Weekly Wrap: 18th - 24th April

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This week memecoin mania took over. You can can read all about $PEPE mania on the blog here. Outside of that, the market has been slumping after it's recent enthusiasm, NFTs are continuing their slide and the US is still trying to increase it's grip over crypto markets citing securities laws.

- @nuconomist

Crypto Market Cap: 1.1 Trillion Dollars 🔻-8.4% (Was 1.31 T)

Bitcoin Dominance: 44.11% 🔺+1.3% (Was 43.9%)

Ethereum Dominance: 18.49% 🔻-2.6% (Was 18.98%)

Other Crypto (excl. BTC & ETH): 37.4% 🔺+0.75% (Was 37.12%)

NFT Market Cap (ETH): 8.2 Million 🔻-2.4% (Was 8.4 Million)

NFT Market Cap (USD): $15.23 Billion 🔻-13.31% (Was 17.57 Billion)

30 Day NFT Volume (ETH): 738k 🔻-7.5% (Was 798k)

Comments:

While the crypto market cap is on the rise, Bitcoin dominance has fallen and Ethereum is on the rise. This shows the recent gains on Bitcoin, following on to ETH and the rest of the crypto market.

NFT Market Cap (ETH): 8.2 Million 🔻-2.4% (Was 8.4 Million)

NFT Market Cap (USD): $15.23 Billion 🔻-13.31% (Was 17.57 Billion)

30 Day NFT Volume (ETH): 738k 🔻-7.5% (Was 798k)

Comments: Things are falling across the board here and there has been some talk of capitulation. However, this appears to be more of a general grind down. The grind is slowing but no shocking moves or signs of a reversal yet. Things can still definitely get worse before they get better IMO. There is likely to be some changes next week with Blur finishing their ongoing airdrop promotion.

1. Bored Ape Yacht Club: 20771 🔻-2.4% (Was 23,383 ETH)

2. Mutant Ape Yacht Club: 19030 🔺+39.5% (13,641 ETH)

3. Azuki: 13795 ETH 🔺+13.9% (Was 12107 ETH)

4. Wrapped Cryptopunks 12471 🔻-55.8% (Was 28184 ETH)

5. BEANZ 3659 ETH (Not previously in top 5)

Comments: Interesting to see such a large drop in volume here for Wrapped Cryptopunks. Dropping from first place to fifth. As these are such high value assets, it only takes a few large sales to make a difference. However, one thing to consider is these were relatively illiquid before Blur airdrop farming began, so short term traders could have exited this market early to avoid getting left holding the bag so to speak. Otherwise, it is notable with BEANZ making it into the top five that the Azuki team now have two collections in the top five.

1. Azuki 972 ETH (Was 1210 PnL)

2. Milady 785 ETH PnL

3. Otherdeed Expanded 547 ETH PnL (706 ETH PnL)

4. The Captainz 463 ETH PnL (Was 575 ETH PnL)

5. HV-MTL 452 (Was 1224 ETH PnL)

Comments: After a strong week last week for Yuga assets, Azuki takes the top spot here, again showing strength in a weakening market. There is also a surprise appearance from Milady, a collection surrounded by Twitter controversy. Several prominent "Crypto" influencers such as Nic Carter have recently adopted these as profile pictures. You can dig into the social signals for this community here.

1. CloneX -1020 ETH PnL

2. Moonbirds -935 ETH PnL

3. Mutant Ape Yacht Club -609 ETH PnL

4. Nakamigos -576 ETH PnL

5. Doodles -470 ETH PnL

Comments: If collections were drifting down last week, they fell off a cliff this week, with the top collections locking in almost 4x the total losses. While the wider market still drifts lower, it is clear that certain communities are certainly feeling the pain here. Clone X, Moonbirds and Doodles in particular have continued and actually accelerated a bad run of losses. Nakamigos continues to fall off the hype train. Yuga's Mutant Ape Yacht Club is the notable addition with at least three unique wallets locking in eye-watering losses of over 100 ETH each.

SEC Asserts that DeFi falls under securities rules - CoinDesk

Bored Ape Creator Yuga Labs Claims 'Landmark Legal Victory' Over copycat NFTs - Decrypt

Uniswap Trades Soar as Pepe mANIA grips Meme Coin Market - Decrypt

United States' First Bitcoin Real Estate Marketpalce Launches - Bitcoin Magazine

Comments: If you're not an NFT trader, this thread should give you an idea of the insanity that is currently occuring with people farming the Blur airdrop. Wondering why this this happening? I share my thoughts in response to this thread.

26th-28th April - Annual Consensus conference hosted by CoinDesk

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