Weekly Recap 6/3 - 6/9 - MVHQ

Weekly Recap 6/3 - 6/9

MVHQ Staff
Jun 10, 2024
News
Weekly Recap 6/3 - 6/9

Monday 6/3

 

The market was awash with news of all kinds today as summer is just on the horizon. Speaking of summer, Coinbase kicked off the second consecutive year of their Onchain Summer campaign, with over $3.5 million in rewards to give out! This will certainly be a big topic to monitor in the coming months. Magic Eden and Fantasy Top both made moves of their own, with the pair simultaneously releasing and teasing new goodies in the near future.

 

BTC Ordinals have still not let up on their grasp of the attention economy in NFTs, with today's beneficiary being Bitcoin Puppets, up a staggering 50% off the lows of last week to .19 BTC. I guess patience really was a virtue after all. Crypto majors bounced around, with BTC notably ranging between $68k and $70k within a few short hours. BTC and ETH closed at $69k and $3765 for the evening.

 

News:

  • Coinbase kicked off their Onchain Summer initiative today, where they will be giving back $3.5 million in rewards to creators, contributors and more over the course of three months.

  • Magic Eden posted a teaser of something coming soon, with many speculating it may be their impending token launch.

  • Fantasy Top introduced their burn mechanism today where users can burn any two cards for a new one with lsight chances to upgrade rarity as well.

  • Binance founder, CZ, began his 4 month prison sentence today in California.

  • Optimism also announced they will be giving away 600k $OP tokens through different grants and initiatives with Coinbase's Onchain Summer.

  • Rabby posted a graphic of a camera teasing another snapshot has been taken of their users.

 

MVHQ Mission Control:

  • 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 6/4

 

"YARGH!" was heard far and wide across Web3 today with Pirate Nation's big announcecment of their upcoming $PIRATE token set to launch next week. With Season 1 of farming coming to a close in less than a week you'd better set sail today if you want any chance at those rewards! Illuvium also stamped a date for their Open Beta to go live later in July to follow up on the gaming 1-2 punch for the day. Meanwhile, crypto tried its darndest to form a leg up, with BTC even eclipsing $71k a few times before ultimately settling just over that figure. Ordinals and Runes continue to see the most volume for NFTs as Bitcoin Puppets again led the charge, trading 20 BTC by itself. After their pumps BTC, ETH and SOL ended the evening at $71k, $3800 and $173 each.

 

News:

  • The Pirate Nation team announced the impending launch of their $PIRATE token, coming June 13th following the completion of their Season 1 campaign.

  • Illuvium announced the launch of their fully Open Beta Mainnet launch on July 25th.

  • The team behind the Avail Network released a statement today detailing their $43 million Series A funding round to help scale rollup networks and manage transaction data.

 

MVHQ Mission Control:

IMX is revolutionizing gaming and they've partnered with MVHQ to bring a new Guild of Guardians Mission to users! Head to the App now to get started for your chance at $1000 in IMX rewards!

 

 

Wednesday 6/5

 

The light at the end of the farming tunnel grew just a little bit brighter today. Blast acknowledged their TGE is only three weeks away with some Gold distribution guidelines and another points multiplier. Coinbase followed their Onchain Summer kickoff by releasing their much vaunted Smart Wallet. Let's hope this takes off better than their NFT marketplace.

 

BTC Ordinals finally saw a pullback on their volume stranglehold for ETH to take the lead with its $16 million traded. Azuki was the leader and the only project to trade more than 500 ETH. BTC and ETH were up and down throughout the day but ended relatively flat, around $71k and $3865 each.

 

News:

  • Blast tweeted a lengthy post summarizing the final three weeks of Gold distribution as users ramp up in excitement for TGE.

  • Coinbase released their long-awaited Smart Wallet today which hopes to make onboarding much easier by eschewing seedphrases and high gas costs for passkeys like Face ID and other quality of life improvements.

  • NBA Top Shot's latest auction closed today at $32k USD for a 1/1 Chet Holmgren Ultimate moment. Congrats to the buyer!

  • The newest multiplier went live on Blast's Dashboard, this time revolving around GameFi. Users can interact with any of four approved dApps to receive another boost to their staking score.

  • Magic Eden opened up their Wallet App on iOS to 2000 test users, taking one more step towards the ever-mythical "mass adoption" we're all looking to.

 

MVHQ Mission Control:

  • Fantasy Top has taken Web3 social media scene by storm and their market structure has a lot to examine. TPan peels back the layers in his blog piece on this new Web3 paradigm and how to attack it from here.

 

 

Thursday 6/6 

 

Robinhood kicked the day off with a bang as the snatched up Bitstamp, a cult favorite crypto exchange amongst many in Web3. This is yet another in a long line of moves from Robinhood embracing crypto adoption that seems to signal more optimism from them on the future of the space. We also saw rumors of a potential Kraken fundraise ahead of an IPO. Add in some Wormhole token staking and Sandbox raising at a $1 billion valuation and it's pretty hard to be bearish right about now.

 

NFTs were more of the same as yesterday with ETH as the frontrunner trading $16 million as BTC Ordinals saw an even bigger pullback in volume to a measly $7 million. BTC ended the day still at $71k and ETH at $3810.

 

News:

  • Robinhood began the day by announcing their acquisition of crypto exchange, Bitstamp.

  • After months of waiting, Wormhole finally released staking for their native $W token. Staking currently grants users governance over the protocol.

  • Sandbox released details of their own recent fundraise, to the tune of $20 million at a $1 billion valuation.

  • Bloomberg released a report detailing Kraken's interest in conducting a pre-IPO fundraise. Bullish signals coming from one of the US' biggest crypto exchanges.

 

MVHQ Mission Control:

  • With only three weeks remaining to farm Season 1 of Blast Gold, edge is more important than ever. Read up on Kuruptshun's latest piece on the MVHQ Blog on Blast Farmers! It's the under-the-radar project that might just be a big winner in the next distribution of Blast Gold!

 

 

Friday to Sunday 6/7-6/9

 

Roaring Kitty's comeback turned GameStop into a meme stock roller coaster again, as he held his shares tight and roared his confidence in GME CEO Ryan Cohen, all while denying any hedge fund whispers. The hype of RK's return was enough to temporarily make him a billionaire, however, it wasn't enough for sustained momentum in the market after a lackluster YouTube livestream. Most notable memecoins suffered substantial dips during and after the much anticipated livestream event where the cult hero came off as unprepared and whimsical as he addressed over 600,000 viewers. GME shares also tanked nearly 40%. The crypto market overall saw a relatively flat week with majority of majors finishing slightly in the red.

 

Magic Eden continues to lead the marketplace volume leaderboard, bringing in nearly $93M in transactions for the week, with Blur accounting for nearly $65M and Opensea nearly $31M. Lets cook this week with Airdrop Szn officially commencing. Good luck everyone!

 

**News: **

  • NFT collection World of Women announces an expansion into the Tezos ecosystem

  • OKX launches the Race Rewind Collection in collaboration with McLaren F1. The 24 supply limited collection includes a digital collectible, designed with a signature sound embedded in each.

  • Bybit announces Season 2 of their Velocity Series NFT collection, featuring artist Kjetil Golid.

  • AI music collection, Warpsound, announces it will be shutting down.

  • Magic Eden's mobile wallet is now available for testing on iOS for its first 2000 customers with a beta code.

  • Rabby Wallet has launched Season 2 of its points program

  • Memeland introduces Stakeland Air, a new platform aimed a featuring high risk, degen gaming and begins with Yolo Games on Blast.

  • Fantasy.top announces a new tournament structure including 4 contests and unlimited entries and 600k in Blast Gold up for grabs.

 

MVHQ Mission Control:

  • Catch a double-header of MVHQ shows tomorrow!

Wake and Jake lifts up your morning with a fresh look ahead on the week hosted by JakeandBake and TopHatCat at 12PM EST. The BossDawg Ordinals Show has RossBoss and Wafdawg spitting some hot alpha on the Ordinals ecosystem at 5PM EST. Both inside MVHQ Voice Chat!