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Last week, something fascinating happened in the world of memecoins — Someone purchased $9 million dollars of WIF in one minute.
A $9 million buy would barely raise an eyebrow hair in the Bitcoin or Ethereum world. However in the world of memecoins, this is a big move. Oh, and if you don’t know what WIF is, here is the mascot:
Cute! Time to buy, jk
It’s literally a dog ‘wif’ hat (a nice knitted one to keep the pupper warm!). I know some of you are rolling your eyes, but it’s important to remember that memecoins are a part of crypto/web3 culture and this particular one has a market cap value of ~$299 million at the time of this writing.
What did that $9 million dollar purchase look like on the charts?
TLDR for why this happened: There was too much demand for the token vs. supply in a short amount of time. As a result, the price of the token temporarily skyrocketed to the high heavens, but quickly reverted back to the previous price range, making this a trade that was deeply in the red once it was made.
This move captured the attention of the space, and got folks talking about WIF again, sending it higher. Also…National Hat Day was yesterday lol
So who conducted this terrible trade?
Zooming in on REdao’s screenshot, they proved it was them through the domain associated with the transaction
What and who is REdao? They’re a DAO that converts rugged or worthless Solana NFTs into ‘RE’ tokens, using those repurposed tokens to bring the broader Solana community together. Cool mission, and this WIF purchase certainly was a way to get more attention to who they are and what they’re doing, albeit a very expensive one.
As REdao revealed themselves as the culprit of the dumb trade, the space dunked on them, resulting in more exposure for the trade and REdao itself.
Even Jupiter, Solana’s top decentralized exchange commented on the move:
The following day, REdao shared a thread of what actually happened:
When the REdao team saw the fat-finger trade, they immediately registered a new .sol domain and sent it to the wallet that conducted the trade
As news of the trade spread, REdao posted a screenshot of the transaction with the domain registered to REdao
With the wallet identified, people started to comment even more and looked into REdao
In reality, it was PMFGOD that conducted the trade.
F indeed
This ‘onchain guerrilla marketing’ (coined by REdao) tactic was like catching lightning in a bottle. It required creativity, guts, and speed. On the note of speed, a quick timeline of events, timestamps in PST:
~2:20: Fat-finger trade happens
2:26: First viral posts about the trade pop up
2:30: REdao claims responsibility with proof of a screenshot
3:01: PMFGOD comments on their mistake
By the time the truth could be revealed, the narrative that REdao made the trade took off and virality ensued.
As for REdao, they benefitted from all the attention as they prepare to launch their NFT Olympics activation.
These types of opportunities are few and far in between and are worth noting for inspiration. Although REdao could have kept the truth under wraps I’m glad they cleared the air as to what actually happened.
PS: I own some WIF for the memes
Does the dog have a hat? If so, share or subscribe!
If you were around last year, you probably heard of Dookey Dash, the hypercasual skill-based mint and game by Yuga Labs. If you haven’t, catch up on what happened here and here.
Earlier today, Yuga Labs Gaming announced that Dookey Dash is back with Dookey Dash Unclogged (DDU).
If you’re interested in playing, you can sign up here for early access. Although details are sparse, there are some interesting bits when reading beyond the headlines:
The game will be launching in Q1 2024: This is more likely a coincidence than anything, but I find it interesting that Yuga’s games have all launched around the same timeframe.
January 2022: Apes vs. Mutants mobile game
January 2023: Dookey Dash
Q1 2024: Dookey Dash Unclogged
Launching a game to get a community excited is a pretty good way to kick off a new year I guess.
Anyone can play: Last year, Dookey Dash was token-gated to Sewer Pass holders, which were free to mint for BAYC and MAYC holders.
DDU will be available for anyone to play and will be cross-platform on mobile + desktop (Dookey Dash was only available on desktop last year).
Additionally, Yuga NFT holders will receive in-game benefits. TBD on what those are, I imagine they would consist of some combination of items and/or point multipliers.
Yuga Labs has partnered with Faraway a creator component
The co-creation narrative continues, and DDU has integrated Faraway’s Creator Suite platform to make this possible. Creators can create and sell 3D models of skins, vehicles, and stickers.
Take note of the revenue share splits, which help provide an idea of how curating and sharing content will provide earning opportunities as well.
Considering the stats Dookey Dash saw last year in a closed environment, it’s no surprise that Yuga is coming back for more while opening it up for everyone to participate.
There will be prizes (and seasons?)
Similar to the original Dookey Dash, there will be prizes, which honestly was the main reason why people played so much.
However, it seems like the game is aiming to be evergreen vs. a limited-time event:
Weekly prizes
Seasonal (monthly?) prizes
Quarterly tournaments
If DDU sees a similar level of success as the original Dookey Dash that was in a closed environment, we could see the prizes and tournaments become a funnel bringing in a higher baseline of awareness (and potentially holders) around the Yuga ecosystem, while being a web3 gaming success in its own right.
It seems like we’re still weeks away from launch, but if you’re a gamer get ready to do some finger and wrist exercises 🏋️
Earlier this morning I got a push notification from my Starbucks Rewards app. I was expecting the notification to promote today’s Triple Star Day and instead got something else:
Aside from the fact that the Starbucks team is unnecessarily targeting me (since I’m already in Odyssey, all good though), it seems like Starbucks is expanding the scope of the Odyssey Beta program again, taking users that tap to the Odyssey signup page.
The push notification timing coincides with Starbucks Odyssey launching the first Journey of 2024. What’s interesting about this journey is that it is available for completion for the whole year. Why?
The Seasonal Innovations activity spans the whole year, with a new activity appearing approximately every quarter. As an additional incentive, you can make multiple qualifying purchases to earn bonus points vs. the standard one-and-done.
I’m looking forward to what Starbucks has in store for its growing Beta user base. I’m also looking forward to when Starbucks removes ‘Beta’ from the Odyssey title.
Maybe when NBA Top Shot removes their ‘Beta’? It’s been over 3 years lol.
All love Dapper, all love 🫶
See you Thursday!
Collect this post as an NFT.
