🎁 A $375M Airdrop Is Coming
Plus Trump Media is in talks to acquire a crypto company - find out which one and how the market responded.
TylerD's Market Summary
GM!
Today's top news:
Crypto majors rally 1-2%, Bitcoin leads at $92,450
Trump Media in talks to acquire crypto trading platform Bakkt
Binance plans to launch stablecoin with 19.9% yield
Magic Eden announces tokenomics, $ME soars on pre-market
ZEREBRO soars to $410M, leads AI mindshare on X
🎁 The Magic Eden Airdrop Is Coming
Airdrop SZN is around the corner.
And early indications show that the Magic Eden $ME airdrop is going to be big - perhaps bigger than expected.
What Happened?
Yesterday the Magic Eden Foundation released the tokenomics for its upcoming airdrop.
TLDR:
Total: 1B $ME
Initial claim: 12.5%
Community: 37.7% (22.5% for users rest for eco)
When: Soon (TBD)
Overall the team is keeping about 50% for themselves and contributors and sharing 50% with the community over the next 4 years.
We still don't know the math on converting diamonds to tokens, the main remaining open question along with when the airdrop will happen.
But the main reason for excitement - the $ME token tripled on Whales Premarket yesterday, reaching $3 per token.
That means this is a potential $375M airdrop if prices hold (that would put ME at a $3B FDV).
What Are They Saying?
The ME Foundation commented:
"The 12.5% community allocation instantly unlocked from the start matches that provided by Tensor, a rival Solana NFT marketplace to Magic Eden," said the ME Foundation in a post.
CEO Jack Lu also commented:
“You’ll be able to earn $ME through your daily use of Magic Eden products.”
So there will be more earning opportunities coming up.
Why It Matters
This is a big potential stimulus for the NFT community and for Runes traders (the only fungible token on Magic Eden).
As a reminder, Magic Eden is the #1 NFT market place by all key metrics (volume, unique wallets, 1st time wallets) over the past 6 months. They are in the driver's seat in 2024 and have plans to continue expanding.
That should bode well for their token valuation on launch.
Now, will the $3/token hold? Tough to say, and generally premarket values have been 30-50% higher than actual launch.
But we're in a bull market now, and there are tailwinds we haven't seen in 3 years.
This could be a very big airdrop. Then the question becomes - where will that hot ball of money rotate?
🚚 What is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
Ethereum led NFT trading volume with $12M on the day; Bitcoin was next with $5.8M, and then Solana with $3.1M
ETH NFT leaders were very green; Punks -2% at 36 ETH, Pudgy +14% at 11.8 ETH, BAYC +3% at 13.2, Milady +2% at 6.5
Pudgy Rogs (+50%) and Tubby Cats (+40%) led notable top movers
BTC NFT leaders were mixed; Bitcoin Puppets -5% at 0.17 BTC, NodeMonkes -1% at 0.135 BTC, OMB even at 0.142, Quantum Cats +2% at 0.194
The Runes leaders were very green again; DOG +17% at $840M mc, PUPS -5% at $385M, BDC +6% at $150M, CYPHER +30% to $41M
Zereborn NFTs led Solana movers, up 50% to 7.1 SOL; new GOAT NFTs doubled from mint price, now at 0.6 SOL
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token, protocol and airdrop news from the day:
Magic Eden shared its tokenomics on Monday, revealing 1B total with nearly 50% going to the community including a 12.5% initial airdrop claim
Raydium saw 50% more trading volume than Uniswap in the past week ($30B compared with $20B), while still trading at 1/3 the value of Uniswap's FDV
Wasabi added BONK trading with up to 6.9x leverage
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
Crypto majors are green up 1-2%; BTC +1% at $91,700, ETH +2% at $3,130, SOL +1% at $246; HBAR (+30%) and Tezos (+30%) were top alt movers
Memecoin majors are mostly green this AM; DOGE +5% at $0.383, SHIBA +2%, PEPE -4%, BONK +2%, WIF -4%, POPCAT +3%; ZEREBRO hit a new ATH at $440M
MicroStrategy added $4.6B in Bitcoin to its balance sheet in the past week at an average price around $88k while announcing another $1.75B offer of convertible notes to buy more BTC
Options on BlackRock's IBIT Bitcoin ETF go live today
Binance announced its plans to launch a new stablecoin with 19.9% yield
Trump's media group is reportedly in talks to acquire crypto trading platform Bakkt , which provides SaaS solutions for crypto ownership and trading
Meanwhile Trump is planning to meet with Coinbase CEO Brian Armstrong to discuss his cabinet appointments
California rejected Lido DAOs argument that it's not a legal entity, with potential widespread ramifications for DAOs
Cobie shared that he's been buying memes for months but not disclosing which ones, while hinting at some of his holdings
🚀 Memecoin Movers
$ELIZA (+73000% to $70M market cap, SOL)
$BAKKT (+15000% to $17M market cap, SOL)
$KIRBY (+19000% to $17M market cap, SOL)
$CHILLBUY (+540% to $40M market cap, SOL)
$ARIE (+160% to $10M market cap, SOL)
📈 NFT Floor Price Increase (ETH)
Pudgy Rogs (50%, 0.52 ETH Floor)
Banners (44%, 0.36 ETH floor)
Tubby Cats (41%, 0.05 ETH)
Treeverse (32%, 0.18 ETH)
Yayo (25%, 0.28 ETH)
🗓 Upcoming Mints and Events
Today is a busy day of mints and events mostly focused in art and AI.
Joe Pease has a drop with Glitch and Raja Nandepu has a mint with Braindrops.
See the full list and dive in for more details with Swizzy's daily mint monitor.
Dragons (10:00 a.m. ET)
Joe Pease x Glitch (11:00 a.m. ET)
Raja Nandepu x Braindrops (1:00 p.m. ET)
Wyatt Wide World (1:00 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.