💸 Solana Flips ETH in Volume

Plus the celeb memecoin meta hits a new level.

TylerD

Jun 10, 2024

TylerD's Market Summary

GM!

Today's top news:

Crypto majors even to start week
Solana beats ETH in DEX volume 4 days in a row
Iggy announces phone launch, payable in MOTHER or SOL
zkSync teases airdrop news, debuts ZK Nation
Yolo Games TGE this week following Stakeland partnership

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📈 Solana DEX Volume Bests Ethereum

It was a wild weekend in the memecoin streets.

Marked by spaces, surprise phone announcements and major personalities launching tokens.

And Solana was the big winner.

What Happened?

Solana saw more trading volume on DEX's (decentralized exchanges) than Ethereum for 4 days in a row this past week & weekend.

This was highlighted by Solana capturing a whopping 50% of DEX volume on Saturday to the tune of $2.9B (ETH saw $1.85B).

The driver?

Memecoins.

Celebrity and "culture" memecoins to be precise.

After Iggy Azalea's token hit $200M in market cap last week, other big personalities have jumped in.

Andrew Tate launched a few memecoins on Saturday which drove the huge volume spike, with his tokens alone seeing $600M+ in volume.

Then later in the day, Alex Finn (formerly NFT God) hosted a spaces titled "Memecoins" featuring Tate, Donald Trump Jr., Dan Bilzerian, Wall Street Bets and more.

That spaces saw 15k concurrent listeners and 250k+ plays.

Safe to say - memecoins are hot.

And they run on Solana.

Why It Matters

Many believe that memecoins are the NFTs of this cycle and that they're here to stay.

Well, Solana has proven to be the early leader in this sector.

Celebs are choosing to launch on Solana over other chains.
Pump dot fun (the leading memecoin launchpad) lives on Solana.
And now Solana is finally besting ETH in onchain volume.

And if new entrants want to play in the memecoin casino - well they have to buy SOL.

It's bullish for the SOL token, without even factoring in all the other Solana ecosystem developments.

It's also bullish for the Solana memecoin leaders. It's hard to imagine a memecoin cycle that runs on Solana not drive one of its memecoins to top 10 in overall market cap.

Solana is winning - time to pay attention if aren't already.

Pump dot fun had a $1.1M day on Saturday, another big winner of the Solana memecoin craze

at else is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

ETH led NFT trading volume with $9.2M on the day (+120%); BTC was next with $6.5M and then Solana with $2.2M (+13%)
ETH NFT leaders were red with BAYC -1% to 11.58 ETH, Pudgy -3% at 9.86, Azuki +1% to 3.92 and Milady -1% to 4.34
Kaiju Kingz and Sproto Gremlins were notable outperformers on the day
BTC NFT leaders rebounded on the day; Puppets +16% at 0.17 BTC, NodeMonkes +5% 0.244, OMB even at 0.27 and Quantum Cats +2% at 0.306
The Runes board was red to start the week with DOG -3% ($700M mc), RSIC -7% ($190M) and PUPS -7% to $159M
The Runes Pup token migration deadline passed with 18% of the total supply set to be potentially burned
Solana NFTs were mixed; Mad Lads -1% at 66 SOL, SMB Gen 2 even at 24, DeGods even at 26
Blast NFTs were mixed with Apollo +15% and Mystery Box +18% leading
Luca Netz teased Season 2 of "Building In Public" coming soon
Memeland launched Stakeland Air starting with YOLO Games
Grant Yun partners with US Dept of State to feature his art in Embassies

Yolo Games has its TGE this week and Memeland is helping

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token or airdrop news from the day:

Fantasy Top rolled out a new tourney structure with 4 contests with various constraints & unlimited entries; prices soar ahead of lock today at 5 pm ET
Blastin Pepes $BPEPE won the 11% Blast Jackpot for 298k Gold
Wasabi distributed 256k Gold in its latest distribution
Friend Tech partnered with Conduit for Friend Chain, $FRIEND briefly rebounded 15% to $0.80 on the news before falling to $0.66
zkSync teased airdrop news coming this week saying "pregame starts tomorrow", announces ZK nation as new governance body
Yolo Games announced its TGE (token launch) coming this week

🌎 Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

Crypto majors are mixed this morning; BTC even at $69,370; ETH -0.4% at $3,670, SOL +0.5% at $160
Memecoin majors are mixed as well with DOGE -1%, PEPE +3%, WIF +2%, BONK -1%; BYTE, NORMIE, KENDU outperform
BTC ETF inflows are shown to be increasingly delta neutral plays and not simple longs
Trump branded himself as the "crypto president" at a San Francisco fundraiser
Alex Finn held a memecoin space on Saturday featuring Donald Trump Jr., Tate, Bilzerian & more
The GME related tokens all sunk on Friday after the Roaring Kitty stream largely disappointed, then rebounded slightly yesterday after another cryptic tweet
Iggy Azalea announced a new phone dropping later today, purchaseable with $MOTHER and Sol, and the fact that she runs a Telecom company

BTC ETF inflows are countered with funds going short for a delta neutral trade - meaning we can’t trust the inflow numbers

🚀 Memecoin Movers

$BYTE (+160%, $19M market cap, ETH)
$BIRDDOG (+90%, $16M market cap, ETH)
$NORMIE (+50%, $40M market cap, Base)
$KENDU (+35%, $190M market cap, ETH)
$CHOMP (+37%, $66M market cap, Base)

📈 NFT Floor Price Increase (ETH)

Kart Party (54%, 0.5 ETH Floor)
Kaiju Kingz (50%, 0.18 ETH)
bythen chip (42%, 0.63 ETH)
Sproto Gremlins (19%, 0.91 ETH)
Topia Worlds (12%, 0.78 ETH)

🗓 Upcoming NFT Mints and Reveals

Today is a slower day of mints and events to start the week.

Timmboslice is the meme card artist and Developer is on deck for Onchain Summer.

The highlight is likely the Fantasy Top next round of tourneys that launch today at 5 pm - the first in this new style.

See the full list and dive in for more details with Swizzy's daily mint monitor.

Memes by 6529 (11:00 a.m. ET)
Developer x Prohibition - Onchain Summer (12:00 p.m. ET)
RalenArc - Matrix (3:00 p.m. ET)
Fantasy Top tourney start (5:00 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.