Morning Minute | Memecoins Lead As Uptober Begins

TylerD's Market Summary

📈 Memecoins Lead As Uptober Begins

Yesterday's newsletter showcased how green the month of October is, and Q4 overall, following a green September.

Well we're already off to a fast start.

And it's memes leading the way.

What Happened?

Crypto majors are up 1-2% as October kicks off this morning, with Solana leading +2%.

Meme majors meanwhile are up 5-10%, led by the Solana leaders WIF (+10%), BONK (+10%) and POPCAT (+11%).

It was a great day across the Solana meme board, with other top movers including:

• WYAC +330% to $8.8M
• MANYU +173% to $17.9M
• GIKO + 148% to $47M
• nub +86% to $20M
• STAN +80% to $7.4M
• FWOG +44% to $101M

That list includes old memes and new memes, showing that both can have success in this market.

Speaking of new - recent runner MOODENG is back to $240M after getting listed on Bybit.

Over on Ethereum, it's a similar picture.

PEPE (+5%) and MOG (+10%) are leading the way up top.

And most of the mid-tiers are up 10-40%, including:

• JOE + 64% to $29M
• ZYN +50% to $30M
• MAGA +24% to $37M
• SPX +23% to $140M

It was a good day for memes.

But not just memes.

What Else Happened?

EigenLayer tokens finally unlocked in a much anticipated event.

The unlock has not disappointed so far, with the token opening at $4 and a $6.8B fdv ($750M mc).

That market cap puts Eigen in the top 100 cryptocurrencies at #90, next to other tokens like EOS (86) and Ethena (94).

Why It Matters

Starting with Eigen - it's nice to see a token launch not immediately go south in early trading.

It seems we may have finally reset from the airdrop meta price action of Q2 - a welcome sign for other protocols who are thinking of launching this year.

As for memecoins leading the way into Uptober, it's an important signal.

Memes aren't going away.

It's also important to see which memes are pumping; largely, the old established meme leaders and "cult" memes, along with some new ones.

There have been concerns that only new memes would pump in a new cycle, which now seems invalidated.

It's still early, but a welcome sign for memecoin enthusiasts.

🚚 What else is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

• Ethereum led NFT trading volume with $3.9M on the day; Solana was next with $2M, and then Bitcoin with $1.9M
• ETH NFT leaders were mostly red down 2-4%; Punks even at 28 ETH, Pudgy -2% at 10.25, BAYC -3% at 10.65 ETH, Azuki even at 5.33
• Realms (+55%) and Mintify Genesis (+54%) were notable top movers
• BTC NFT leaders were red down 3-10%; NodeMonkes -4% at 0.187 BTC, Puppets -9% at 0.117 BTC, OMB -2% at 0.187, Quantum Cats even at 0.25
• The Runes leaders were mostly green; DOG +1% at $411M mc, RSIC +7% at $86M mc, PUPS -8% at $70M and BILLION DOLLAR CAT +23% to $50M
• Solana NFTs were mostly red; Mad Lads -1% at 48.6 SOL, SMB Gen 2 -2% at 23, DeGods +10% at 16 SOL, Claynos -6% at 11.5
• Beeple dropped a new art piece "TREE OF KNOWLEDGE," a kinetic sculpture with a switch that allows users to see "signal" and "noise" views
  
• Zagabond shared a brief "State of Azuki" post where he shared updates the team has accomplished against prior feedback points, including the launch of their Anime series, the Collector System, Garden Gathering calls, Azuki Passport program, Anime 2.0 and more
• Notable Pepes teased its Series 7 kickoff happening at 1 pm ET today, featuring cards from Batzdu and Botto

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token, protocol and/or airdrop news from the day:

🌎 Around Crypto and Web3

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

• Crypto majors are green up 1-2% this morning; BTC +1% at $63,930; ETH +1% at $2,640, SOL +2% at $157
• Memecoin majors are more green; DOGE -1%, SHIBA +2%, PEPE +6%, WIF +10%, BONK +10%, POPCAT +11%, and MOG +11%
• Jerome Powell said that the Fed's base case is 2 more 25 bps cuts, ending the year just 50 bps lower
• Solana opened up applications to its Solana Incubator with an Oct 4 deadline
• Coin Center founder Jerry Brito is stepping down at end of year after a decade of service
• Jesse Pollack announced he will be taking a leadership role with Coinbase Wallet and joining their Exec team, in addition to his leading Base

🚀 Memecoin Movers 

• $WYAC (+330% to $8.8M market cap, SOL)
• $MANYU (+173% to $17.9M market cap, SOL)
• $GIKO (+148% to $47M market cap, SOL)
• $nub (+86% to $20M market cap, SOL)
• $STAN (+80% to $7.4M market cap, SOL)

📈 NFT Floor Price Increase (ETH)

• Realms (56%, 0.44 ETH Floor)
• Mintify Genesis (54%, 0.08 ETH)
• Valhalla (25%, 0.1 ETH)
• tiny dinos (25%, 0.03 ETH)
• CEDEN Keystone Nodes (23%, 0.08 ETH)

🗓 Upcoming Mints and Events

Today is another busy day as October kicks off.

There are several new art mints, spanning Notable Pepes, Sabet and artist Arno Cartsens. 

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

• Sushi - Dood Street (9:00 a.m. ET)
• Jungle (10:00 a.m. ET)
• NoCap (11:00 a.m. ET)
• Sabet - Ultra Kitties (12:00 p.m. ET)
• Vincent Van Dough - Notable Pepes (12:00 p.m. ET)
• Arno Carstens - Sunburst (3:00 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.d.warner@gmail.com.