#138 Majors vs Memecoins
Why The R/R Of Memes Does Not Make Sense Vs Majors
GM - this is The Snapshot, edition #138.
This is what I’ve got for you this week.
This Week In Web3 - Crypto Markets Trend Down But NFT Sparks Fly
Sponsored Post - Lil Nouns Fund Redbull Flutag team $33,000
Notable Sales - XCOPY, Punks, ACK, Hobbs
Investment Focus - Majors vs Memecoins
For sponsorship enquires, please DM me on Twitter.
Have a great day,
B
This Week In NFT World - Crypto Markets Trend Down But NFT Sparks Fly
Ethervista "value compounding deflationary currency" and its ecosystem rips: $VISTA hits $30M from nothing
"ethervista is the best thing that's happened to ethereum all year. it is Eth's answer to pump.[fun] it's the only thing that's excited me on ethereum all year."
"This means Ethervista is constantly autobuying and burning the token, increasing the floor price each time. This is a type of feature that EthervistaDEX renders possible. To date, 2.17% of the total supply has been bought and burned forever..."
20 CryptoPunks sold last night via auction as whale buyer defaults on all of their loans
"3 years ago @0x650d swept 100 punks. A few months later he attempted to sell at Sotheby's but was unsuccessful. A few months later he began borrowing against them on @metastreetxyz and recently began defaulting on some loans. 20 of his punks were defaulted on over the weekend. They were auctioned off individually last night. The 20 punks were sold at an average price of 27.43. 22 unique bidders placed 169 bids for a total of over 3800 eth and 9 unique people bought at least 1 punk."
Coindesk reports Trump's World Liberty Financial lending platform will allocate 70% of its tokens to insiders
"The Donald Trump-connected crypto project World Liberty Financial will reportedly involve a non-transferable governance token and credit protocol. According to a CoinDesk report citing since-deleted Github code, the protocol is largely based on DeFi protocol Dough Finance."
"The team could get 70% of World Liberty Financial's tokens, a significantly higher-than-normal allocation from a project marketed as a solution to the “rigged” traditional finance system."
Ethereum restaking protocol Eigenlayer announces Eigen Season 2 stakedrop
"If you staked ETH or EIGEN during Season 2, you’re eligible! Direct stakers claim via the portal once live. LRT users, please check with your respective LRT protocols for your Season 2 Stakedrop rewards and claims process."
Puffpaw announces $6M in seedfunding to build "vape to quit smoking and earn"
Called Puffpaw, the project intends to sell specialty vapes that record their user's smoking habits on the blockchain. It will reward them in their tokens for gradually reducing their nicotine intake.
Puffpaw is among a cadre of startups betting on the yet-to-launch Berachain blockchain, a venture capital darling. The quit-smoking project itself raised $6 million in seed funding led by Lemniscap Ventures.
From @CoinDesk
@JirasanOfficial NFTs move up 17% in 24 hours to 0.63 ETH floor; minted out last week at 0.25 ETH
"Jirasan NFTs have been hot lately, rising from 0.25 ETH a week ago to 0.56 ETH now. The "Galactic Amethyst" and "Frosted Phantom" below have sold for 2.8 and 2.44 ETH respectively. The NFTs will provide access to the Redacted ecosystem over time."
"Eggs are an open edition mint by @CryptoKitties. This mint was open for a period of 24 hours where you could mint 1 per wallet @ 0.008 eth per mint. A total of 3134 NFTs were minted during that time. These NFTs are in three tiers; Common (2358 items), Uncommon (605 items) and rare (98 Items). Another thing I noted is that each of these egg tiers have their own description under them which a fun easter egg to come across."
Sponsored Post - Lil Nouns Fund Redbull Flutag team $33,000
Lil Nouns DAO has passed a $33,000 proposal to enter the Redbull Flutag in Florida this year.
What are the details?
It’s an event where builders create wacky makeshift aircraft in various styles and images and push them off the side of a pier to see who can create the craft that will fly the furthest.
The team intend to achieve a few key things:
Bring an all-star Nounish team to Tampa, Florida, for the Flugtag!
Create a one-of-a-kind Lil Bean Craft + Lil Nouns Styled Costumes!
Capture content: Building the craft to flight!
Expose Lil Nouns and Lil Bean to the world and create lore for the Lil Bean campaign!
To become part of the Red Bull Flugtag event, you have to submit an application with concept, design, and team info, and be accepted. In the case the team are not accepted, funds from the prop will be sent back to the DAO.
Fingers crossed for the team! And a great example of how Lil Nouns DAO is willing to support builders from within the DAO to do great Nounish things!
If you are curious about contributing to a cutting-edge DAO and getting paid to bring your ideas to life: check out our website.
Notable Sales - XCOPY, Punks, ACK, Hobbs
XCOPY, Terror - 50 ETH
CryptoPunk, Big Beard - 35.9 ETH
ACK, mistershady - 13 ETH
Tyler Hobbs, Fidenza - 31 ETH
XCOPY, Rabble - 15 ETH
Investment Focus - Majors vs Memecoins
the crazy thing happening last two mini market sell offs:
- majors are down X%
- memes are only down the same X% (or in some cases less)
h/t @coingecko
this is not normal behaviour
when discussing with @Rahim_mahtab on @modernmarket i could only think memes are forming a 'bottom' where sellers are exhausted and there is less 'speculative' capital in them
if the main memes downside is capped, then i wonder if that means the upside is also capped because r/r compared with majors is not good now
e.g. btc at 55k almost a 2x to 100k if you are bullish; eth at 2.3k to ath similar(ish)
so why bet on popcat to surge through ath to $1.6 when you can have the 'safe' btc 2x?
major memes in a no mans land imo. much prefer the r/r of majors here if you are bullish crypto
Have a great day,
B
Disclaimer: The content covered in this newsletter is not to be considered as investment advice. It is for informational and educational purposes only.
I hold some of the NFTs mentioned in these newsletters