Trump Tokens Rally Ahead of Elon Convo

Plus catch up on the week's crypto rebound and weekend headlines.

TylerD

Aug 12, 2024

TylerD's Market Summary

GM!

Today's top news:

Crypto majors rally this AM, ETH leads at $2,675
MAGA coins surge ahead of Trump x Elon convo tonight
SUI jumps another 17% leading alts, now +120% on week
Celsius sues Tether for $2.4B worth of BTC
Canto goes down due to consensus mechanism issue

💰 MAGA Memecions Run As Trump Prepares To Speak with Elon

It was a relatively quiet weekend in crypto.

But the week is going to get off to a fast start with Trump doing a spaces with Elon tonight.

And the meme market is already moving in anticipation.

What Happened?

Elon and the X team confirmed that Elon will speak with Donald Trump in a live spaces conversation tonight at 8 pm ET.

Elon teased the conversation as "unscripted with no limits on subject matter" and has encouraged X users to submit questions in advance.

And crypto degens are already finding ways to bet on the conversation.

MAGA memecoins jumped on the day and were some of the biggest movers across chains:

MAGA +48% to $33M
DMAGA +28% to $20M

Polymarket is allowing people to wager on which topics (words) will be covered during the conversation.

That market has already seen over $800,000 wagered and some notable lines:

"MAGA" at 62c
"Crypto" at 59c
"Censor" at 60c
"Trans" at 39c
"Weird" at 42c

If any of those words are spoken by Trump during the interview, the Yes bets will cash.

A fun way to bet on the conversation.

Broader Market Report

Crypto majors mostly chopped on the weekend, with ETH outperforming. But they all closed the week in major green coming out of last weekend's dip.

BTC at $59,800 (+18% on week)
ETH at $2,670 (+19.5% on week)
SOL at $150 (+35% on week)

Pretty solid rebounds. ETH even saw its first week of positive inflows into the ETH ETFs, helping support price action.

Meme majors were red this weekend but saw similar weekly numbers, with leaders up 30-50% and WIF (+65%) and POPCAT (+100%) moving even more.

SUI continues to outperform and lead alts, jumping 18% on the day to $1.04 and up a whopping 120% on the week. It's now a top 30 coin by market cap.

The week ahead does look volatile, however, with Israel reporting a large-scale attack from Iran is "imminent."

Then inflation data comes Tues (PPI) and Weds (CPI) along with jobles claims (Thurs) - all data points which can impact this shaky market.

So buckle up, it may be a bumpy ride.

🚚 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 $3.3M on the day; Solana was next with $2.1M, and then BTC with $1.4M
ETH NFT leaders were mixed; Pudgy -2% at 8.24 ETH, BAYC +2% at 9.85, Milady -4% at 3.85
Early Retired Cats (+77%) and Digidaigaku Heroes (+55%) were top movers
BTC NFT leaders were mixed; NodeMonkes -10% at 0.106 BTC, Puppets -8% at 0.07 BTC, Quantum Cats +16% at 0.278, OMB -3% at 0.159; RSIC jumps 35%
The Runes leaders were mixed; DOG -1% at $307M mc, RSIC +7% at $66M mc, PUPS -6% at $29M
Solana NFTs were slightly red; Mad Lads even at 55 SOL, SMB Gen 2 -1% at 20, DeGods -1% at 28
Doodles premiered "Not in the Store" video on Doodles TV along with packs for digital adidas collab merch

💰 Token, Airdrop & Protocol Tracker

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

Pump Fun metrics shared over the weekend showing just 0.12% of tokens launched reach profitability
Fantasy Top evicted 5 Heroes after the first-ever eviction vote, to be replaced this week
Rollbit added Solana token deposits including RAY, WIF, JUP, BOME and more
Pacmoon has rallied nearly 3x off its local bottom ahead of its burn and conversion to ARMY coming on the 14th-15th

🌎 Around Crypto and Web3

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

Crypto majors are mixed with ETH leading; BTC -2% at $59,500; ETH +0.5% at $2,670, SOL -3% at $150
Memecoin majors are slightly red down 1-4% with DOGE -2%, PEPE -1%, WIF -1%, BONK -2%, MOG -8%
Bitgo announced it will transfer controls of its WBTC product to a joint venture with BiT Global
Celsius has sued Tether for $2.4B claiming they liquidated their position without providing an opportunity to post collateral
Canto went down for a full day to an apparent consensus mechanism issue
Animoca was recently valued at $1.5B, 75% lower than its valuation in July 2022 when they raised $75M

🚀 Memecoin Movers

$UWU (+90%, $29.5M market cap, SOL)
$WDOG (+58%, $22M market cap, SOL)
$MAGA (+48%, $32M market cap, ETH)
$DMAGA (+32%, $21M market cap, SOL)
$FWOG (+11%, $19.6M market cap, SOL)

📈 NFT Floor Price Increase (ETH)

Echo Key (110%, 1.47 ETH Floor)
Early Retired Cats Club (77%, 0.24 ETH)
Digidaigaku Heroes (55%, 0.48 ETH)
BlockGames Dice (28%, 0.04 ETH)
Treeverse (24%, 0.32 ETH)

🗓 Upcoming Mints and Events

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

Izzzi Kim is the meme card artist and Katie Morris is doing a drop with Tender and Verse.

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

Sleap (9:00 a.m. ET)
Memes by 6529 (11:00 a.m. ET)
Seedhunter (11:00 a.m. ET)
Katie Morris x Tender x Verse - In Spirit (2:00 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.