Weekly Recap 3/4-3/10 - MVHQ

Weekly Recap 3/4-3/10

MVHQ Staff
Mar 11, 2024
News
Weekly Recap 3/4-3/10

Monday 3/4

 

The crypto space was again awash with fields of green to begin the week as whispers of all-time-highs became more and more realistic. BTC really swung for the fencecs by trying to hit its ATH but ultimately failed to breach it and settled around $68k. With all eyes on BTC, Coinbase again suffered outages as normies rushed to buy tops and text you all their latest burning questions like "Why isn't my ETH showing up after I sent it to my BTC wallet?" and "Does the hat really always stay on?".

 

Nodemonkes, Natcats, and Quantum Cats were the big movers on the day, with over 250 BTC in volume collectively. I guess these must be the ancient BTC whales everyone talks about. BTC and ETH NFT marketplaces both ran hot, trading over $100 million combined volume. ETH closed the day just breaching $3700.

 

News:

  • Details for OSF's upcoming mint were announced today with many collections earning an allowlist to the free int while holders of other notable collections can enter a raffle for the remaining allowlist allocations.

  • On another day with unprecedented volume, Coinbase experienced downgraded performance and went down for many users. They're coming for our coins, one new account at a time.

  • An alien-trait Cryptopunk sold today for 4500 ETH, or $16 million. This is the second largest on-chain punk sale recorded and hopefully an omen of many more sales to come in the bull market.

  • CyberKongz opened the gates for holders to migrate their assets to the Ronin chain where they ave been building offshoot collections and gaming experiences.

  • Mintify went live with their NFT marketplace for Blast's L2 blockchain, hoping to fill the deficit left by no platform able to handle the volume seen since launch.

 

MVHQ Spotlight:

  • Tired of missing the top stories in Web3? Then sign up for the MVHQ Weekly Newsletter! The MVHQ Newsletter keeps readers up to date on all the trending topics in crypto, NFTs and more. So don't miss another headline by signing up today!

 

 

Tuesday 3/5

 

"Happy BTC ATH day! Oh no BTC you're going the wrong way!" These sentiments broadly describe the day for crypto traders and hodlers alike as we just grazed all time highs of $69k only to later flash crash down below $60k all within a few short hours. During this frenzy BTC ETFs traded a new record voluem of nearly $10 billion dollars. Yes, you read that right, billion with a b.

 

NFT Projects were mostly quiet with all eyes on BTC and coin price action in general, however, it's worth noting just how strong volume was on Ordinals even after seeing pullbacks of 20% to the heavy hitters like Nodemonkes and Quantum Cats. BTC Ordinals were again able to match the volume transacted on ETH with both chains trading around $35 million each across their marketplaces. BTC rallied at day's end to $66k as ETH also closed near $3800 despite the morning dips.

 

News:

  • Pacman took to X to publicly apologize for the rocky start Blast mainnet has faced since it's launch. He then went on to describe solutions that would be put in place and timetables for those fixes in the near future.

  • Metastreet completed a "mega loan" today of over 60 CryptoPunks worth over $10 million thanks to their Liquid Credit Token implementation.

  • Magic Eden teased that BTC Ordinals traders would soon be rewarded for their on-platform activity in the form of their proprietary diamonds.

 

MVHQ Spotlight:

  • Fresh off their hot start, The BossDawgs Show is back with another exciting episode filled with Ordinals alpha, high-level discussion and more. Tune in every Tuesday inside the MVHQ Discord or listen to the recording after the fact in the Video Content section today!

 

 

Wednesday 3/6

 

As Web3 awoke to a new day it seemed almost as if yesterday's flash crash was a distant memory. BTC was trending back towards new all-time-highs and ETH even looked primed to give the $4k level a go. I guess it does help having the memory of a goldfish sometimes! With another Wednesday also comes a new set of MVHQ Missions for everyone to get their minting and allowlist hunting fixes. Airdrops were the other big narrative of the day as Wormhole released details and an allocation checker for their impending $W token while Blast Disperse did its best to fumble the bag and give even its most ardent supporters pennies on the dollar for their effort. BTC and ETH NFT marketplaces traded a solid $61 million combined today showing that even $100 gas fees can't get between a degen and their JPEGs.

 

News:

  • Wormhole finally announced details of the upcoming launch of their highly anticipated $W token with an explanatory blog and allocation checker for various supported blockchains.

  • The closed beta for Yuga Labs' revival of Dookey Dash: Unclogged launched for those lucky enough to receive beta invite access.

  • Crypto exchange Blockfi settled out of court with FTX and Alameda, agreeing to be paid nearly $1 billion dollars for the fallout of the broader FTX collapse.

 

MVHQ Spotlight:

  • With Wormhole firmly in the spotlight and bragging flooding the timeline, it's time to get back into the farming mentality. MVHQ member Gooberville has you covered with his excellent report on deBridge where users can get a step by step guide on what could be the next big airdrop, available on the MVHQ Blog today!

 

 

Thursday 3/7

 

Web3 finally seemed to take a sigh of relief today as we weren't bombarded with breaking news, 10% flash crashes, or the 34th Pauly rug project inundating the timeline. Degens resumed watching their charts as BTC, ETH, and even SOL joined in on the pump back to ATHs, albeit a bit quieter than when we started the week. Art Blocks finally took the hint that their constant stream of garbage was unwanted by the community by announcing a sabbatical from releasing new projects until they can refine their curatorial process. Over in NFTs, Pudgies (14.7E, +12%) continued their slide down the charts until $2 million in loans came in from the penguin's savior to lift the floor significantly. ETH took back its spot as top dog among the NFT traders as marketplaces traded a surprising $37 million in volume, despite ETH's rise and near $100 gas costs throughout the day. ETH itself closed the day just over $3900 as it looks primed to test the $4k level here sooner or later.

 

News:

  • Ledger pushed an update so their devices can now be connected via bluetooth to be compatible with Metamask mobile for users on the go.

  • Art Blocks, the premier home for generative art on the blockchain, released a statement today announcing a pause in project releases as they look to refine their curatorial process and improve the overall user experience.

  • Blockworks reported that Pantera Capital is interested in purchasing up to $250 million of $SOL from the distressed FTX estate.

 

MVHQ Spotlight:

  • A new week means new MVHQ Missions! After last week's highly successful launch of many Blast-related Missions, we're back with even more including Tornado Blast, Blastards and more! Complete your Missions and start earning rewards today, exclusively on the MVHQ App!

 

 

Friday to Sunday 3/8-3/10

 

It was a weekend built on the strength of Bitcoin as Big Daddy BTC broke through the $70k level briefly on Saturday. While, the broader NFT marketplace remained relatively quiet, Matt Furies' Peplicator was a resounding success as floors currently sit at .25E after over 4000E in volume. Frogana's on SOL also saw a 12% gain on nearly $8M in transactions with floors above 5.7 SOL. The ETH NFT marketplace brought in over $32M in volume, more than doubling that of BTC and SOL, respectively. The broader crypto market held steady as all eyes remain on BTC to start the week, at its current $68K price.

 

News:

  • Sappy Seals tease their Open World Tech Demo set to go live on Tuesday at 6PM EST.

  • Jack Butcher announced Opepen v2 will come to life on March 20th.

  • Parallel gave an update on its AI game, Colony, with a new video.

  • NFT Perp has officially launched on BLAST

 

MVHQ Spotlight:

Join us inside MVHQ every Monday for Wake & Jake! JakeandBake and TopHatCat spark up your day with a lifted preview of the week ahead. Every Monday at 12PM EST, live inside our Voice Chat!