It was a massive week for Web3, but do yourself a favor--don’t look at the charts
today.
Let’s start with the biggest story of the past week: Bitcoin broke $100k! It’s a number we’ve speculated about for years, and it arrived with a type of energy that has electrified the market. While the broader crypto market is stuck in PVP mode and BTC is fighting to regain $100k, it’s pretty clear that at the macro level we’re heading into a very special part of this bull run. We’re also entering token airdrop season, with traders just today getting to claim the highly anticipated Magic Eden token. Right now $ME is trading at just over $5, with many traders selling right at claim time to get liquidity, and others staking to earn more tokens over time. The Pudgy Penguins had a major surprise announcement last week, revealing that they’ll be launching their own memecoin in the next 20 days. The token will be called $PENGU and will launch on Solana, not on their own Abstract chain or Ethereum. It’s a surprise move in all regards, and one that many are speculating could
give Pudgy Penguins holders a 6 figure pay day.
OpenSea’s token is still on the horizon, and while it will not be dropping in 2024, it might arrive at a perfect time early next year to fuel the peak of the NFT cycle. That’s why these airdrops are so important. They keep traders liquid and keep them trading NFTs. After all, that’s how they typically earned these airdropped rewards, and it’s likely they could see another round of rewards from some of
these major platforms next year. In January, the Jupiter exchange on Solana will be dropping another $800m worth of tokens to their
platform’s users. The fuel to keep this market cooking just continues to be delivered to traders, and it’s just a matter of time until we see it unleashed on the NFT market. It’s a market that’s now picking up momentum, finishing with higher volume for the 2nd consecutive week with $173.12m in sales. While unique market participants are down, the traders who are active are driving wash sales to an 18 week high of $22.56m. Trade profits positive for the first time in 33 weeks, coming in at
$1.71m.
We have just 3 weeks left in 2024, and I’ll be watching to see if NFT volume can pick up enough to push our yearly total sales ahead of 2023. Right now we’re looking at $8.22b this year vs $8.71b last year, so we’ll need about $490m in sales over the next few weeks to realize this. It’s a long shot, but the influx of liquidity just might get us there. - Pudgy Penguins are on fire this week, coming in as the top NFT collection with $29.57m in sales. It’s their upcoming $PENGU token that has traders collecting in a frenzy, in a bid to get a
token allocation.
- Ordinals sales are down -17.20% this week to $8.46m as traders are turning to collecting ETH NFTs, memecoins, and Runes (ex - $DOG hit a new ATH at $980m
MC).
- CryptoPunks sales fell -62% to $7.79m, but we’re still seeing some major sales in the collection. CryptoPunk #2202 was the top NFT sale in the past 7d, selling for 125 ETH ($455k).
- ai126z partner NFTs is a community created NFT collection that was created for the ai16z developer community. Sales came in at a whopping $4.34m with their floor price hitting as high as
4.16 SOL.
- Ethereum is the top blockchain by sales volume in the past 7d, with sales down -8.38% to $87.24m. Buyers
also declined -50.01%, but as NFT season ramps up, so does wash trading. Wash sales are up +17.76% to $24.94m this week.
- Bitcoin Ordinals and BRC20 sales fell -5.37% to $45.47m, and buyers also declined -8.61%. Traders are watching to see if the $ME token drop will flow into the Bitcoin ecosystem, as
these traders were rewarded at a higher rate than any other chain.
- Solana NFT sales were up +2.24% to $16.16m. The top sale on Solana was Boogle #86 which sold for 1,300 SOL ($305k)
- The Pudgy Penguins sent shockwaves through Web3 last week when they announced that they’ll be launching a Solana memecoin called $PENGU. Pudgy Penguins prices soared to over 22 ETH on secondary, flipping the Bored Ape Yacht Club floor, and driving volume to a multi-year high. This token will drop this December and will be given to Pudgy and Lil Pudgy holders, along with a small allocation to roughly 15 other NFT communities.
Winter is coming.
- Magic Eden’s $ME token is now out in the wild for traders to speculate on, but it’s the platform's awesome updates that have many extra
excited. As of today traders can swap their $ME token directly for Bitcoin, list Solana NFTs using the $ME token instead of $SOL, and stake their $ME tokens to earn more. We’re expecting more announcements over the next few days that will reveal the new evolution of Magic Eden.
- The AI Agent meta is still here in full force, even if the prices of the top tokens aren’t melting faces at the moment. $virtual market cap is currently at $725m, $GOAT 533m, $ai16z $636m, $zerebro $337m, and the total market cap for AI Agents is up +4.21% to $7.35b in the past 7d. We’re set up perfectly for a big end of the year with Coinbase and Binance listings on the horizon, along with some interesting NFT and metaverse integrations in some of the top AI Agents.
The CryptoSlam 500 NFT Index is up +0.22% in the past 7d, giving us our first 2-day green streak of the year. Crypto prices are ranging, with Bitcoin now at $96k, but NFT prices are largely up over the past week.
After many traders just received a 4-6 figure payday thanks to Magic Eden, traders are sitting on plenty of liquidity to drive this cycle. With more drops on the horizon and an NFT market that’s close to firing on all cylinders, we’re right on target to have a red-hot winter well into next year.
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 Lars Wander - while true
Date - Dec
3
Blockchain - Ethereum
Price - Auction Fukuhedrons
Date - Dec 13
Blockchain - Bitcoin
Price - TBA
Amber Vittoria - Auras
Date - Dec 11
Blockchain - Base
Price - .009 ETH |
