendly competition.
It's going to be a fun spring.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
- Bitcoin led NFT trading volume with $31M on the day (+20%); ETH was next with $22M (-1%) and then Solana with $10.8M (-11%)
- Runestone led the BTC NFT board again though falling 12% to 0.08 BTC; Rune Pups were the big winner jumping 50% to 0.149
- The flipping draws nearer as Bitcoin Puppets reached a 0.46 BTC floor with NodeMonkes at just 0.48
- Rune Nodes reached 0.04 BTC in their first full day of trading ($28.3M market cap) after it was announced they would get an even split of the $NODE tokens
- The Block debuted on Bitcoin from the Runestone artist, jumping out early to a 0.1 BTC floor with several sales as high as 0.3 BTC before settling at 0.055
- ETH NFT leaders were mostly red with BAYC -3.5% to 11.7 ETH, Pudgy -3% to 11.4 and Milady -6% to 4.98
- Lasogette was a notable winner, jumping 56% to 0.71 ETH floor following Bitcoin Puppets success; OnChainMonkey +20%
- Solana NFTs were very green on the day; Mad Lads +2% at 141 SOL, Tensorians +26% at 23, Mutantmon +31% to 3.1 and ABC +87% to 2.5
- Azuki announced its Enter the Garden episode one will launch on April 30
- nftperp did over $750k volume just in Milady longs and shorts on Thursday
- Arcade completed the largest ever Nodemonke loan after Cirrus lent 1.25 BTC against a gold hoodie Node (using Emblem Vault)
- LooksRare teased "we're working on something big" related to a Bitcoin announcement
- Mintify has crossed $1M in volume through its Base NFT orderbook in the past week
💰 Token, Airdrop & Points Tracker
Here's a rundown of major token or airdrop news from the day:
- Coinbase announced perp futures for $PEPE coming on April 18
- Omni announced its $OMNI token, including an $OMNI airdrop for Eigenlayer restakers and select NFT holders (snapshot taken on April 3)
- $PUPS soared 60% to a new ATH of $77 on Thursday ($600M mc)
- Pac Finance exploited its users by changing the LTV ratio and liquidation threshold parameters, liquidating several of its ezETH leverage users
- Liquidium announced its support for rune lending and borrowing coming "redacted"
- CyberKongz teased a runes announcement coming soon
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- Crypto majors are mixed this morning; BTC +0.3% at $70,800; ETH -1% at $3,530; SOL even at $172
- Memecoin majors were mostly red in another down day; DOGE +1%, WIF -7%, PEPE +2%, BODEN -14%
- Hong Kong is set to approve spot Bitcoin ETFs this coming Monday according to Bloomberg
- Binance & crypto.com both added support for Bittensor's $TAO token yesterday, briefly sending $TAO up to $750 (now $618)
- 9dcc saw its luxury streetwear brand featured in Forbes in an article discussing their merger of fashion and blockchain tech
- Spencer Ventures has incubated a new digital / physical game design studio named Ocapgames aimed at "bringing IP to life"
🚀 Memecoin Movers
- $RB (+200%, $15M market cap, ETH)
- $LONG (+88%, $21M market cap, Base)
- $PUPS (+60%, $600M market cap, Bitcoin)
- $CHEX (+35%, $35M market cap, Solana)
- $MICHI (+33%, $135M market cap, Solana)
📈 NFT Floor Price Increase (ETH)
- Lasogette (68%, 0.71 ETH Floor)
- Kart Party (39%, 0.86 ETH)
- OnChainMonkey (23%, 1.43 ETH)
- Velocity Series (60%, 0.83 ETH)
- My Pet Hooligan (11%, 0.88 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is another busy day of drops, spanning BTC, Base and ETH.
The highlight is likely Velocity Pass S2, launching 2,000 passes with 900 on sale at 10 am ET today. The team is introducing a new DN-404 fractional NFT protocol into this year's mix, so look out for that.
See the full list and dive in for more details with Swizzy's daily mint monitor.
- The Skellies (9:00 a.m. ET)
- Rudinalz (9:00 a.m. ET)
- Velocity Pass S2 (10:00 a.m. ET)
- Memes by 6529 (11:00 a.m. ET)
- Tristan Rettich - Based Pixels (10:00 a.m. ET)
- Gruff - Doppelgangers (1:00 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.
