$MEME Soars, Leaves NFTs Behind
$MEME Soars, Leaves NFTs Behind
Memecoin is on fire this week, but the Memeland NFTs aren't tracking. What gives?
TylerD's Market Summary
GM!
Today's top news includes:
$MEME soars to $300M market cap, NFTs don't track
Solana NFTs trend up while SOL dips
Parallel announces more emissions, $PRIME falls 10%
DraftKings Reignmakers Milly Maker packs drive $1.85M in sales
A fake BlackRock XRP Trust briefly sends XRP up 10%, fully retraces
📈 $MEME Hits $300M Market Cap
Memecoins are hot.Â
And even with the recent resurgence in NFT interest in volume, memecoins don't seem to be fading away.
They're likely here to stay.
And there’s just "one $MEME to rule them all" - $MEME from Memeland.
The market is trying to make $MEME the king, sending it up 60% yesterday and up over 100% from local bottom.
But it's presenting an interesting arb opportunity with the Memeland NFTs.
What Happened?
Yesterday, $MEME rallied as high as $0.037 on over $1.1B in trading volume before settling at $0.033 this morning.
That was a 100% gain from local levels on Nov 9, and even at current levels, it's up 77% on the week.
The spike in interest led the Memeland account to share its "Five Strategic Objectives" including:
Product
Event
NFT
Integration
Swag
(The first letters spell out "penis," in case you were taking this seriously)
They also reconfirmed their goals to empower creators with blockchain and advance Memeland as a Community Company.
Not much detail there, but the mystery and high-level vision have worked for them so far - so why change?
$MEME vs NFTs
But here's where it gets more interesting - the NFTs are not moving in line with the $MEME surge.
Floor Captainz jumped about 10% on the week to a 4.36 ETH floor, but nowhere near the 77% jump in $MEME.
If you haven't been tracking, there are massive amounts of $MEME locked in the Captainz NFTs.Â
Per NFT Stats' analysis from last night, the amount of $MEME compared with floor price for the various tiers of Captainz:
Human: 11.9 ETH of $MEME vs 4.4 ETH floor (63% discount)
Kraken/Shark: 22.5 ETH of $MEME vs 8.2 ETH floor (64%)
Kaiju/Kong: 34.7 ETH of $MEME vs 16 ETH floor (54%)
Alien: 119 ETH of $MEME vs 39 ETH sales (68%)
So the NFTs are trading at a massive discount to the value of $MEME locked in them.
Why is that?
A mostly unknown unlock schedule. Current rumors are that $MEME will unlock every 6 months for the next 2 years, but not much detail is known besides that.
Given the unknowns, the market is pricing at a major discount. Interestingly, that discount opened at 50% and seems to be getting bigger.Â
We will see how it trends.
👥 Friend Tech Trend Tracker
The Friend Tech market remained quiet on Monday, though numbers recovered a bit from a very slow weekend.
Here are some of the core Friend Tech metrics for 11/13 and their day-over-day change:
Return users: 1,562 -> 1,661 (+6%)Â
Daily Buy volume: $0.288M -> $0.365 (+27%)Â
Total Volume: $0.8M -> $0.727 (-9%)Â
TVL: $46.1M -> $45.83M (-1%)Â
Highest key: CBB 6.28 -> 6.24 (-1%)
*TVL in ETH terms 22,487 -> 22,556 ETH (even)
So users and buyers ticked up a bit, and TVL did as well.
Nothing else major to report - will check back in tomorrow.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
Trading volume fell for the 4th day in a row to $16M on Monday; the leaderboard was mostly red, down 1-3%
Forgotten Runes Watcher's Rings led top movers up 34% to 0.34 ETH; Toadz also popped 16% to 1.28 ETH floor
Solana NFTs continued to pump, with Mad Lads up 5 SOL to a 79 SOL floor, Claynosaurz up 4.5 SOL to 33, and Bodoggos up another 20% to 4.1
The Echelon Foundation (Parallel) is implementing a "substantial increase" in $PRIME emissions starting 11.13; $PRIME fell 10% on the day to $4.85
Parallel's Open Beta has been approved by the Epic Game Store and will be featured there shortly
Art on Internet released the second trailer for the upcoming Jack Butcher Velocity Series drop; Velocity Pass fell 5% to 0.71 ETH
DK Reignmakers held a pack drop for its upcoming Millionaire Maker tournament priced at $129.99, driving $1.85M in sales volume (2nd most of any NFT project on the day)
CyberKongz launched SAGA, a new interactive storytelling platform where community members influence the narrative with their own NFT assets
Nike .SWOOSH is releasing a TinaJ shirt this Thursday showing "This is not a JPEG" language
Lacoste launched a "Factory Drop" collection, open to the public but with price discounts for Lacoste UNDW3 Card holders
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
The crypto market fell again on Monday;Â BTC -1% at $36,330; ETH -0.5% at $2,035; SOL -8% at $52.40
$BLURÂ fell 8% to $0.34, now down nearly 30% from local highs, with the airdrop 6 days away
A fake headline mentioning a BlackRock XRP Trust filing briefly sent XRP up 10% before it was realized the news was not real
The Sandbox announced a Cinerama LAND Sale, offering Sandbox Metaverse LAND owners movie-themed spaces in partnership with top film brands
Animoca Brands partnered with Chiliz, which helps sports brands engage and reward their fans via blockchain; already having partnered with notable football clubs like Paris Saint-Germain and FC Barcelona
🚀 NFT Total Volume
BAYC (2,690 ETH, 29.69 ETH Floor)
Captainz (741 ETH, 4.36 ETH)
MAYC (624 ETH, 5.72 ETH)
DeGods (576 ETH, 3.26 ETH)
Pudgy Penguins (245 ETH, 5.19 ETH)
📈 NFT Floor Price Increase
Forgotten Runes Watcher's Ring (34%, 0.34 ETH Floor)
Pixelmon Trainers (22%, 0.23 ETH)
Farm Land (20%, 0.66 ETH)
CrypToadz (16%, 1.28 ETH)
My Pet Hooligan (14%, 0.64 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is a busier day of drops as the week picks up.
It's mostly art drops on the list, but Courtyard is also back every day this week as part of their "Web3 Week of Thanks," giving out 100 Pokemon packs for free every day.
Fingerprints DAO is partnering with artist Teto for their genesis long form collection with Panopticon today, likely giving it a boost in attention. There are 600 in total, starting at 0.2 ETH with a resting price of 0.05 ETH.
See the full list and dive in for more details with Swizzy's daily mint monitor.Â
A-Mashiro "Age of Steel" (11:00 a.m. ET)
Courtyard - Pokemon Packs (12:30 p.m. ET)
Teto - Panopticon (12:00 p.m. ET)
Dylan Wade - See You Soon (1:00 p.m. ET)
postwook x Joelle LB - The Road Less Travelled (6:00 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 tyler.warner@luckytrader.com.