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Solana NFTs Weather the Crypto Storm
Okay Bears Lead Solana NFT Growth During Red Market
MUSHROOM ALPHA
Happy Tuesday! Ride with us on the Solana wave through the topics below. Is Solana Summer around the corner?
Today's Topics:
Solana NFTs Gain Value as Market Falters
Long Read Recap: Luna Brothers, Inc.
Tool Tuesday: Find Whale Wallets with Nansen
Quick Headlines
Solana NFTs Gain Value as Market Falters
Over the past couple of weeks, the crypto market has lost around $600M in total market cap - more than the value of Meta at $550M. While most projects are struggling to maintain their value during this time, Solana NFT projects have been booming. According to leading Solana NFT Marketplace, Magic Eden, floor prices on top projects have increased dramatically this past week.
Magic Eden has seen crazy volume given the subtle popularity of Solana NFTs, boasting over 4.6M SOL volume over the past thirty days.
Let’s cover some projects you should keep your eye on in the Solana NFT space.
Okay Bears
Okay Bears is a project that minted 10,000 NFTs on April 26 for 1.5 SOL. As of right now, the floor price of the project is 219 SOL. Exploding in popularity due to big crypto influencers joining in, this project has been likened to BAYC, but on Solana. Perks of owning an Okay Bear include exclusive merch, access to one-of-one art, and soon the ability to attend private conferences and keynotes.
Reptilian Renegade
Reptilian Renegade minted on just May 14th this month and has generated a mind-boggling total volume of 59.4k SOL. After minting at just 1 SOL each, the floor price on this 4,000 NFT project is now sitting at 28 SOL. According to this tweet that shows the number of mentions on top SOL projects, Reptilian Renegade has been mentioned 23.97k times in the last 24 hours.
To view the roadmap of the project, you must join the discord server here.
DeGods
As one of the original NFT launches on the Solana chain, Degods has been around since October 8th of last year. Minted at just 3 SOL, to get into this project now you would need to put up at least 270 SOL. DeGods launched a really cool feature they call “DeMap”. DeMap reveals the general area of DeGods owners worldwide; They even show which DeGods each person has.
To check out DeGods vision click here.
Long Read Recap: Luna Brothers, Inc.
Arthur Hayes is the cofounder of BitMEX, one of the largest cryptocurrency exchanges in the world. Hayes wrote an article covering the various kinds of stablecoins, viewing the pros and cons, and leaving us with his thoughts on the market as a whole.
“Red Rover, Red Rover This Meltdown Ain’t Over,” says Hayes, as he turns a children’s saying into the grim expectation of the crypto market. Hayes quotes reasons why he believes that the market will continue to decrease in value, with his main points consisting of increased interest rates and inflation.
Hayes believes that weak hands will fold as the pressure is applied. He stated, “And given that most people never read how any of these protocols actually work in distress scenarios, it will be a sell first, read later exercise.” You can already see this in the market as other stables have been depegged creating a domino effect in the industry.
At the end of his piece, he did reveal the price points at which he is comfortable entering into another position. The magic numbers are $20,000 for Bitcoin and $1,300 for Ethereum, roughly corresponding to the all-time highs at the end of 2017.
Check out the full article for a complete breakdown.
Tool Tuesday: Find Whale Wallets with Nansen
Nansen is a crypto tool that is used to track Ethereum blockchain data and labels the wallets so that you can follow those transactions. This tool is essential for “whale hunting”, or the ability to track crypto whales and what they are doing with their funds.
We recommend checking out Nansen 101, Nansen’s full tutorial series on how to utilize the tool depending on your needs. Nansen comes with a highly customizable dashboard that features wallet, token, and transactional level due diligence, giving information in real-time.
Let us know if you catch any whales!
Quick Headlines
Ethereum Metaverse Dispensary Experience An interesting recap of how a virtual dispensary works.
Binance Takes a Huge Loss on LUNA Crash Once worth $1.6B is now worth just over $2k - Ouch!
HOW-TO Transfer Crypto From Exchange to Hardware Wallet Real-world experience on moving crypto off of Coinbase.
Morgan Stanley Bets Against NFTs Finance giant says NFTs are next to fall after the UST plunge.
Portugal doing a 180 on crypto taxes Looking to take 28% on gains.
Funding News:
Hacks:
DeFi lender Scream royally screw themselves - I guess they "Screamed" when they found out they booked $35 million in crap debt?
That’s all for today. See you tomorrow on hump day!
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Disclosure: We are a newsletter for information only. We are not financial advisors nor do we claim to be. Consult your legal, investment or tax advisor. Crypto is risky. Do you own research.