Weekly Recap 4/8 - 4/14 - MVHQ

Weekly Recap 4/8 - 4/14

MVHQ Staff
Apr 15, 2024
News
Weekly Recap 4/8 - 4/14

Monday 4/8

 

Degens, traders and everyone in between looked to the sky only to find yet another deluge of money falling upon them. Yes, Airdrop April is in full swing thanks to Tensor kicking off this week with their airdrop of $TNSR, gifting all the paperhands and HODLers alike some fresh pocket change. It wasn't an easy process to sell, however, as SOL still faces insane network congestion due to a Proof of Work token being mined, essentially frying the network for the rest of us.

 

Despite Tensor's gifts, BTC Ordinals saw the brunt of the action today. Runemania keeps right on chugging as Runestones traded over 120 BTC in volume by itself, reaching an impressive .09 BTC floor. Chalk this up as a W for ol' Leonidas. Along with the massive day for Runes of all sizes, Ordinals markets traded over $33 million today with no signs of slowing. After a very healthy pump across all majors, BTC, ETH, and SOL closed the day around $71k, $3700 and $175 respectively.

 

News:

  • $TNSR, the governance token behind one of the top Solana NFT marketplaces, went live today, with prices trading near $1.80 per token.

  • Ethena, a yield protocol that recently airdropped a token, announced today staking for their $ENA token, causing a 15% price jump.

  • Parallel launched The Parallel League today, where players can compete for their share of a $500k reward pool with competitions planned all over the world.

  • NFTfi announced tokenomics behind their soon to be released $NFTFI token.

 

MVHQ Spotlight:

  • Ordinals were one of the hottest topics at NFT NYC last week so be sure to tune into this week's BossDawgs episode where Waf and Ross review the biggest upcoming milestones and spill alpha on where they're looking for the most value right now. The latest episode is available in the Video Content channel in MVHQ today!

 

 

Tuesday 4/9

 

Crypto prices took a tumble from their hot start on Monday sending everyone back into hibernation, or so it felt. It was a relatively nondescript day even alongside major announcements from Monad and a location debut for 2024's heralded Apefest.

 

BTC Ordinals maintained their dominance amongst NFT traders by having more than double the marketplace volume ($38 million) of the other major chains like ETH and SOL. While Runes and their various projects are still the talk of the town, Pizza Ninjas have also been enjoying their time in the sun. The Ninjas have nearly tripled in the last week to reach a .135 BTC floor, all thanks to their founder Trevor's efforts to onboard his community to the upcoming Runes protocol. BTC closed at $69k, ETH at $3500 and SOL at $170.

 

News:

  • The new "It girl" on the blockchain, Monad, announced a staggering $225 million fund raise, led by the kingmakers themselves, Paradigm.

  • The Bored Ape Yacht Club posted a stylized image announcing their headline event of the year, Apefest 2024, will be hosted in Lisbon, Portugal this October.

  • EigenLayer announced the surprise launch of its public mainnet today! Not all features are live with rollout plans noted in their blog.

 

MVHQ Spotlight:

  • Don't miss another important headline by subscribing to the MVHQ Weekly Newsletter! With the latest happenings in Web3, guides to the newest protocols and more, the MVHQ Newsletter is your one-stop-shop for your Web3 roundup!

 

 

Wednesday 4/10

 

The US govenment was back on their BS as it came out they plan to sue the largest player in DeFi, Uniswap, in what is sure to be a lengthy legal battle. But this will probably go about as well as all of their other recent court cases. The SEC weren't the only ones tired of all the winning, as MarginFi's founder took the moment to go off the deep end with some verbal sparring on X until he uncerimoniously resigned. This is what they must have meant by SocialFi!

 

BTC Ordinals dominated yet again in volume by trading over $40 million for the second consecutive day. Rune projects accounted for almost 200 BTC alone, heating up by the day as the fabled halving approaches. Crypto saw a nice bounce with BTC, ETH and SOL running up to $70.5k, $3560 and $175.

 

News:

  • Oh Baby Kart announced that their Open Beta will go live April 18th along with a new racer in the form of Nickelodeon's Invader Zim!

  • The US SEC sent notice today of their intention to present a lawsuit against Uniswap, with Uniswap vowing to fight back against any allegations.

  • Grant Yun announced he would drop his first Solana-based collection next week on the Exchange Art platform.

  • Parcl, everyone's favorite RWA-farming protocol, announced their final leaderboard has gone live for user to see their position ahead of their TGE and first big airdrop of $PRCL.

  • MarginFi, a borrowing platform built on Solana, was under the microscope today with their founder pushing back on the idea of dropping a token and then bizarrely resigning not long after on Twitter.

 

MVHQ Spotlight:

  • Early Access Games, Allowlists and more are all possible rewards for the newest Missions that just launched on the MVHQ App! Head over to app.mvhq.io to get started today!

 

 

Thursday 4/11

 

As the long-awaited Bitcoin Halving approaches in little more than a week, more and more of Web3's finest turned their attention to Runes. Degens scrambled to setup nodes, install software and pretend to act like they knew what they were doing. Regardless, it's setting up to be one of the most exciting times to ever be involved on Bitcoin. Over on Blast, gambling and SocialFi joined forces today when Yolo Games debuted on District 1, the even more gamified version of Friend Tech. The price per share instantly skyrocketed, showcasing the fervent demand by many on Blast.

 

Just as attention and chatter turned to Runes so did the volume on the market. Ordinals traded over $62 million today, a number not seen in months. The mania is here folks and this time it's on Bitcoin. Crypto prices slumped a touch from yesterday but not much. BTC closed around $70k and ETH aat $3500.

 

News:

  • Coinbase announced they will be listing $PEPE on their perpetual futures platform through Coinbase Addvanced, giving the memecoin a 10% spike in price.

  • Azuki dropped a trailer for their upcoming animation series Enter The Garden. They also dropped that episode 1 will be dropping on April 30th.

  • LooksRare teased some sort of big release on the horizon, with BTC logos in the teaser, suggesting they may soon begin listing BTC Ordinal NFTs.

 

MVHQ Spotlight:

  • Onchain summer came a bit early this year with Base, the L2 backed and built by Coinbase, seeing an explosion in growth recently. Get up to speed on the #1 PFP in the Base ecosystem on The MVHQ Blog! MacUhtack masterfully details how Onchain Gaias experienced their rise to cult stardom and what's on the horizon for them next.

 

 

Friday to Sunday 4/12-4/14

 

All eyes are on BTC as we get set to start the week with Runestones, Runes, Puppets, and the Halving continuing to dominate action and headlines. While we await the much-anticipated launch of Runes, a massive Runestone sweep came in on Saturday, lifting floors up towards 0.08 BTC, while Puppets hold a 0.46 BTC floor after another 20 BTC in volume. Increased international turmoil and unpredictability brought even more volatility to the broader crypto and NFT marketplace, giving a brief panic-sell moment for some and a buy-the-dip opportunity for others. Still, even with lingering caution still in the air, markets seemingly rebounded on Sunday, with relative green dusting the majority of coin prices to end the week.

 

Bitcoin prices maintain above the $66K mark, while ETH sits just above $3.2K and SOL just under $155.

 

News:

  • The Tensor Foundation announces an update to its token distribution amid user backlash. The team will not distribute an additional 2.3% supply to the top 2900 users, which will vest over 2 years with a 6-month cliff.
  • Doodles Co-Founder burnt toast posted a nod to the popular music festival Coachella after artist Coi Leray performed with her Doodles NFT in the background.
  • Pudgy Penguins announce their Dubai Token2049 event, set to take place on April 19th at the Museum of the Future.

 

MVHQ Spotlight:

  • Catch a double-header of MVHQ shows on Monday! Wake and Jake lifts up your morning by giving a fresh look ahead on the week with JakeandBake and TopHatCat at 12PM EST, followed by The BossDawg Ordinals Show where RossBoss and Wafdawg spit some fresh alpha red hot Ordinals, Runes and all things BTC at 5PM EST! Both inside MVHQ Voice Chat!