NiftyNoon: Memecoin Mania Continues to Dominate
Despite the volatility of blue-chip crypto assets such as Bitcoin and Ethereum, memecoins have continued to dominate crypto volume, leading many NFT collections behind (May 8, 2023)
Nifty Thought
Memecoin mania has continued to take over the NFT space, with gas prices on Ethereum remaining perpetually high throughout the weekend due to bots (and legitimate buyers) trading memecoins. This shift in market volume and liquidity towards memecoins has resulted in many NFT collections continuing to slip, as people sell their profile pictures to build up liquidity for memecoin purchases. The rise of these tokens has certainly been highly profitable for those who managed to join the right projects early. At the same time, this also presents a buying opportunity for NFTs. With all the attention shifted away from NFTs, there have been many attractive deals and liquidations coming to market recently. In many cases, people are selling NFTs that typically price materially above floor into blur bids just for the immediate liquidity. When attention inevitably shifts back to NFTs, the prices of these mid-tier rare assets are likely to recover.
Highlighted News
14 BAYC all sold below floor over the last 48 hours with all 672E ($1,276,800) immediately thrown into $PEPE by the sellers:
$PEPE last 24h volume at $760M as trading volumes have shifted from NFTs towards meme coins:
Project and Community News
Binance temporarily closes $BTC withdrawals due to the large volume of pending transactions:
Ethereum Attestation Service (EAS) shares new feature, allowing to attest and verify any type of document or file:
$SHIELD community project owner speaks out about his original intent to find a way to support smart crypto legislation through visibility or perhaps even funding and announces upcoming airdrop:
Meetbits introduce Living PFPs, allowing holders to customize their PFP without making changes to the metadata:
RTFKT announce Air Force 1 Forging Event has been extended until Wednesday, May 10th, 2023, at 12 p.m. EST:
Stephen Teglas, the seasoned CEO of Cool Cats Group, on a mission to take the brand to the next level:
https://twitter.com/ericclfung/status/1654910844826976257?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Ordinals sales surpass OpenSea daily volume with the number of inscriptions surpassing 4 million:
Biggest pump and dumper in the game sweeps up 659E worth of Mutants today and is trying to drive up bids to dump on you:
Art Blocks shares a thread of threads… Squiggle edition:
https://twitter.com/artblocks_io/status/1655380893178163201?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Someone sent 0.1 ETH for presale, got his allocation, realized the pool was setup redactedly, and dumped it for 181~ ETH instantly:
https://twitter.com/deeze/status/1655319704825737220?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Quick Stats:
OpenSea ETH Daily Volume: 2,618 ETH (▲ 22.91%)
Blur ETH Daily Volume: 6,863 ETH (▲ 52.11%)
BTC: $28,007.59 (▼ 3.29%)
ETH: $1,854.58 (▼ 2.84%)
Solana: $21.17 (▼ 4.12%)
Polygon: $0.93 (▼ 5.18%)
NFT Daily Winners:
🐧 Pudgy Penguins: 4.32 ETH (▲ 6.14%)
🚬 CryptoPunks: 52.50 ETH (▲ 0.96%)
🧟 Mutant Ape Yacht Club: 10.87 ETH (▲ 0.93%)
🌈 Doodles: 2.57 ETH (▲ 0.20%)
🐈⬛ VeeFriends: 2.19 ETH (► 0.00%)
NFT Daily Losers:
🏴☠️ Captainz: 6.89 ETH (▼ 0.14%)
🦉 Moonbirds: 2.35 ETH (▼ 0.22%)
⛩️ Azuki: 14.49 ETH (▼ 0.75%)
🦧 Bored Ape Yacht Club: 47.45 ETH (▼ 1.15%)
🏳️🌈 Chromie Squiggles: 8.87 ETH (▼ 1.46%)
🥔 Potatoz: 2.58 ETH (▼ 1.86%)
🥃 Proof Collective: 6.29 ETH (▼ 3.25%)
🧝🏼♀️ DigiDaigaku: 2.88 ETH (▼ 3.62%)
🧬 Clone X: 2.80 ETH (▼ 4.11%)
Notes:
If you find quick daily NFT updates helpful, please feel free to subscribe:
The content on this site is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.
Managed by @AxuETH, @NPapaellinas, @SharkFragile, @SpeedyGonzale87, @SSPxLEO and @xhuewa