Weekly Recap 4/22-4/28 - MVHQ

Weekly Recap 4/22-4/28

MVHQ Staff
Apr 29, 2024
News
Weekly Recap 4/22-4/28

Monday 4/22

 

The week began with many picking up the pieces of the ZKasino disaster as a stark reminder of just how far some teams may go just for a quick buck. On a brighter note, Runes adoption continued with Xverse launching their own minting service and Magic Eden going live with their marketplace upgrades a day ahead of schedule. I guess there are other options besides "Delay" on the Bingo card of Web3 devs after all. Volume and attention were fragmented across all kinds of chains, especially with Magic Eden bursting onto the scene early with Runes. That being said, BTC Ordinals were still the dominant market trading $23 million, and that's without factoring in the volume all over the place on coins like SATOSHI NAKAMOTO and RSIC. Crypto closed well in the green with BTC near $66.5k and ETH at $3200.

 

News:

  • Magic Eden surprised the space by debuting their Runes marketplace one day earlier than announced, giving a nice shot in the arm for volume on many new tokens.

  • ZKasino, a chain said to be primarily for GambleFi, came under scrutiny for converting all ETH users had bridged over to their native token, $ZKAS, when originally users were supposed to be able to withdraw the ETH. Claims of rugs and scams have been uttered, so it will be interesting to see where this leads.

  • Friend.tech unveiled their long-awaited Season 2 upgrade will golive in one week, next Monday, April 29th.

  • Unisat, the current hub for BTC Runes trading, reported. a bug in their systems causing some users to burn their Runes unexpectedly. They say the issue has now been resolved.

  • Xverse's Rune minting solution is now live for users of their Xverse BTC wallet, offering a competitive alternative to platforms like Genii Data and Luminex.

 

MVHQ Spotlight:

  • BTC Layer-2s are popping up left, right and center to solve some of the issues of speed and transaction cost on the oldest blockchain around. MintMazal has you covered with his latest Field Report on Mezo, the latest in a slew of L2 competitors. Head over to the Field Reports channel in MVHQ today to get started!

 

 

Tuesday 4/23

 

Quiet would be an understatement when describing today, which was a suprise given crypto kept on pumping following yesterday's bullish price action. BTC Runes took a sizable dip across their entire, and still nascent, market. Maybe the BTC maxis finally took a moment of reprieve to sleep for the first time since the Halving.

 

ETH was back on top, if just by a hair, thanks in part due to the fleeting comeback of Coolman's Universe on the announcement of soon-to-launch memecoin, $COOL. ETH marketplaces traded $20 million to barely edge out Ordinals markets trading around $18 million worth of funny jpegs. Major crypto closed the day in the green with BTC at $66.7k and ETH at $3260.

 

News:

  • $PEPE, one of the stars of this cycle's meme season, was listed on Coinbase's Perpetual Futures market and saw a 20% spike in price because of it.

  • The My Pet Hooligan team finally launched their $KARRAT token for their forthcoming gaming ecosystem, which currently sits around a $100 million marketcap.

  • Arcade announced an update to their points program called Level 2, introducing new multipliers to points which will later convert to $ARCD token.

 

MVHQ Spotlight:

  • With SocialFi not slowing down any time soon, MVHQ had the pleasure of hosting the founder of Circle.Tech, the hottest new SocialFi platform on Base for an Office Hours! Catch the recording now in the Video Content channel in the MVHQ Discord today!

 

 

Wednesday 4/24

 

The timeline, cabal and everyone in between seemed to have their heads down fully engaged in farming the very fertile grounds of airdrops ahead. Most attention has turned back to Blast and their off-chain Gold opportunities with new ponzis, casinos and other avenues to spend your hard earned ETH popping up each day. Runes, despite some rocky price action, are still seeing millions of dollars in volume, so the adoption is certainly there even if nobody has hit that juicy 1000x yet.

 

NFT volume was low yet again with BTC and ETH marketplaces both trading roughly $17 million each, and SOL trading half of that. BAYC (14E) had a solid pump of 10% after Garga expressed his resilience on social media with sentiment among Apes having bottomed...for the time being. Crypto pulled back seeing BTC and ETH close at $64.3k and $3150 respectively.

 

News:

  • Leonidas completed the airdrop of 100 billion $DOG runes to holders of the Runestones Ordinal with trading going live on the token soon after.

  • Fantasy.Top announced their mainnet pack purchasing experience will go live tomorrow with the first tournament expected to go live next week with over 200k Blast Gold up for grabs.

  • Magic Eden just doesn't stop, as they launched a Rune Splitter with a view towards Swaps, Analytics and more coming to their platform in the near future.

  • The US DOJ seized the domain of Samourai Wallet along with arresting its two founders for unlawfully transacting over $2 billion and laundering over $100 million in criminal proceeds.

 

MVHQ Spotlight:

  • MVHQ Missions are coming to you straight from the kitchen this week with exciting partners like Suku and Blast Domains, head over to the MVHQ App now to complete your Missions before they're gone!

 

 

Thursday 4/25

 

NFTs are so back! Well for a week or so at least. Sentiment finally turned around as NFT buying seems to be in vogue once again with all manner of influencer coming out of the woodwork to proclaim as much. Outside of having the highest overall volume day in well over a month, the space witnessed two massive sales in the form of a $12 million alien-trait sale and an epic sat from the Halvening block sell for $2 million. If this weren't all good enough news, it turns out Consensys is suing the SEC, in what is certainly this year's unlikliest superhero origin story for ol' Joe Lubin.

 

The Apes ruled the day as ETH made a comeback in a big way, dominating in volume by trading over 4000 ETH across their main collections. Add to that BAYC (+20%) and MAYC (+40%) seeing huge pumps in their floor prices and you have the recipe for a fairly happy group of degens across Web3. Crypto had another topsy turvy day in the red with BTC closing around $64k and ETH at $3140.

 

News:

  • One of nine CryptoPunks sold this morning for 4000 ETH or nearly $12.5 million USD.

  • The first satoshi of the block immediately following The Halving sold today at auction for 33.3 BTC or $2.1 million USD.

  • Consensys filed a lawsuit against the US SEC for what they consider "unlawful seizure of authority" and to protect the future of Etheruem in their words.

  • Popular payment processor Stripe will begin accepting crypto payments this summer after shutting down that service on their platforms several years ago.

 

MVHQ Spotlight:

  • Pirate Nation's Season 1 points campaign has just gone live and if Pixels' recent Play to Airdrop phase is anything to go by, this could be a massive event. Get caught up on everything you need on the MVHQ Blog with Ezsnipes' piece breaking down the ins and outs of the next great Web3 gaming ecosystem.

 

 

Friday to Sunday 4/26-4/28

 

It was a more casual pace across the crypto landscape over the weekend, with the Fear and Greed Index hovering neutral for the time being. Still, a few OG NFT collections found their way into headlines as Yuga Labs announced major layoffs and Gutter Cat Gang looks towards a new vision and the promise of its $GANG token. After a solid rally during the week, ETH NFTs flattened back out as the majority of the marketplace struggled to hold much volume. BTC Ordinals have also seen a slow bleed in volume while Runes leaders DOG GO TO THE MOON and RSIC GENESIS RUNE bring in over 60 BTC in volume combined.

 

BTC ends the week hovering around $62.2K, while ETH sits just under $3.2K and Solana at $135.

 

News:

  • Yuga Labs announced tough lay offs after Co-Founder Greg Solano states that the company had "lost its way." The team will now focus on getting back to its roots with a smaller, more crypto-native team.

  • Memeland has succesully airdropped Rune Coin to its Stakeland community.

  • Pudgy Penguins are looking to license 4 new Pungus as Plushys to be distributed to amusement parks across the world.

  • Gutter Cat Gang announce Operation: Reduce Supply, where Gutter Clones and Chips holders are encouraged to participate in order to burn for the $GANG token. The team also provides a vision update and states the company is now based out of the Caymen Islands.

  • Ink on BTC announces its new "Inkubator for Builders."

 

MVHQ Spotlight:

  • Catch a double-header of MVHQ shows on Monday! Wake and Jake lifts up your morning by giving a look ahead on the week with JakeandBake and TopHatCat at 12PM EST, followed by The BossDawg Show where RossBoss and Wafdawg spit some fresh alpha on the red hot BTC ecosystem. Get caught up with all things BTC at 430PM EST! Both inside MVHQ Voice Chat!