For the Love of the Game (Market Commentary) |
AI memecoins are officially having a moment, and if I’m being honest, it’s a moment we’ll remember as a
milestone for AI and crypto. This isn’t just some speculative blip—these tokens are reshaping the entire memecoin meta, and as Murad told us last week, this will impact all of crypto. Truth Terminal, the account that spawned the $800M+ MC Goat memecoin now has its
own wallet whose value skyrocketed to a whopping $11. It’s becoming a worldwide sensation, as the first AI to become a millionaire, and just a few days later, a multi-millionaire. Now we have another leap in the AI memecoin meta with a new AI agent named Luna who streams on YouTube 24/7, interacts with comments and requests, has a crypto (also called Luna), publicly shames you if you sell and praises you if you buy, and tries to indoctrinate you to her cult of kittens. An investment into these
types of assets shouldn’t be hard to understand--attention brings volume, a good meme brings virality, and degens love a wild story. Also, this type of product also leans into desires outside of crypto, and will soon compete with OnlyFans in a big way. Most people already understand that AI will become our companions and likely much more. Now incentivized with crypto, and benefiting from the first mover effect, there’s going to be some absurd amounts of money to be made in these AI memecoins.
If this is a little too wild for
you, maybe another AI innovation is up your alley, in the form of AI agents who will trade memecoins for you, or more accurately, your DAO. That’s right, DAOs are back and this time they actually seem pretty awesome. DAO.fun lets you create a DAO with friends, pool together funds, create an AI agent to trade your crypto, and then divvy up your wins on a set expiration date. Right now the top asset on this platform is ai16z which climbed to as high as a $75M MC and is already influencing dozens of copycats. This actually feels like a more appealing investment to VCs and Tradfi players as opposed to the Luna type of coins.
If it feels like memecoins have captured or recreated all of the fun that NFTs once monopolized, you’re completely right. But some NFT
collections, the “cult” ones we’ve previously mentioned here (Sproto Gremlins, Project Aeons, Milady Maker, etc) will take a fraction of that wild energy and redirect some of it back to their small communities. Over this past weekend, another one was born - the long-awaited Apu Apustajas collection, which comes from the Apu memecoin. These sold out at a public sale for .1 ETH each and are sitting at a .22 ETH floor
Apu was one of the few bright spots for NFTs in a week that saw the continuation of a 17 day streak of daily NFT sales above $10M. That streak
unfortunately came to an end yesterday, and that along with last week’s global numbers are reflecting another cooling off of the market. NFT sales fell -21.35% to $76.16M, our 3rd lowest sales of the year, and a new 4 week low while buyers and transactions fell -24.33% and -25.56%.
The US Presidential election is next week, and with it the biggest catalyst on the horizon that could turn the NFT market
euphoric. Ultimately, it probably doesn’t matter if Trump or Harris wins, but the crypto community is extremely right leaning, and a Trump win will get them in the spending mood. We also have likely rate cuts coming this year, which also should boost NFTs. I suggest not sitting around and waiting for any of this.
All of the speculative energy is now behind memecoins, and if it’s the thrill of the game you’re in crypto for, you’d be wise to put
your attention there. Adapt or get left behind is the saying, and right now the AI memecoin train is getting ready to depart. Be prepared. - DMarket continues its NFT market domination with another week at the #1 spot, backed by $5.6M in sales--a 20.31% increase from last
week.
- CryptoPunks saw $2.27M in sales on the week and locked down the top individual NFT sale when CryptoPunk #6153 sold for 80 ETH ($209K).
- ApuApustajas is the hottest new mint of the week and enters as a strong new contender in the NFT cult communities. The collection sold out at .1 ETH and shot up to a .22 ETH floor price. So
far this week the collection has $2.19M in volume and climbing.
- Bitcoin Puppets saw $1.78M in sales this week, but its their Pups rune that is making waves. The Pups World Peace rune was one of the best performing of the top fungible tokens on Bitcoin
and saw its price increase 48.9% to 236.8 sats.
- Ethereum’s ETH token is struggling compared to other major cryptos, but its NFT ecosystem remains the top
spot for NFT trading. Sales were down 20.30% compared to last week, but buyers were up 19.74%, helping push the ecosystem to #1.
- Solana sales were up 36.54% on the week to $20.02M, but its buyers are really taking off with their 43.07% increase.
- Bitcoin was the biggest loser of the top ten blockchains this week with sales falling 39.21% to $12.79M. Buyers, like Ethereum and Solana, were a silver lining, seeing a 37.37%
increase.
- Infinex raised $67.7M through Patron NFT sales, attracting investors like Peter Thiel’s Founders Fund, along with VCs and builders across 7 blockchains. These funds are being
used to build and power a new defi ecosystem that focuses on the UX. CEX will soon be giving up market share to decentralized platforms, and Infinex, though NFTs, is looking to be a driving force behind that migration.
- Pudgy Penguins latest partnership has been revealed to be Walgreens. Now 2,000 stores across the country will stock Pudgy Penguins and Lil Pudgys toys on their shelves, joining Walmart and Target. Pudgy Penguins NFTs saw $1.03M in sales this past week and Lil Pudgys
over $279K.
- NBA Top Shot is on fire this week as the 2024-25 NBA season tips off. Sales are up $146.54% on the week to $1.11M as collectors get into the Fast Break fantasy game and compete for
prizes.
- ApeChain NFTs are starting to turn heads and attract more buyers on the new L2. While most of the NFTs are copies of top Ethereum NFT collections, some originals like Jimmy saw 524.5k APE in volume, and an original art collection called Things We Say We Saw climbed to a 2k APE floor. Buyers can now purchase NFTs on Ethereum and Magic Eden will take care of
the bridging. Expect this ecosystem to cook.
- OpenSea is partnering with Art Blocks to build a new generative art minting experience on the OG NFT marketplace. They’ve also announced an
art residency program and will be a part of the annual Marfa gathering in Texas next month with Art Blocks.
The CryptoSlam 500 NFT Index is down -1.87% this week as NFT volume pulls back, and prices see red almost across the board. Crypto is up big in the past 7d with Bitcoin up +6.5%, and Solana +5.6%, and without that help, NFTs would reflect an
even bigger decline. Memecoins continue to suck up the energy that once fueled NFTs, and in the immediate future, nothing looks like it will change that narrative. Still, people are collecting art and their favorite collectibles purely for the sake of collecting until the speculative market is sparked
again.
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 |
An autonomous program that interacts and responds to users or other agents, often through AI-driven dialogue or actions. AI agents like "Luna" are reshaping how we engage in the digital world, and thanks to crypto, it adds a new level of
immersive and reactive experiences. Received this from a friend? Sign up for this CryptoSlam VIP newsletter. |
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