Weekly Crypto Wrap Up
Week in Review
Spot Bitcoin ETFs Experience Negative Flows
Grayscale’s GBTC sheds $642 million in a day as Bitcoin ETFs face negative flows.
EU Committees Approve Ban on Anonymous Crypto Transactions
Official document released as EU committees approve ban on anonymous crypto transactions through hosted wallets.
Microstrategy Shares Surge 180% This Year
After debt sale to buy more Bitcoin, Microstrategy shares skyrocket 180% this year, now owning 1% of all Bitcoin in circulation.
Solana Blockchain Surpasses Ethereum
Solana blockchain activity surpasses Ethereum amid recent meme craze, showcasing increased user adoption.
Binance’s Assets Under Custody Exceed $100 Billion
Despite recent legal/regulatory setbacks, Binance’s assets under custody now exceed $100 billion, reflecting continued growth.
Bank of Japan Ends Negative Interest Rates Era
First hike in 17 years following pay gains as Bank of Japan brings an end to the negative interest rates era.
FED Meeting Recap
Federal Reserve seeks confirmation on last year’s inflation readings, strong hiring won’t delay rate cuts, policy rate likely at peak.
Technical Analysis
BTCUSD
Market Overview: Wild week on macro expectation shifts. Continued deleveraging leading up to the FOMC meeting last Wed 20th March. The Fed announced three rate cuts this year, a dovish change from the expected two cuts.
Key Levels: 50,000 / 65,000 / 69,000 / 70,000 / 80,000
Spot Desk
Fiat to Crypto Onramps Strong: Skewed towards onramps as AUD strengthened throughout the week. Real money USD bidding of BTC and Alts observed.
Alts Bid Across Various Themes: Wider range of tokens traded on the desk. Interest in DOT, FIL, OP, SSV, ORDI, and others noted.
FOMC Drama: BTC experienced sharp declines prior to the FOMC meeting, followed by a rebound rally post-meeting announcement.
The Digital Mona Lisa: From a Free Claim to a $16.4M Sale
CryptoPunks: A Pixelated Revolution
CryptoPunks have emerged as a cultural phenomenon in the world of non-fungible tokens (NFTs), captivating audiences with their unique blend of artistry and digital scarcity. These 24×24-pixel, 8-bit-style avatars represent a form of asset tokenization highly coveted in the NFT marketplace. With each punk being one of a kind, CryptoPunks offer collectors a rare opportunity to own a piece of digital history.
Punk 7804 bought for 4,850 ETH ($16,421,614.53 USD) by 0x9bc2d5 from 0xf4b4a5. https://t.co/PhIbbqdu5B #cryptopunks #ethereum pic.twitter.com/n7QsO74UtY
— CryptoPunks Bot (@cryptopunksbot) March 20, 2024
CryptoPunk #7804: A Tale of Value and Rarity
On Wednesday, March 20, 2024, CryptoPunk #7,804 made history by exchanging hands for a staggering sum of 4,850 ethereum (ETH), equivalent to a jaw-dropping $16,382,444. This landmark transaction marked CryptoPunk #7,804 as the collection’s second highest-priced NFT sale, following closely behind the record-setting sale of CryptoPunk #5,822 two years prior. With only one owner per punk on the Ethereum network, the value and rarity of CryptoPunk #7,804 are undeniable, cementing its status as a coveted digital masterpiece.
CryptoPunk #7804: A Pixelated Marvel
Attributes
Each CryptoPunk possesses unique attributes, making them distinct from one another. CryptoPunk #7,804 is one of only 9 Alien Punks in existence, adding to its exclusivity and allure.
This Punk has 3 attributes, one of 4501 with that many.
Cap Forward: 254 Punks have this.
Pipe: 317 Punks have this.
Small Shades: 378 Punks have this.
The Record Sales: A Testament to Value
The CryptoPunks collection has witnessed staggering sales, with individual punks fetching millions of dollars in the marketplace. In February 2022, CryptoPunk 5822 made headlines when it sold for nearly $24 million, setting a record for the highest-priced NFT sale at the time. Subsequent sales, including CryptoPunk 2924 in September 2022, further solidified the collection’s value, with transactions exceeding $1 million becoming commonplace.
Punk 5822 bought for 8,000 ETH ($23,702,160.16 USD) by 0x69c488 from 0x7eb28b. https://t.co/n9OIDRY3WB #cryptopunks #ethereum pic.twitter.com/tFSy3bRX6n
— CryptoPunks Bot (@cryptopunksbot) February 12, 2022
The NAKAMIGOS’ artist revealed
In the dynamic world of NFTs and digital art, the Nakamigos project has emerged as a transformative force, captivating audiences with its pixelated charm and innovative approach. Spearheaded by the enigmatic artist Mills, Nakamigos has surpassed even established giants like the Bored Ape Yacht Club, solidifying its place as a cornerstone of the Web3 community. But Nakamigos is just the beginning of Mills’ creative universe, with projects like CLOAKS, Crypto Trading Cards, and the Hal Froggy Bobblehead showcasing their boundless creativity and ingenuity.
I am the artist behind Nakamigos, CLOAKS, Crypto Trading Cards, and the Hal Froggy Bobblehead.
— Mills (@MillsxArt) March 22, 2024
Happy Birthday to @Nakamigos, thanks for an incredible year one. pic.twitter.com/IbmIDE6R9l
NAKAMIGOS
The Nakamigos NFT project has taken the Web3 community by storm, captivating audiences worldwide with its pixelated characters and innovative approach to digital art. With a total ETH volume of 45,615 and a floor price of 0.1365 ETH, Nakamigos continues to set new standards in the NFT space, attracting collectors and enthusiasts alike. Led by Mills, the project stands as a testament to their boundless creativity and unwavering dedication to pushing the boundaries of digital art.
CLOAKS
In a dramatic turn of events, Nakamigos has realigned its strategy to release Nakamigos Cloaks NFTs, marking a new chapter in the project’s evolution. With 20,000 distinct characters and global gaming rights, Cloaks promises to expand the Nakamigos universe while offering collectors a unique and immersive experience. From humanoid figures to mystical wolves, each character in the collection reflects Mills’ unparalleled creativity and vision, underscoring their commitment to innovation and inclusivity.
Crypto Trading Cards
Rooted in the ethos of cryptocurrency’s inception, Crypto Trading Cards pays homage to the pioneers of the digital revolution. Curated from approximately 4,000 cards to the final 837, the collection offers insights into the origins of cryptocurrency while celebrating iconic figures and moments in history. Inspired by the cryptic musings of Satoshi Nakamoto and the visionary insights of Hal Finney, Crypto Trading Cards serves as a testament to Mills’ reverence for the past and vision for the future.
Mills: The Artistic Maestro Behind the Magic
With Nakamigos, CLOAKS, Crypto Trading Cards, and the Hal Froggy Bobblehead, Mills has established themselves as a true artistic pioneer in the world of digital art. Seamlessly blending traditional artistry with cutting-edge digital techniques, Mills’ creations transcend mere art, offering immersive experiences that resonate deeply with audiences. Prior to Nakamigos, Mills showcased their artistic versatility and innovation through collections like:
Luxmoji (2016): Exploring the concept of digital luxury goods in the burgeoning world of virtual goods, Luxmoji challenged conventions of art and artifact while redefining notions of rarity and authenticity in the digital realm.
Network Activity – Satoshi & Hal (2021):
In “Network Activity – Satoshi & Hal” (January 8th, 2021), I depict the contrast between Bitcoin’s emergence and Hal Finney’s ALS diagnosis. Through a short film and a poignant soundtrack, I convey the tragic paradox of digital networks thriving as human connections fade. This piece serves as a reminder of life’s fragility.
As Nakamigos celebrates its first anniversary, Mills’ creative journey continues to evolve, promising countless adventures and discoveries yet to come.
What is $DEGEN: The Tokenomics and Features
Understanding the Origins: The Journey of Degen
Degen (DEGEN) emerged as a reward token within the Farcaster Degen channel, initially characterized as a meme coin. However, its evolution has been remarkable, drawing a substantial following from developers, crypto content creators, and enthusiasts. Launched as an ERC-20 token in January 2024, Degen quickly gained traction, reshaping the Farcaster ecosystem by introducing a novel mechanism for rewarding quality content creators.
Exploring the Tokenomics: The Foundation of Degen
At its core, Degen operates on a robust tokenomics model, designed to foster community participation and engagement. With approximately 37 billion tokens created at launch, Degen allocates 70% of its total supply to the community, ensuring widespread distribution and inclusivity. An additional 15% is dedicated to forming a liquidity pool, while the remaining 15% supports the team, investors, and the broader ecosystem. Notably, a 1% inflation rate is set to commence in 2028, further enhancing the token’s sustainability and longevity.
The Features: Degen’s Unique Offerings
Degen L3 Chain: EVM Compatible and Low Transaction Fees
Exciting developments are on the horizon with the imminent launch of the Degen L3 chain. Designed to be Ethereum Virtual Machine (EVM) compatible, the L3 chain promises low transaction fees, making it an ideal platform for Degens seeking efficient and cost-effective solutions. With built-in scalability features, the L3 chain is poised to elevate the Degen ecosystem to new heights.
Liquidity Mining: Empowering Community Participation
Degen incentivizes community engagement through liquidity mining, offering participants the opportunity to earn rewards by contributing liquidity to the Uniswap V3 DEGEN/WETH pool. Unlike traditional liquidity mining programs, Degen’s approach eliminates the need to lock LP NFTs, providing flexibility and accessibility to participants. By aligning incentives with the current price range, liquidity providers can maximize their earning potential and actively contribute to the growth of the ecosystem. The next opportunity to claim points is scheduled for April 11, 2024, offering participants a chance to further enhance their engagement with the platform.
Grants: Fostering Innovation and Collaboration
As part of its commitment to fostering innovation, Degen allocates grants to selected projects and developers poised to enhance the community through the creation of Degen-powered applications. While there may not be an open call for grant applications at present, the platform encourages interested parties to stay updated for future opportunities. By supporting innovative initiatives and fostering collaboration, Degen aims to nurture a vibrant ecosystem driven by creativity and ingenuity.
The Future of $DEGEN: A Path of Innovation and Growth
As Degen continues to evolve and expand its offerings, the future looks promising for Degens seeking to explore new opportunities in the digital landscape. With a strong foundation built on robust tokenomics and innovative features, Degen is poised to redefine the way communities interact and engage within the crypto space. Whether through liquidity mining, grants, or the upcoming launch of the L3 chain, Degen remains committed to empowering its community and driving meaningful impact in the ever-changing world of decentralized finance
The Future of Content Engagement: Introducing Content+ and Dastan Platform
What is Rug Radio
Welcome to the future of content engagement! Rug Radio stands as the first fully decentralized media platform, empowering its community, hosts, and users to take ownership of the content they consume. In a world where ownership of the narrative and memes is paramount, Rug Radio prioritizes truth, ownership, and long-term care for the commons. With Rug Token ($RUG) serving as the primary currency within the ecosystem, users can participate in the platform’s vibrant ecosystem and benefit from the abundance it creates.
As Rug Radio introduces Content+, the future of content engagement has never looked brighter. Join as we embark on a journey to redefine how we interact with digital content, empower communities, and shape the narratives that define our world. Enter your email to be among the first to access our exclusive beta and unlock the full potential of Content+ and the Dastan Platform
Introducing Content+
— Rug Radio (@RugRadio) March 19, 2024
Welcome to the Future of Content Engagement
Enter your email to be among the first to access the exclusive beta:https://t.co/cjzdelR7HD pic.twitter.com/UcJNBRZs4y
Embrace a New Era of Content Interaction with Content+
Welcome to the future of content engagement! Content+ invites you to revolutionize your digital experience by seamlessly integrating rewards into every article you read, video you watch, and podcast you listen to within the Rug Radio and Decrypt ecosystem, and beyond. Say goodbye to passive content consumption and hello to a world where every interaction earns you rewards.
Exploring the Innovative Features of Content+
Universal Tracking Across Platforms
Content+ offers universal tracking capabilities, allowing you to seamlessly monitor your reading, watching, and listening activities across an expanding array of media platforms. Whether you’re exploring the latest articles on Rug Radio or diving into Decrypt’s insightful videos, Content+ ensures that every interaction counts towards your rewards.
Personalized Content Recommendations
Discovering new content has never been easier with Content+’s personalized recommendations. Tailored to your preferences, these recommendations ensure that you’re always presented with engaging content that aligns with your interests and passions, enhancing your overall digital content experience.
Rewards Store and Flexible Points Swap
Earn points for your content interactions and redeem them in the Rewards Store for a variety of exciting offerings, including partner products, exclusive content, and event tickets. Additionally, Content+ introduces a flexible points swap feature, allowing you to convert your points into $TOKEN for added flexibility and access to exclusive token-based offers.
Dynamic Quests and Streaks
Engage with content like never before through Content+’s dynamic quests and streaks. Complete quests tailored to your interests and maintain streaks for consecutive days of activity to unlock bonus rewards and elevate your content engagement to new heights.
Community and Competition
Join a vibrant community of content enthusiasts, participate in seasonal leaderboards, and compete for top rewards based on your performance. Through community engagement and healthy competition, Content+ fosters a sense of camaraderie and excitement among its users, creating a truly immersive content ecosystem.
Hot Weekly News
RTFKT founder denies rumours they will shut down
JaredFromSubway imposter scams $250k in presale
$122m raised by presales in last week
Exchanges donate SLERF fees to pre-sale refunds
XCOPY drops Open Edition on Base, sees 1m mints
Pudgy Penguins flip BAYC in NFT bounce
SMOLE hits $200m but many investors yet to receive
OpenSea upgrades with Seaport 1.6
Friend Tech points now trading over $4
DEX Screener may move to censor racist memecoins
Howdy Hats ATH ahead of token drop Monday
Ghozali raises from ERC404 & Base pre-sale
NodeMonkes flip market cap of BAYC
Farcaster’s DEGEN hits ATH, 735x in 3 months
Memecoin volumes slow on SOL & Base
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