VC Backed Ai Memes
Memecoins hit a $54 billion market cap (2.3% of all crypto). NFT volume surges, driven by meme-related assets and institutional interest grows as Venture Capital backed Ai bots emerge
I’ll use a decade of traditional finance/corporate experience to refine the chaos into bite-sized chunks for you to digest
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Bitcoin rallies 13% from the pico lows this week as the Presidential election results approach on November 4th (a little over two weeks away):
Bitcoin ETF inflows are a contributory factor to the positive price action this week as $348.5m is scooped up by Institutional buying pressure:
But this is likely to increase as S. Korea reviews its ban on BTC ETFs and Gen-Z (Millennials) inherit generational wealth from Boomers:
Memes hit $54bn; the highest total meme market cap since June 12th — this now equates to 2.3% of the overall crypto market cap:
In March we saw $150m raised across 33 Solana pre-sale ICOs:
Some have performed reasonably well — in fact if you had put 1 Solana ($152) into each of them then you would have achieved a return of 3,100% (31x):
But most of this value capture was with BOME, which was one of the early catalyst ICOs — if you’d missed BOME and chased the rest you would have been up 200% (2x)
Probably even a loss if you’d continued to chase every other pre-sale
BOME is the standout leader with a FDV of $684m = 44,462% (444x) or even higher at the highs around the Binance listing 3 days after launch:
Could we see the same reoccur this time?
Goatse has gone parabolic over the past few days as a new narrative around Ai bots that scour social media platforms to form investment/trading thesis emerge:
There’s opportunity in abundance within the memecoin market — but I’ll continue to be selective about which ones I enter and ensure I have an informed investment thesis for each — BOME was a huge win for me for this very reason
It feeds into the idea that there is a strong community, or cult, around the project — which is aligned with Murad’s cult thesis. But this idea isn’t new
Many trade differently, my preference is fundamentals but others use momentum or narrative — it’s just important that you know what your thesis is
NFT Market Volume
NFT volume is up across all three top chains, with meme NFTs leading the charge:
The catalyst? Murad’s bull posting on the memecoin super cycle thesis:
Ethereum NFTs:
ETH NFTs linked to memes outperform:
Bitcoin Ordinals/Runes
PUPS hits $160m, continues to lead bounce in Runes and four ordinal collections are included on the Murad NFT list, including:
Notable NFT Sales
VR, Top Hat CryptoPunks and a golden BAYC all sell for 6 and 7 figures, respectively
New Participant Indicators
AVAX’s Off The Grid beats Fortnite for downloads and experiences more than 1 million wallets created in just a few days
Here we can see over 3.6m transactions on Avalanche in a single day:
Argentina overtakes Brazil for crypto inflows as Latin America dominates receipts
Institutional Developments
Mocaverse’s $MOCA token included in Venture buy investment thesis
World Liberty Financial public sale on Oct 15th; aims to raise $300m
Deekay Motion gets his wallets hacked but subsequently recovers funds
(H/t Mando’s Minutes)
That’s a wrap for issue 94 of S4mmy’s Snippets. I hope you enjoyed it.
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Disclaimer: The content covered in this newsletter is not to be considered investment or financial advice. It is for informational and educational purposes only.
I hold some of the assets mentioned in this newsletter.
thanks Sammy!
what about RWA?
if this can be linked with NFT or tokenized something?