M3TA Recap: May 8 – May 14, 2023
This week's top performers soar from random selections, while PEPE crashes hard. Could this be the end of meme coin with a new trend of alphas on the rise? Read on!
Top performers (7D)
marumaruNFT - $MARU: +55.9%
Price as of time of writing: MARU/USD - $0.657
marumaruNFT, a Japan-based specialized NFT marketplace & NFT creator, is set to launch in Q2 2024. Its NFT collection focuses on ‘the host/hostess club industry’ (flight attendants, maids, cabaret girls, etc.) while aiming to utilize the token economy ($MARU) to create a metaverse that encourages interaction between host/hostess anime characters, and creators' artworks and music, land and membership rights and fans.
The $MARU token was listed on PancakeSwap in Oct, 2022.
The recent surge in $MARU price could be attributed to the announcement that they will be listed on Bybit exchange by the end of this year.
Kava - $KAVA: +46.2%
Price as of time of writing: KAVA/USD - $1.01
The Kava Network (residing on the Cosmos chain) is a Layer-1 blockchain that merges the scalability and speed of Cosmos EVM to connect any Kava-native dApps with others on Ethereum.
Kava is also a platform for cross-chain DeFi lending, allowing users to borrow the stablecoin USDX and deposit various types of cryptocurrencies to start earning profits.
Kava made an announcement on May 11, 2023, stating their plans to launch the KAVA 13 mainnet, which has potentially increased the price.
OpenCampus - $EDU: +30.4%
Price as of time of writing: EDU/USD - $1.31
Open Campus Protocol is a community-led Web3 educational platform that aims to tokenize global educational content. It allows creators of educational content to earn money and provides an alternative education system for those who want to learn.
The protocol uses EDU tokens for governance, payments, and revenue sharing. Contributors to the platform, such as content creators, will receive their share of the revenue in EDU tokens.
$EDU has captured the interest of investors as it is the 31st project featured on Binance Launchpad. Given its robust buying power during Bitcoin's decline, many investors have placed their trust in the project's team and begun acquiring $EDU, resulting in a significant price increase.
SafeMoon - $SFM: +26.5%
Price as of time of writing: SFM/USD - $0.00015857
SafeMoon is a BNB Chain-based protocol. At the time of writing, SafeMoon has introduced SafeMoon v2, which incorporates Swap and Wallet functionalities.
Note: No whitepaper regarding the project was found though you can explore its tokenomics and what other users are talking about the project on the Reddit community.
The price increase is merely a temporary pullback from its ongoing decline in price.
Bitget Token - $BGB: +19.6%
Price as of time of writing: BGB/USD - $0.468
$BGB is a native token of the centralized exchange Bitget.
On May 10th, the project introduced the BIP1 Launchpad (similar to Binance Launchpad), which allows $BGB holders to receive $BIP1 tokens by simply holding $BGB as a deposited asset on the exchange.
$BIP1 is a token following the BRC-20 standard on the Ordinal protocol.
It is almost a common sense that a project will appreciate in value when there is a launchpad partner involved. This was evident among Binance Launchpad-chosen projects.
Top losers (7D)
AVINO Chain - $AVINOC: -32.8%
Price as of time of writing: AVINOC/USD - $0.609
Avinoc is a digital bridge that connects different groups of people and companies involved in aviation and travel.
This platform uses blockchain to make sure that everyone can access and use the same disclosed information, unlike the traditional centralized aviation service which usually adjusts the public information to net the most profit in a flight.
Passengers, airlines, and other companies can use Avinoc to book flights and manage their activities more easily and efficiently. It's like a one-stop shop for everything related to air travel.
Pepe - $PEPE: -30.3%
Price as of time of writing: PEPE/USD - $0.00000174
PEPE is a meme coin with a special tokenomic where only 6.9% of the tokens are held in a special wallet for future use, while the majority (93.1%) are put into a liquidity pool and the LP tokens are burned.
PEPE has been known to be the leading-cap coin during the last meme coin season.
JasmyCoin - $JASMY: -28.9%
Price as of time of writing: JASMY/USD - $0.0049
Jasmy is a blockchain IoT (Internet of Things) project that originated in Japan. Its primary objective is to recover and protect individual data sovereignty. It blends conventional IoT technology with blockchain technology, granting people the capacity to retain a secure control over their own data.
The JASMY token is built on the Ethereum.
Evmos - $EVMOS: -23%
Price as of time of writing: EVMOS/USD - $0.197568
Evmos is a scalable Proof-of-Stake blockchain fully compatible with Ethereum. It utilizes the Cosmos SDK and Tendermint Core consensus engine, enabling standard Ethereum to run as a Cosmos-specific blockchain.
Core - $CORE: -20.1%
Price as of time of writing: CORE/USD - $0.87415
Core is a Layer-1 blockchain that is turing-complete and compatible with the Ethereum Virtual Machine (EVM). It aims to create a secure, scalable, and decentralized blockchain by utilizing the Bitcoin hash rate and delegated proof-of-stake (DPoS) consensus mechanism.
To achieve this goal, Core employs a unique consensus mechanism called "Satoshi Plus," which blends the best features of both.
The decline in the price of these tokens corresponds to the downward trend observed in BTC during the previous week.
Macro
Consumer Price Index (CPI) - which measures the price of consumer goods and how they're trending; a rise in PPI correlates with a higher inflation and consumers' hesitation to spend money
CPI rose 0.4% in April, meeting expectations. The rise in inflation was largely driven by high rents. However, there were some areas of relief for consumers, as food prices remained unchanged and grocery store prices fell.
The annual increase in CPI was 4.9%, slightly lower than the estimated 5% and the lowest since April 2021. This deceleration in consumer prices reflects the impact of the Federal Reserve's tightening cycle.
Core CPI, which excludes food and energy prices, also rose 0.4% monthly and 5.5% year-on-year, in line with expectations.
Producer Price Index (PPI) - which measures the average prices received by producers for their goods and services; a rise in PPI correlates with a higher inflation and consumers' hesitation to spend money
PPI for final demand goods and services increased by 0.2%, below the estimated 0.3% and way above the 0.4% decline in March.
The core PPI, which excludes food and energy, also rose by 0.2%, aligning with expectations.
On an annual basis, the headline PPI rose by only 2.3%, down from 2.7% in March, marking the lowest reading since January 2021.
Overall, while the slowing annual increase in CPI may provide some breathing room for the Federal Reserve, inflation remains a concern with rising PPI, and further observation and analysis are needed to determine the future course of action.
Micro
Binance's NFT Marketplace Now Supports Bitcoin-Based NFTs
Binance - May 08, 2023
With the help of the Taproot and SegWit upgrades, Bitcoin Ordinals enable the development of distinctive and permanent NFT collections on the Bitcoin blockchain.
Binance NFT is actively pursuing partnerships with NFT projects focused on Bitcoin Ordinals following last week’s sudden trend in the BRC-20 standard and Ordinals.
Additionally, users can take part in the unique registration event (from May 9 to May 15) and unlock a range of exclusive advantages.
Binance NFT Marketplace will encompass different features:
Marketplace: mint NFTs, sell NFTs, bid on NFTs, buy NFTs from creators worldwide.
Initial NFT Offerings (INO): buy exclusive NFTs from global artists and brands. Get premium offerings from digital artists, musicians, athletes, and celebrities.
NFT-Fi: stake NFTs or get a loan using NFTs as collateral (NFT-Fi loans are an upcoming addition to the platform)
News Highlight
TechCrunch - May 11, 2023 at 7:00 PM UTC
Pudgy Penguins, an NFT collection, has raised $9M in a seed round led by 1kx.
The funds will be used to scale the company's intellectual property, its team, and enhance offerings for its community.
According to Cryptoslam, Pudgy Penguins currently holds the 21st position by all-time NFT sales volume across all chains and has over $251 million in lifetime sales.
Only 574 of its 8,888 NFTs are listed for sale, with a floor price of about 4.383 ETH and the most expensive one listed for $1.6M.
Please note that all the evidence mentioned above is only accurate as of the time of writing.
Decrypt - May 11, 2023
The Odsy Foundation, a non-profit organization focused on nurturing the Odsy Network ecosystem, which has successfully raised $7.5M in seed funding. The Odsy Network is currently valued at $250M.
Blockchange Ventures led the funding round, which saw participation from various VCs, strategic partners, and investment DAOs, including Rubik Ventures, No Limit Holdings, Node Capital, Insignius Capital, FalconX, SolrDAO, TPC, and more.
Odsy Network is a Layer 1 blockchain that prioritizes secure and programmable access control for Web3. This is achieved through a new crypto primitive called dWallets.
These dWallets are transferable and programmable signing mechanisms residing on the decentralized Odsy Network, allowing them to sign transactions on virtually any other blockchain.
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