Trump's Pro-Crypto Comments Spark Memecoin Rally
Plus a surprising Blast Jackpot 4 win shifts the entire Blast farming dynamic.
TylerD's Market Summary
GM!
Today's top news:
Crypto majors dip, NFTs dip harder
Biden admin to veto crypto self-custody for banks
Trump pro-crypto comments spark political meme rally
Blast Jackpot 4 lands on Wasabi Pac Vault, nearly 1MM gold
Fantasy Top ends Tourney 1 early, floor dips and rebounds
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🙈💸 Political Memecoin Season Heats Up
Like it or not, politics is becoming deeply intertwined with crypto.
For reasons you would expect (policy, regulation) and for some you might not (memecoin price action).
And the market impact is becoming too big to ignore.
What Happened?
Two major political stories broke yesterday impacting crypto:
The Biden administration said it plans to veto legislation allowing banks to custody crypto
Trump made several pro-crypto comments at a rally last night and said he'd accept donations in crypto
Regarding the Biden news, the decision was apparently driven because self-custodying for banks would "disrupt the SEC's work to protect investors."
What could that possibly mean?
It’s just the latest in the Biden administration's crusade against crypto, rightfully or wrongfully. And it does not appear to be slowing down.
As for the Trump comments, in a different year these may not even make headlines.
But given the memecoin cycle we're in, they had a massive impact.
The top movers and winners on Solana yesterday were all political coins:
TRUMPWIFHAT +12000% to $6.8M (🤣)
DC (DonaldCat) +235% to $7.6M (🤣🤣)
tremp +120% to $60M
boden +15% to $246M
Massive gains on what was largely a red day in crypto.
Why It Matters
I'm going to put aside the Biden admin's crusade against crypto here, because of course it matters the most and will fundamentally impact the industry if it continues for another 4 years unchecked.
That's dark.
On a lighter note, the political memecoin sector is fun again.
Savvy traders can see potential viral news event, make trades, and win. Anyone who saw Macdegods' video early and bought tremp won big.
With another 6 months to go in the election cycle, expect more and more of these opportunities.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
BTC led NFT trading volume with $7.5M on the day (+10%); ETH was next with $6.1M (-6%) and then Solana with $3.4M (+12%)
Bitcoin Puppets led BTC trading volume with 15 BTC volume and holding at 0.22 as most Ordinals leaders dipped 5-10%
OMB -5% to 0.39 BTC; Quantum Cats -15% at 0.33, and Node Monkes -6% to 0.28
ETH NFT leaders were mostly red down 3-7% again; BAYC -7% to 14.3 ETH; MAYC -8% to 2.73; Pudgy -7% to 11.5; Doodles +6% to 1.82 outperformed again
Wolf Game led top movers, jumping 160% to 0.07 ETH
Solana NFTs were also red on the day; Mad Lads -11% to 70 SOL, Tensorians -5% at 12; DeGods -3% to 44, and y00ts -2% to 10.5
Blast NFTs saw red for the first time in awhile, with many sets down 5-20%; Blastopians -20% to 0.32, Plutocats -6% to 2.28
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token or airdrop news from the day:
The Wasabi PAC vault hit Blast Jackpot 4 for a whopping 57% win (965k Blast Gold), with PAC holding steady at $0.176
Fantasy Top closed its Main Tourney a day early due to botting concerns, and then announced Leagues (floor up 20% off lows to 0.011 ETH)
$PUPS began its migration to runes via the Runes Migration Portal, open indefinitely (PUPS at 425 sats and $259M mc)
Friend Tech added new Casual Price curves and announced that 2/3 of protocol fees from Club Key swaps will go back to users
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
Crypto majors are red this morning; BTC -2% at $61,000; ETH -0.5% at $2,970, SOL -2% at $142
Memecoin majors were mixed with DOGE -1%, WIF -4%, PEPE +3%, BONK -2%; tremp, boden, HIM and CHUCK outperform
The Biden administration said it would veto legislation to allow banks to self-custody crypto in its latest crackdown effort
VanEck's MarketVector launched a new Memecoin index featuring DOGE, SHIBA, PEPE, WIF, FLOKI and BONK
🚀 Memecoin Movers
$TRUMPWIFHAT (+12000%, $6M market cap, Solana)
$DC (+235%, $8M market cap, Solana)
$TREMP (+120%, $60M market cap, Solana)
$HIM (+200%, $11M market cap, Base)
$CHUCK (+33%, $20M market cap, Base)
📈 NFT Floor Price Increase (ETH)
Wolf Game (160%, 0.07 ETH Floor)
Volted Dragons (50%, 0.09 ETH)
KIP Protocol (17%, 0.1 ETH)
Skyborne Nexian Gems (13%, 1.08 ETH)
Yogapetz (13%, 0.45 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is a very slow day without any marquee events or mints of note.
Expect more attention on SocialFi and more jockeying for the Blast Jackpot 5.
See the full list and dive in for more details with Swizzy's daily mint monitor.
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