M3TA Recap: August 21 – August 27, 2023
Time for a change! Discover alphas in lower-cap coins that slashed 3 zeros in 72 hours. Ready for the ride?
Top performers (7D)
Newsly - $NEWS: +825%
Price as of time of writing: NEWS/USD - $0.049
Newsly is a Telegram bot that allows you to view news, as well as execute trades, instantly through 1 click. Users only need to connect their Bybit account with the bot through an API. NEWS has been stealth launched for sale on Ethereum.
The token gathered attentions as it just launched on Aug 25, 2023.
Soaps - $SOAPS: +439%
Price as of time of writing: SOAPS/USD - $0.00108
Soaps is a web3 social application integrated with Telegram. Similar to Friend.tech on Base, Soaps empowers users to participate in share trading activities. Users can make their purchases using either $SOAPS or $ETH as their preferred currency. When $SOAPS is used for share acquisition, the project undertakes a 100% buy burn.
100% Buy Burn: "Buy burn" is a process in which tokens are bought back by the project and then 'burned,' or permanently removed from circulation. A 100% buy burn would imply that all the $SOAPS tokens used for share acquisition would be bought back by the project and then permanently destroyed or removed from circulation.
However, there is a fee applied when purchasing shares, with 10% of this fee allocated to the creator, while the remaining 90% is distributed as rewards to $SOAPS holders.
The token is experiencing a surge in anticipation of the mainnet launch scheduled for August 28th at 11:00 PM UTC.
Akropolis - $AKRO: +48.10%
Price as of time of writing: AKRO/USD - $0.0145
Akropolis is a software platform that empowers developers to launch dApps on the Ethereum blockchain. This platform also provides a DeFi product, enabling users to generate profits across various blockchain networks.
At the end of July, the project integrated a user interface frontend for Liquity's LUSD lending product, leading to AKRO's price growth after several months of sideways movement.
If you're interested in $LQTY, check out the Liquity dashboard here.
Rollbit - $RLB: +30%
Price as of time of writing: RLB/USD - $0.18
Rollbit serves as a hub for lotteries and various betting options, alongside offering Futures trading with leverage reaching up to 1000x for over 20 prominent trading pairs. Those participating in the lottery commit a specific quantity of RLB tokens, earning them 20% of Rollbit casino's revenue as incentives.
Rollbit is a pretty sought-after token throughout different DEXs.
dYdX - $DYDX: +15.24%
Price as of time of writing: DYDX/USD - $2.21
dYdX is a decentralized exchange (DEX) platform that offers perpetual trading options.
dYdX will have 3.76% of its token unlocked on Aug 29, 2023.
One small note is that dYdX holds a list of up to 34 investors, with quite many well-known names like Dragonfly Capital, GSR Ventures, a16z, among others. These investors have not received any token until December 01, 2023. There's a high chance that they still want to see dYdX price continuously dipping until then so that they can start exercising their market making strategies and cash out profits in waves later.
Top losers (7D)
Pepe- $PEPE: -20.17%
Price as of time of writing: PEPE/USD - $0.000000876
The dip of Pepe was probably the most covered event last week.
The coin dipped hard following the news that on August 26, PEPE team allegedly sold $15M worth of $PEPE. The Pepe X account claimed that three former team members took off with over 16 trillion $PEPE tokens, approximately $15 million in value, and moved them to major crypto exchanges: OKX, Binance, Kucoin, and Bybit.
These individuals, who initially distanced themselves from the project, reappeared and transferred the tokens to exchanges without proper authorization. Subsequently, they removed themselves from the multisig wallet.
The change that allowed this unauthorized transfer was a modification of the requirement for validating transactions. Instead of 5/8 wallets, only 2/8 were needed.
At present, the multisig wallet contains 10 trillion $PEPE tokens, with only one authorized signer remaining – the individual responsible for the tweet. They have reassured the community of the tokens' security, but it did not seem to salvage the wavering trust of users towards the token as a lot of users have decided to sell their $PEPE.
Sei Network - $SEI: -12.79%
Price as of time of writing: SEI/USD - $0.13
Sei Network a layer 1 blockchain built on Cosmos SDK and Tendermint Core, serves as a high-performance liquidity hub for various DEX products. It's specifically designed for Order Book integration, offering rapid execution, deep liquidity, and fully decentralized matching services to applications built on its platform.
Sei price decreased as it faced turbulence last week.
Macro
The Wall Street Journal - Aug 25, 2023
Investors may encounter federal tax rates as high as 23.8%.
A set of newly proposed rules aim at achieving 2 goals:
(1) making it more difficult for cryptocurrency investors to evade income taxes when selling cryptos
(2) simplifying tax reporting for those attempting to comply with the law.When fully implemented (expectedly in 2026), these rules will require cryptocurrency exchanges like Coinbase to treat their dealings with the IRS (Internal Revenue Service) in a manner similar to traditional brokers who handle stock and mutual fund portfolios.
The rule is that crypto exchanges will be obligated to send annual reports on Form 1099s to both the IRS and taxpayers, detailing the gross proceeds from cryptocurrency transactions.
Odaily News - Aug 24, 2023
This move comes in response to the growing use of cryptocurrencies as a means of circumventing capital controls during economic downturns.
CNN - Aug 28, 2023
Following the tumultuous events involving China's property giant Evergrande and concerns about deflation, billions of dollars' worth of Chinese stocks have been offloaded over recent weeks, making the nation's economic prospects quite gloomy.
To counter this, China has introduced a solution: a significant reduction in the stamp duty on stock trades, previously set at 0.1%, which will be halved effective August 28, 2023.
Micro
M3TA Telegram - Aug 21, 2023
Starting from August 31, 2023, OpenSea will discontinue the OpenSea Operator Filter, which prevented collections from being sold by competing platforms that didn't require creator fees.
Creator fees will still exist but will shift from being mandatory to being optional.
Reasons for Change:
OpenSea found the Operator Filter to be ineffective.
Backlash and Reactions:
Mark Cuban expressed concerns, stating that not collecting and paying royalties on NFT sales is a significant mistake by OpenSea, eroding trust in the platform and harming the industry.
Yuga Labs, the creator of Bored Ape Yacht Club, confirmed that by February 2024, their company will prohibit OpenSea from trading new Yuga projects and projects with upgradeable smart contracts.
Other creators, including Betty, founder of the NFT project Deadfellaz, called for a widespread boycott of OpenSea. She criticized the company for not supporting artists, especially underrepresented ones, and for departing from crypto-native principles, like promoting decentralization through profit-sharing.
News Highlight
M3TA Telegram - Aug 21, 2023
Friend.tech, a decentralized social network (DeSo), generated over $1.4 million in fees within a 24-hour period on August 20, surpassing established players like Uniswap and PancakeSwap.
About Friend.tech:
Launched its beta version on August 11.
Allows users to trade "shares" of their connections; owning a share enables private messaging.
Charges a 5% transaction fee; owners profit from the price difference ("spread") during trading.
Thanks to Friend.tech, daily transactions on Ethereum's layer-2 Base surpassed those on the Ethereum network on Aug 23, 2023.
The takeover, however just last 1 day.
M3TA Telegram - Aug 21, 2023
A Binance customer in Europe faced issues with fiat withdrawals related to SEPA transfers due to their Paysafe account closure.
Initially, Binance's customer support erroneously stated on August 20th that euro withdrawals and deposits via SEPA had been halted.
Binance later clarified that this message was incorrect and confirmed that SEPA operations would continue until September 25th.
They also assured users that alternative solutions would be provided before the SEPA service concludes.
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