Bitcoin Tumbles On Mt Gox Concerns
$9B is on the move leading to major sell concerns. Plus Pudgy Penguins are on the rebound after a major announcement.
TylerD's Market Summary
GM!
Today's top news:
BTC tumbles 5% on Mt. Gox distribution news
WIF falls 30% on week, out of top 50 and to 3-month lows
Solana devs intro "ZK Compression" to help scale Solana
Blast airdrop speculation runs rampant as team moves 17% of tokens
Luca introduces new Pudgy parent company Igloo Inc
📉 Mt. Gox Bitcoin Is Finally On The Move
Last week it was the German government selling keeping crypto prices down.
And now the final boss is making moves.
But does this mean there's light at the end of the tunnel?
What Happened?
This morning Mt. Gox issued notice that it will begin repayments to its customers in Bitcoin and Bitcoin Cash.
Bitcoin immediately fell on the news, down 5% on the day to $61,000
It's a big deal, because reimbursements include 142,000 Bitcoin ($8.6B) and 143,000 Bitcoin Cash ($50M).
The Trustee noted that they have been preparing payments in compliance with the rules and regulations of each country of its impacted customers, likely meaning some will receive different payout types from others.
For those unfamiliar, Mt. Gox was the biggest Bitcoin exchange back in 2010-2014 era but closed its exchange suddenly back in Feb 2014 and filed for bankruptcy, leaving many customers missing their Bitcoin.
Now, 10 years later - their customers are getting some of their Bitcoin back.
Why It Matters
Bitcoin was $600 back in Feb 2024, so it's up 100x in this 10-year timespan.
Which leads to the concerns that those reimbursed will likely sell and cash in on their massive gains.
There is also speculation that this information was leaked and "insiders" have been selling over the previous weeks, also explaining some of the red Bitcoin price action.
It's certainly had an impact on the market here this morning and likely tees up a volatile July.
But, the good news - after Mt. Gox and the German government are done selling, who is left?
🧊 Enter The Igloo
Some are saying NFTs are dead, forever.
Apparently no one told Luca Netz and the Pudgy Penguins.
What Happened?
On Saturday, Luca Netz (Pudgy Penguins CEO) introduced their new parent company Igloo Inc.
It sits over Pudgy Penguins, Overpass (the IP arm) and a "Redacted" entity.
The company's mission is to "create the largest onchain community, driving the consumer crypto revolution."
The plan is for Igloo Inc to form this broader end-to-end ecosystem allowing for new entrants to join this community in a non-dilutive fashion.
Music to NFT holders' ears.
The team went on to confirm the Pudgy Penguins serve as top of funnel, Overpass IP aligns holders with the team/brand through licensing opportunities, and the new "Redacted" entity sits between them.
They teased more in the coming months to complete the picture and show the full vision.
Why It Matters
NFT prices may be down, but the strongest teams keep building and fighting.
And the Pudgy Penguins are positioned at the top of this class of teams.
Some have called for Pudgy's to be the "Bored Apes of this cycle" or to flip Punks - well, announcements like this (and the reveal of Redacted) could make that happen.
Exciting times ahead for the Pudgy ecosystem...
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
ETH led NFT trading volume with $4.6M (+25%) on the day; Polygon was next with $3.1M and then BTC & SOL with $2.5M & $1.5M
ETH NFT leaders were down 2-5% following the crypto tumble; BAYC -2% to 9 ETH, Pudgy -2% to 8.98 ETH, Milady -3% to 5.35, Azuki -2% to 3.09
CryptoPunks saw another 14 sales over the weekend as the floor jumped 5% to 26.65 ETH
Sword of Grandia and rektguy were top movers on the day, jumping 10-20% each
BTC NFT leaders fell hard; NodeMonkes -16% at 0.16 BTC, Puppets -9% at 0.1 BTC, OMB -2% at 0.196 and Quantum Cats even at 0.24
The Runes leaders were also mostly red with DOG -4% at $520M mc, RSIC -10% at $109M, and PUPS +6% at $71M
Solana NFTs chopped over the weekend; Mad Lads even at 66 SOL, SMB Gen 2 even at 26, DeGods even at 21
Luca Netz announced Igloo Inc, the new parent company for Pudgy's, Overpass & "Redacted" with the mission to build the largest Onchain community and drive a consumer crypto revolution.
Beeple memorialized the Hawk Tuah meme in his Friday night Everyday, briefly sending the corresponding SOL meme coin to ATH before falling
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token or airdrop news from the day:
Blast airdrop speculation was rampant as the team loaded 14B tokens and 3B tokens into separate contracts, leading Stats to bump his estimate to $8.58 (though acknowledging the 15-20% drawdown in L2s could bring it back to $7)
AI Arena announced its $NRN token comes June 24
Animoca's $MOCA TGE expected for July
Fantasy Top completed its latest round of tournaments and tactics, also sharing that Heroes make 20% of Tactics revenue
Pacmoon rallied 20% on the day, making it a top 5 memecoin mover across chains (min. $10M mc)
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
Crypto majors are red this morning; BTC -5% at $61,070; ETH -5% at $3,320, SOL -5% at $127
Mt. Gox issued notice that it will begin making repayments in Bitcoin and Bitcoin Cash starting in July and in accordance with the rules of each impacted country
Memecoin majors are also red with DOGE -5%, PEPE -7%, WIF -9%, BONK -8%
WIF fell 35% on the week to $1.60, falling out of the top 50 tokens
New celeb coins from Jason Derulo ($JASON) and Ronaldhino dropped Sunday, with $Ronaldhino reaching $20M ($2.8M for JASON)
MOG was a notable outperformer on the weekend, jumping to a $390M mc and becoming the #2 ETH meme
Solana dev Mert introduced "ZK Compression" to help scale Solana in what could be a 5,000x improvement in Solana state compression (leading to a similar reduction in fees)
🚀 Memecoin Movers
$Ronaldinho (+700%, $20M market cap, SOL)
$CRASH (+260%, $21M market cap, Base)
$JESUS (+72%, $15M market cap, ETH)
$SOLMIE (+63%, $12M market cap, SOL)
$PAC (+20%, $26M market cap, Blast)
📈 NFT Floor Price Increase (ETH)
Bad Egg (60%, 0.15 ETH Floor)
Alpha Gate (43%, 3.3 ETH)
Echo Key (42%, 0.69 ETH)
Sword of Grandia (16%, 0.58 ETH)
rektguy (10%, 0.21 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is another slower day of mints, again mostly in the art sector.
GrailersDAO is doing a collab on Bitcoin called All at Once which is likely the highlight.
See the full list and dive in for more details with Swizzy's daily mint monitor.
Today - Growth Elixir (7:00 a.m. ET)
Atmonez - Watchers Desk (9:00 a.m. ET)
GrailersDAO x Singular x Verse - All At Once (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.warner@luckytrader.com.