💸 Reddit Is Buying Bitcoin
Plus ETH NFT traders are getting more big rewards, courtesy of Magic Eden.
TylerD's Market Summary
GM!
Today's top news:
Reddit discloses BTC purchase in IPO filing
Magic Eden says rewards are coming for ETH OGs
Persona dominates ETH, jumps 90% in debut
Bitcoin Puppets jump 30%, lead BTC NFT movers
Eigenlayer announces $100M raise from a16z
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💸 Reddit Is Buying Bitcoin (And More)
One of the major bullish crypto headlines from the 2021 cycle was when Tesla famously added Bitcoin to their balance sheet.
Tesla purchased $1.5B of Bitcoin in Feb 2021, an announcement that pushed the price up 20% to $44,500.
That buy set off a firestorm of chatter of which other companies would inevitably add Bitcoin to their balance sheets.
Well fast forward to 2024, and now we have the next major buyer.
What Happened?
Yesterday Reddit disclosed that it had invested a portion of its cash in BTC and ETH as a part of its IPO filing ahead of a potential March public debut.
The total amount was not shared.
According to the filing, Reddit did have $1.3B in cash on hand, leading to speculation on just how much was put into crypto.
They also shared that they had acquired ETH and Polygon (MATIC) "as a form of payment for sales of virtual goods."
Most likely from their NFT sales and royalty proceeds.
Market Impact & Why It Matters
While the news hasn't impacted the price of BTC yet (BTC -1% on the day), it has impacted other tokens.
Reddit's native r/cryptocurrency coin MOON jumped 27% on the day to $0.13 (and $14.7M marketcap).
Another Reddit-related micro-cap token DONUT jumped 46% to $1.6M market cap.
As for why it matters, this one is pretty straightforward.
Institutions are already buying Bitcoin now through the ETFs.
But public sentiment still hasn't shifted.
More major companies like Reddit adding crypto to their balance sheets will continue to signal to their followers, backers and the public that crypto is a credible investment (and a strong alternative to holding cash).
I doubt Reddit is the only major company to add crypto in 2024.
💰 Magic Eden To Reward ETH OGs
More free money is coming to early ETH NFT traders.
And this could be one of the biggest airdrops to date.
Yesterday, Magic Eden announced that it would be opening a Diamond claim for "ETH OGs" on March 13, 2024.
For quick summary:
What: Magic Eden Diamonds
Who: Early ETH NFT traders (details still TBD)
When: March 13
Where: A Magic Eden site (TBD)
How Much: up for speculation
On that last note, many are starting to compare notes to the Solana OGs who were rewarded.
Based on one anecdote, every $7-$8 in trading volume equated to 1 Diamond. Thus this trader who did $2.3M in trading volume got 300,000 Diamonds.
Again, just one example and pure speculation, but an interesting data point nonetheless.
Now the question becomes - will Magic Eden reward ETH OG's more or less than the Solana OGs?
And where do the current and historical Bitcoin NFT traders fit in?
Hopefully we find out soon.
Oh, and one other thing - OpenSea, the pressure is on...
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
Ethereum led NFT trading volume with $22.9M on the day; Bitcoin saw $16.2M and Solana was next with $6.8M
Persona was the big winner on ETH, jumping 93% from its 0.29 ETH public mint to a 0.56 ETH floor this morning, also leading trading volume
Pandora was another notable winner, spiking 43% to 9.9 ETH with its token +30% to a $240M mc
Dmitri Cherniak announced his new drop would be a 100 edition book with accompanying NFT and signed print, priced at $4,500
BTC NFTs saw a big day led by NodeMonkes (even at 0.263), Bitcoin Puppets +30% to 0.091, Quantum Cats +10% to 0.244 and RSIC holding at 0.072
Pizza Ninjas are going to Sotheby's, with Pizza Ninja #1 (inscribed on a very rare Uncommon Pizza Sat) live on auction until Feb 29
Solana NFTs chopped on the day with Mad Lads holding at 198 SOL and Tensorians at 79; Kanpai Pandas were a winner, +7% to 77 SOL
💰 Token, Airdrop & Points Tracker
Introducing a brand new section, highlighting any major token or airdrop news from the day.
Eigenlayer announced that its core development team Eigen Labs has raised $100M from a16z
Juice Finance shared that its testnet is live and encouraged traders to join to start earning Blast points
MetaStreet announced a partnership with Allora to help power watch-backed NFT lending for the luxury watch market
Starknet changed its token unlock schedule after community feedback, now with just 0.64% of the tokens unlocking on Apr 15 vs planned 13.4% ($STRK +7% to $2.02 on the news)
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
Crypto majors are red again this morning; BTC -1.3% at $50,960; ETH -2% at $2,935; SOL -3.5% at $102.3
XAI is up 10% to $1.42 ($395M mc) leading gaming; PEPE is up 10% to $500M leading memecoins
Ethena Labs slashed its yield from 44.3% to 15.2% in an abrupt and surprise change
Proof of Play is launching Proof of Play Multichain to help scale its fully onchain game Pirate Nation
Wormhole announced a collab with AMD to use its AMD chips for cross-chain scaling, communication and interoperability
🚀 NFT Total Volume (ETH)
Persona (1,899 ETH, 0.56 ETH Floor)
BAYC (1,419 ETH, 22.2 ETH)
DeGods (601 ETH, 2.8 ETH)
Pudgy Penguins (545 ETH, 19.5 ETH)
MAYC (544 ETH, 4.03 ETH)
📈 NFT Floor Price Increase (ETH)
Sheboshis (105%, 0.23 ETH Floor)
Persona (93%, 0.56 ETH)
Pandora (43%, 9.9 ETH)
Shiboshis (37%, 0.24 ETH)
Full Send (26%, 0.29 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is a much slower day to close out the week without any notable drops.
Expect Persona to maintain hype on ETH, the recent movers to maintain momentum on BTC and Pandora may steal the show this weekend in 404 land (along with any new stealth 404 drops).
See the full list and dive in for more details with Swizzy's daily mint monitor.Â
Memes by 6529 (11:00 a.m. ET)
Artography - Cybords (3:00 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