For the Love of the Game (Market Commentary) |
“One of the most volatile periods for crypto, ever” feels pretty good right now. Leading up to the
Presidential Election volatility looked like $71K bitcoin on May 21 that took a dive all the way down to $53k on September 6, with plenty of chop in between. Since Donald Trump won the election last week, BTC is now on a historic rise rocketing up over 28% to $89k. Crypto’s darkest days may be a thing of the past. Optimism has started to manifest as major price action in NFTs too as of this week, with Monday being the single best day for NFT sales in 6 months. $26.42M worth of NFTs traded hands yesterday, as a familiar NFT trend gave us more evidence of what this cycle will look like. Yes, I’m talking about NFT collections from hot
memecoins. Since we last wrote about cult NFTs, a whole new crop of hot memecoins have been born including one that is diving head first into the NFT meta, Zerebro. Yesterday with help from the token’s dev, a new NFT collection called ZEREBORN was minted on Solana for .1 SOL, and after a quick sellout, saw most of its trading action
around 1.1 SOL. Over the past 24h, ZEREBORN has traded for $743K.
We also saw the holy Luce token’s Luces NFTs (not officially affiliated with the token) trade for over $660k yesterday, while established cult collections like Based Angles on bitcoin traded for $550k, Milady Maker $306k, Retardio Cousins $229k, and of course the king of bitcoin this week, the Bitcoin Puppets with a wild
$1.75M in 24h sales.
But CryptoPunks are the big story of NFTs right now, with a blistering 35 sales
yesterday, pushing the collection to $3.57M in sales in the past 24h. There’s no better leading indicator for momentum in the NFT market than CryptoPunks finding new homes, because dozens of collectors valuing a near $100K asset means it’s go time. The NFT market last week showed that the start of this NFT run has arrived, with sales up 30.23% from the prior week to $93.59M. Sellers were up 3.40% while buyers fell 6.23%, but the average sale price of NFTs climbed to $71.13 which accounts for the rise in sales volume. When reviewing the current week’s numbers next
week we’ll see the impact of the recent CryptoPunk sales. Spoiler-- average sale prices yesterday hit a 196-day high of $131.37. This is it. This is the big run, and while most (myself included) don’t see the NFT supercycle playing out, things will absolutely get silly for a period. Think back to the last cycle when NFTs like Mekaverse saw individual NFTs sell for as much as $1.8M. Yes, those times are coming back, and it will be just as incredible
as you remember. - CryptoPunks are leading the charge this week thanks to a massive rush of 35 sales yesterday. On the week the king of NFTs saw $6.96M in sales, up a whopping 483.42% from the prior week. The
Punks floor is back to almost $100K and is a major sign that NFTs are about to rip again.
- Bitcoin Puppets run is remarkable. Sales came in at $5.7M over the past 7d, up 217.45% from last week, and pushing their floor price up to .214 BTC.
- Pudgy Penguins were built for the crypto winter, and are now primed to cook this NFT cycle. Sales are up 285.71% to $3.11M, and with their Abstract Chain close to launching. These pengus
(degen speak for penguins) are primed to be on top again.
- ZEREBORN shows how quickly a new collection can mint and then dominate the NFT markets. Minting just yesterday and tied to the ZEREBRO memecoin, these NFTs have already traded for over $1.71M on
secondary as they blaze a trail for other memecoin NFT collections to follow.
- Ethereum sits at the top of the blockchain rankings this week… for now. Sales were up 65.83% to $43.62M,
but with the energy building on other chains, we may have a repeat of early 2024 when both Solana and Bitcoin flipped ETH on a daily basis.
- Bitcoin is primed to have maybe the biggest 2024/25 for NFT sales. The writing is on the wall too, as demonstrated by its $42.09M in sales over the past 7d, a top 5, 181.02%
increase.
- Solana NFTs also caught a bid this week, with sales up 37.73% to $17.79M. Solana’s memecoin ecosystem is still the hottest thing in crypto today, with multiple new memecoins getting
Binance listings this week (ACT and PNUT). If the memecoin NFT meta really takes hold, Solana’s NFT scene could be the main story of this run.
- The Doodles just announced a major partnership with McDonalds, with more details, or a live product launch coming on Monday. NFTs are clearly back when
brands like McDonalds are willing to collab with Web3, so expect news from Doodles and other Web3 brands to now start coming fast and furious.
- Some major NFT sales, but also, some major pieces that didn’t sell are helping us gauge how back this NFT market is. This week we saw a Lost Robbie sell for 210 ETH ($707K), Skull of Luci (Tree of the Bankless) for 100 ETH ($283K), CryptoPunk #784 sell for 70 ETH ($216K), a Bitcoin Shroom (Inscription #45) sell for 1.87 BTC ($147K), but both XCOPY’s DOOM Party and Pak’s Sui
Generis auctions at Sotheby's failed to reach their reserve prices, and did not sell. These were expected to fetch 7 figures.
- All eyes are on OpenSea and their new V2 marketplace. More specifically, people are watching to see if they drop a token. Some users got
to test drive the new marketplace features, and while the tools are looking great, the leaderboard and multipliers certainly make it look like an OpenSea token is coming.
- Magic Eden is getting ready to drop their own token called $ME, and we’re finally getting detailed tokenomics next Monday. These guys and
gals have been busy, preparing to integrate Sei NFTs along with a new $G3 token that can be used to buy NFTs on any EVM blockchain, they launched mempool protection on Bitcoin, and of course, getting their Runes swap platform ready to roll.
The CryptoSlam 500 NFT Index is back in the green this week with a 1.78% increase to 1,128.64. Crypto prices climbing roughly 25% in the past week helps, but while NFT floor prices historically remain flat while crypto runs, this time feels
different. Almost across the board, NFT floor prices are on the rise as experienced traders prepare for outsized gains on the collectible side of the blockchain. Watch the index in the 30d period to know when we’re officially back because right now it’s just 2% away. Heck, let’s just say it. We’re back. Be smart
and keep your finger on the pulse of this market, by keeping your eyes on CryptoSlam and the indexes. You can stay plugged in by fixing your vision on our new daily Web3 live show called Chain Reactor.
Have a MEGA GM! — Yehudah Petscher LiveArt - Superman by Andy Warhol
Date - Nov 12
Blockchain - Base
Price 0 .00614 ETH
Arcades
Date - Nov 12
Blockchain - Bitcoin
Price - .00029 BTC
Unity Date - Nov 12 Blockchain - ApeChain
Price - 20
APE |
Arbitrage is the practice of taking advantage of price differences between two or more markets to make a profit. In the context of crypto and NFTs, it means buying an asset in one marketplace where it’s priced lower and then selling it in
another where the price is higher. Successful arbitrage requires quick action and a keen eye for market trends, as these price gaps often close rapidly. It’s a strategy that can yield significant gains for those who stay sharp and know where to look. Happy hunting for those price gaps, and keep your moves swift! Received this from a friend? Sign up for this CryptoSlam VIP newsletter. |
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