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

This newsletter consists of three parts:

1. Snippet Partner (Modern Market)

2. Market Overview

3. Headline News

Enjoy the journey and if you have any questions feel free to reach out to me on X

---

The “Modern Market” Show is a live daily show on the NFT market, the crypto market, and how to make money on the internet

Live on X and YouTube from Monday to Friday at 7 am ET, running for 60 minutes

Tune in to better understand the latest trending matters across the market

---

This newsletter goes out weekly to 3.9k subscribers

Please don't hesitate to message me directly for sponsorship or partnership enquiries

Bitcoin rallies 13% from the pico lows this week as the Presidential election results approach on November 4th (a little over two weeks away):

Source: Trading View

Bitcoin ETF inflows are a contributory factor to the positive price action this week as $348.5m is scooped up by Institutional buying pressure:

Source: Degenz

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:

Source: CMC

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:

Source: Dexscreener

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:

Source: Cryptoslam

The catalyst? Murad’s bull posting on the memecoin super cycle thesis:

Ethereum NFTs:

Source: Mintify

ETH NFTs linked to memes outperform:

Source: Cryptoslam

Wale produces an NFT segment analysis of each project market cap, with memes making a reasonable dent in the overall pie chart:

Source: Wale Swoosh

Bitcoin Ordinals/Runes

PUPS hits $160m, continues to lead bounce in Runes and four ordinal collections are included on the Murad NFT list, including:

• Nodemonkes (+4.7%)

• Bitcoin Puppets (+7.3%)

• Ordinal Maxi Biz (-1.2%)

• Quantum Cats (-4.7%)

Source: Mintify

Notable NFT Sales

• XCOPY 1/1 sells for 800ETH

Source: Cryptoslam

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:

Source: Avax

Argentina overtakes Brazil for crypto inflows as Latin America dominates receipts

Source: Cointelegraph

Institutional Developments

• Stripe reinstates crypto payments

• 47% of hedge funds have crypto exposure

• Mocaverse’s $MOCA token included in Venture buy investment thesis

• rektguy hints at upcoming coin

• Scroll defends Binance listing

• World Liberty Financial public sale on Oct 15th; aims to raise $300m

• DOG leads bounce in Runes, breaks $500m

• Don’t call me Memecoin Jesus: Murad

• Hyperliquid whale trader closes loss for $15m

• Deekay Motion gets his wallets hacked but subsequently recovers funds

• Whale phished for $35m crypto

• Ethena invests $46m in RWA funds

• Mt Gox extends repayment plan by 1 year

• Cardi B hacked, promotes scam memecoin

• Metaplanet buys $6.7m more BTC

(H/t Mando’s Minutes)

---

That’s a wrap for issue 94 of S4mmy’s Snippets. I hope you enjoyed it.

Please leave me any questions or thoughts here - I will respond to everyone!

And if you thought this was interesting, please consider subscribing to this Substack and following me on Twitter for more on NFTs and Web 3.0.

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.

---