#147 Crypto Sends Higher With Trump Victory
BTC ATH, ETH almost $3k, SOL $200, and memes are on fire
GM - this is The Snapshot, edition #147.
This is what I’ve got for you this week.
This Week In Web3 - Crypto Sends Higher With Trump Victory
Sponsored Post - Lil Nouns Vote Against Lil Bean Season 2 Animations
Notable Sales - Punks, XCOPY, Apes, Ringers, Sam Spratt
Investment Focus - ETH Defi Renaissance?
For sponsorship enquires, please DM me on Twitter.
Have a great day,
B
This Week In NFT World - Crypto Sends Higher With Trump Victory
BTC hits ATH after Trump presidential election win: BTC $76k; ETH $2.9k; SOL $200
BTC ETFs traded $6B, their best day since the days following their inception
"The group of bitcoin ETFs did $6b, their best day since the crazy early days. Most of the ETFs did 2x their average. Just an all around banger day for an infant category that never ceases to amaze."
"$IBIT just had its biggest volume day ever with $4.1b traded.. For context that's more volume than stocks like Berkshire, Netflix or Visa saw today. It was also up 10%, its second best day since launching."
Polymarket data reveals election result well before media reports; widespread crypto support & celebration of Polymarket
"I just got word that the Trump campaign HQ literally found out they were winning from Polymarket. History was made today. Surreal"
"Mainstream media needs to integrate prediction markets in future elections I was checking polymarket constantly, giving way faster and more accurate assessment than any media source Ik a bunch of people have already said this, but really a huge W for prediction markets tonight"
ETH + DeFi outperforms majors on Thursday on Defi Renaissance narrative: ETH +8% $2.8k; BTC +2% $75k; SOL +3% $188
AAVE +16%; ENA +30%; MKR +9% (inc. SOL DeFi)
"Trump winning makes a proper sustained DeFi Renaissance where user numbers 10x gets a lot more likely because DeFi benefits more than anything else in crypto from less regulatory capriciousness in the US"
"ETH trading like a defi founder just got elected president of the united states"
"Ethena just put out a proposal to turn on their fee switch. This is just the first in a long line of DeFi coins that are about to get rerated."
Robinhood, Kraken & Paxos unite to launch new stablecoin: USDG
"The USDG stablecoin is issued out of Singapore by Paxos, and is broadly in line with the Monetary Authority of Singapore's upcoming stablecoin framework. Income derived from USDG’s reserves will be shared among the initial Global Dollar Network partners, which are Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos and Robinhood."
PNUT, GOAT, DOGE & LUCE new memes lead sector on election result day
"Beware of old meme narratives Yeah they might move up, but it's new memes that are top gainers on this election victory rise PNUT +137% DOGE (Department Of Government Efficiency) +43% GOAT +45% LUCE +39% NEIRO +30%"
From BCheque
Sponsored Post - Lil Nouns Vote Against Lil Bean Season 2 Animations
Not every prop going up on Lil Nouns DAO passes.
A large voter with 481 votes voted against the 8 eth proposal for season 2 of the Lil Beans animations on Tik Tok + Instagram.
The team had wanted to attempt to expand their social media reach on TikTok and Instagram via high quality and engaging animations. They had aspired to reach 500k followers on TikTok and 100k IG followers.
Lil Nouns DAO had supported season 1 of this proposal, but usually when a creator or team is knocked back, they reassess their proposal and come back again.
The art for this project is outstanding, perhaps they need to rework on the roadmap and build a broader consensus amongst voters for this to go through.
We will see their next move!
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 - Punks, XCOPY, Apes, Ringers, Sam Spratt
XCOPY, Deathless - 24.59 ETH
Bored Ape, Hip Hop - 14.5 ETH
Dmitri Cherniak, Ringers - 8.98 ETH
Sam Spratt, Skull of Luci - 100 ETH
CryptoPunk - 39 ETH
Investment Focus - ETH Defi Renaissance?
Much has been made of ETH’s underperformance this cycle, especially compared to SOL which has been killing it. But now there is a new narrative for ETH related to the Trump victory…
Trump is clearly very pro-crypto.
Whilst this is obviously good for all of crypto (and markets have reflected that already) the majority of colossal DeFi protocols exist on ETH.
One of the things that has held these De-Fi protocols back has been their inability to turn on any kind of ‘fee switch’ to allow their token holders to share in their revenue (which is also colossal).
The bet is that a pro-Trump - who is pro-crypto, who is pro-DeFi, (he literally has launched a DeFi protocol - and it’s on ETH), and is vocally anti-Gensler (SEC chair who has regulated via enforcement) - will create better regulatory conditions for crypto AND DeFi and that means ETH can be unleashed.
That’s the thinking, at least.
Realistically, looking at the difference in marketcap between ETH and SOL, I could see the gap continuing to close. Why?
SOL has outsized mindshare at the moment and their protocols are performing very well vs ETH too.
4 of the top 15 protocols by fee revenue are SOL protocols: Jito, Raydium, Photon, and Pump (admittedly two of these 4 are very speculative and lean into memes)
Nevertheless, SOL protocols are earning way more than people think + demand for base currency SOL will only continue to rise as this cycle develops.
(Not a bearish ETH post, think it performs well too, just SOL has the momentum now)
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