#143 Memecoin King Murad Reigns
What Is Causing The Crazy Memecoin Price Action
GM - this is The Snapshot, edition #143.
This is what I’ve got for you this week.
This Week In Web3 - Memecoin King Murad Reigns
Sponsored Post - Lil Nouns Fund Lil Hoedown Wild West Night in LA
Notable Sales - Lil Nouns Funds Small Brand Eyewear In NYC Coffee Shops
Investment Focus - Eigenlayer Creator Allocation Surprises To The Upside
For sponsorship enquires, please DM me on Twitter.
Have a great day,
B
This Week In NFT World - Memecoin King Murad Reigns
China's plan for stimulus not yet expanding causing crypto majors run to pause
"Investors widely expected the National Development and Reform Commission (NDRC) to outline more stimulus measures in a Tuesday briefing after the Chinese Golden Week holiday, adding to the government’s September plans of rate cuts and liquidity support for the market to rile up a slowing economy.
There were expectations of a big rally when Chinese markets re-opened on Tuesday, part of which could spill over to crypto markets. However, the briefing’s general lack of urgency and specifics, and no plans for further stimulus underwhelmed investors - denting market sentiment as concerns around conflicts in the Middle East remain.
At the same time, many felt an urge to take profit from the rally."
Chatbot and Chill by XCOPY sells for 800 ETH, $1.9M highest price paid for XCOPY since December 2021
"Chatbot and Chill? was minted on 14 Dec 2018, making it the third last work to be minted by XCOPY that year. The seller, MOMUS, acquired the work in Jan 2019 for 0.75ETH directly from XCOPY and held it all the way through to this sale.
This classic work is one of only 49 1/1s that were minted in 2018, the most desirable minting year of all XCOPY works (for both editions and 1/1s).
The price paid is the highest for any XCOPY work since Dec 2021, demonstrating both the rarity and the high regard that collectors have for 1/1s of the 2018 era"
From @8888Benji
Crazy NFT market activity on some of the smaller collections named by Murad
- Project AEON up 100% to 1.75 ETH - Sproto Gremlins up 30% to 2.2 ETH - Pudgy Puppets +46% to 0.08 ETH - Peplicator up 50% to 0.07 ETH - First 3 are on Murad's list
Memecoin hero Murad rises to further prominence as his list of coins/NFTs surge this week
1. Global macro position is risk on (money printer going burrrr), interest rates going down
2. ICOs in 2017 were initially accessible to the little guy but got co-opted by VC funds
3. NFTs in 2021- same
4. The only use cases for crypto are store of value, payments/stables, and speculation- so stop even pretending you're building a useful product or something with utility- the "dark truth" is that it's always been memecoins; ICO's were performance art, market manipulations to sell bullshit tokens to people at 50 billion valuations. Now memecoins are a populist revenge from the trenches.
5. The best performing memecoins need time- TIME is the only thing the cabal cannot fabricate. Coins that have been able to survive for at least 6 months (with a 10+ million mc) have true communities/believers/CULTS and have re-distributed to enough smaller hands to be poised for exponential growth
6. The potential growth is much higher than BAYC/Punks did last time, because instead of 4000 holders pumping 10,000 illiquid jpegs, you have 500,000 holders pumping one coin
7. VC coins will be REKT as more unlocks happen and this revolution blasts off
8. Memecoin NFTs that were created after the coin have the most potential
L2 Scroll announces Binance listing with 5.5% allocation for Binance
"Recognizing that Binance is the world’s largest distribution platform for token assets, 5.5% of the total token supply is allocated to participate in Binance Launchpool and Pre-Market on the launch of the SCR, with the aim of broadening Scroll’s reach to users globally, including those who have untapped potential for more on-chain interactions."
Van Eck announces $30M early stage fund for intersection of fintech, crypto and AI
"After spending some time with the VanEck team, it was clear that Juan and I could build something really special here.
And so earlier this summer, we formally joined to begin building VanEck Ventures: what we hope will become a franchise of funds dedicated to partnering with the most talented and ambitious founders in crypto and fintech. Our thesis is simple: stablecoins are the open source banking as a service layer that will power the future of an internet native financial system.
We invest in the category winning founders building middleware and applications leveraging stablecoins and artificial intelligence to bring this new financial system to life."
@Wyatt_Lonergan
"In the first 24 hours, customers from 70+ countries have paid with stablecoins through @Stripe
Today, we just expanded access, so if you're a US merchant on Stripe, check your Stripe dashboard and turn on "Pay with Crypto"!
From @BackseatVC
Sponsored Post - Lil Nouns Fund Lil Hoedown Wild West Night in LA
Lil Nouns DAO has passed a 3 ETH proposal to host a wild west-themed afterparty for Lil Nouns following the Nouns Town event in LA.
What are the details?
Key features of the event include:
Transportation via party buses from Nouns Town (Secret Wall HQ) to Saddle Ranch in West Hollywood
Bull riding competitions with Lil Noun tokens as prizes
Exclusive benefits for Lil Noun token holders
A dedicated landing page for Lil Nouners to reserve their spot on the bus & drink tickets.
Sounds pretty fun for the crew to enjoy irl.
Lil Nouns DAO are always mixing in this irl support for its community with the more digital endeavours.
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, Fidenza
XCOPY, Chatbot and Chill? - 800 ETH
CryptoPunk, Clown Police Hat - 35 ETH
Tyler Hobbs, Fidenza - 30.5 ETH
CryptoPunk, Nerd Glasses - 45 ETH
XCOPY, Algo Bro - 12 ETH
CryptoPunk, 3D - 72 ETH
Investment Focus - Eigenlayer Creator Allocation Surprises To The Upside
we add another $24k here with eigenlayer creator allocation + ethena
total airdrops for 2024 goes from $136k to $163k
restaking is great tech + has been great return
two thoughts:
- time to start yapping more, as i wouldnt be surprised if more protocols reward content creators the way eigenlayer did (what they did was ask you to verify a wallet to your social media account, and they automatically checked if you had created eigenlayer content - if you did, the allocation was very generous nb. the above allocation was across 2 wallets, personal + modern market)
- btc staking/restaking - have put this off for so long, and need exposure asap
will be doing some research on this in the week coming and will post next week - feel free to front run me!
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