😎 This Doge Eat Doge World
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GM, and welcome to another edition of CoinStats Scoop! 🥂 Here’s an overview of this week’s newsletter:
The usual market overview and analysis with a focus on Dogecoin rocking the market 🐕
Updates on this week’s noteworthy news and developments
Breaking down OpenSeaPro’s launch & the corresponding NFT marketplace wars
Covering LayerZero, one of the hottest crypto protocols, and their $3 billion valuation
Reading & thinking about crypto ownership and its power
Weekly wrap-up: predictions & takeaways.
Market Overview
As we headed into the Easter holiday weekend, the market had remained relatively calm in the latter half of the week. This respite was undoubtedly welcome, especially after Monday's frenzy when Elon Musk changed the Twitter bird to the Dogecoin logo for all users, sparking excitement and speculation in the markets.
https://twitter.com/elonmusk/status/1642962756906418176?s=20
As expected, this development rocked all markets as the Dogecoin logo was prominently displayed to over 450 million Twitter users. In an immediate response, market participants bought the news, causing DOGE to rally over 20% before settling its gains of around 11%. Elon then switched the Twitter logo back. However, DOGE still managed to gain an impressive 8% this tumultuous week.
https://twitter.com/CoinStats/status/1642946788058447873?s=20
In other news, BTC gained a slight 0.5% while ETH rallied around 3%. Despite DOGE's attempt to dominate the entire crypto market, ETH remained strong as it rallied very close to breaking the key psychological level of 2k before falling just short and eventually settling back down around $1,850.
It was another green week for the broader cryptocurrency market, with a 0.16% increase in the total crypto market cap reaching over $1.23 trillion. Although a 0.16% increase may not appear significant for individual coins, it translates to a total gain of $1.9 billion for the entire crypto market. While some tokens have experienced a decline in value during this time, the overall cryptocurrency asset class has gained $1.9 billion in market cap, a testament to its resilience and potential for growth.
Once again, MicroStrategy demonstrated its support for the overall cryptocurrency market by purchasing an additional 1,045 BTC. In doing so, Michael Saylor's company is contributing not only to the growth of BTC but also to all markets, as BTC money often spills over to ETH and altcoins. MicroStrategy's continued efforts to acquire as much BTC as possible have positively impacted downstream/altcoin flows. As a result, several altcoins throughout the crypto ecosystem have outperformed BTC/ETH, including:
ICX +52%, INJ +17%, XRD +18%, ENJ +14%, ACH +11%, METIS +11%, RON +10%, LQTY +9%, CHZ +9%, RUNE +9%, BAT +8%, KNC +8%, CRV +8%, KLAY +8%, AMP +7%, AAVE +5%, FXS +5% & CANTO +5%.
News & Developments
Tether and Paxos, the companies offering tokenized gold products, have once again surpassed a combined $1B market cap as investors embrace gold amid ongoing banking chaos
MicroStrategy, Michael Saylor's publicly traded company, purchases an additional 1,045 Bitcoin increasing its total ownership to 140,000
Pancake Swap (CAKE), the top DEX on BNB, launches v3 on BNB and ETH
Crypto venture capital funds Re7 Capital and Republic Crypto partner to launch RxR Opportunities Fund with $100 million funds to invest in liquid crypto tokens
OpenSea announces the rebranding of Gem V2 as OpenSeaPro, an NFT aggregator overtaking rival BLUR
Blockchain infrastructure provider Layer Zero Labs raises $120 million at a valuation of $3 billion
Solana (SOL) announces state compression to reduce the cost of minting 1 million compressed NFTs to $110 🤩
Ava Labs, the team behind AVAX, introduces Avalanche Evergreen Subnets designed to enable financial and corporate institutions to access and build applications on top of Avalanche
DeFi Hub Nibiru Chain startup raises new funds at a valuation of $100 million
Alchemy Pay (ACH), the protocol bridging fiat and crypto global economies through a real-world payment system, raises $10 million at a valuation of $400 million
American apparel retail giant Ralph Lauren embraces Web3 by accepting crypto in its new Miami store and airdropping NFT invites for Miami party.
NFT Wars & Layer Zero’s Future Airdrop
BLUR largely dominated the NFT marketplace due to its token launch and liquidity incentivization mechanisms. Hildobby illustrates this in his “Blur VS OpenSea” dashboard, which clearly demonstrates that since the launch of BLUR's token, they have maintained a substantial market share
After Blur officially launched its BLUR token, many industry experts predicted OpenSea's inevitable demise without the launch of its own token. However, such claims may have been premature as this week OpenSea announced the rebranding of its previous acquisition of Gem as OpenSeaPro.
OpenSeaPro offers several benefits to compete with BLUR, including:
Zero fees — listing on OpenSeaPro requires no fees for a limited time
More advanced order types
Deeper liquidity & faster speed
Advanced Orders – Sweep across the deepest liquidity of any NFT marketplace aggregator
Aggregation of NFTs across 170+ marketplaces
Updates of all data for its trending, mints, and collection pages in seconds
Aggregation of each offer to allow you to sell your NFTs for the best prices instantly
Optimized gas contracts
Homepage functionality that includes watchlists, live mints, batch transfer & more
Hildobby's Dune dashboard provides clear evidence that BLUR has dominated the NFT market volume. BLUR has been the first to challenge OpenSea's market share significantly, thanks to its user-friendly interface. However, OpenSea has recently started to fight against BLUR's dominance aiming to change the NFT marketplace wars forever.
https://twitter.com/openseapro/status/1643314687134556160?s=20
Another notable development of the week centered around Stargate Finance (STG) and its parent company raising funds at a valuation of $3 billion. As noted in News & Developments, LayerZero has raised funds at a valuation of $3 billion 🤯
Layer Zero and its Stargate infrastructure offer secure and transparent cross-chain messaging capabilities to connect over 30 blockchains. This technology enables the development of interoperable DApps for an omnichain future. Unlike many complex DeFi protocols, L0’s approach is straightforward, enabling seamless cross-chain communication.
As we can see, appchains and interoperability protocols are currently prevailing in this ongoing debate, and Layer Zero will be a significant player in the industry for the foreseeable future. We've attached an airdrop checklist for CoinStats users to maximize their benefits from LayerZero's recent $3 billion raise and take advantage of this opportunity. While we're unaware of the potential gains from ARB and BLUR, projections suggest that all market participants should engage with LayerZero and STG to their fullest extent.
https://twitter.com/Flowslikeosmo/status/1645079146014576647?s=20
Read of the Week
“Building Psychological Attachment — Not Just Ownership — Into Web3” — Li Jin
This week, we're exploring the ownership economy in crypto and its numerous benefits through an insightful essay by Li Jin. She is a co-founder and general partner at Variant, a venture capital fund that has raised hundreds of millions of dollars for early-stage investment opportunities in Web3.
As indicated by the subtitle, Li's essay focuses on fostering deeper engagement within the crypto space, as “user interest in crypto projects is often transactional, mercenary, and short-lived.” Li’s writing has a broad audience and carries significant influence within the industry, as evidenced by her recent post on Substack, which was also cross-posted on the highly regarded Harvard Business Review.
Li's essay brings attention to some of the often-overlooked yet critically essential benefits of crypto, highlighted below:
An open, global market
Independent of any legal jurisdiction and available to anyone with internet access
The potential to build a user-owned internet
Networks and products that turn users into owners through native tokens
Enables true digital asset ownership interoperability
“Crypto projects often experience the opposite: user interest is often transactional, mercenary, and short-lived. As the next era of the internet progresses with products that give users ownership through crypto tokens, builders can learn much about psychological ownership from other categories of products/services. By virtue of being dictated by decentralized protocols, crypto ownership is internet native: by default global and independent of any legal jurisdiction or central authority.”
CoinStats Reads
We've compiled a series of articles to help get your hands on some free cryptocurrency through upcoming airdrops. We share tips on how to participate in airdrops effectively, including strategies for identifying legitimate airdrops and avoiding scams.
When it comes to investing in cryptocurrencies, diversification is key. In another article, we discuss the benefits of diversifying your crypto portfolio and provide some tips for selecting a diverse range of coins that can help you reduce risk and increase your chances of long-term success.
And if you're looking to build an altcoin portfolio, we have some expert advice on how to manage your holdings effectively. Our article covers best practices for tracking your investments, balancing risk and reward, and making informed decisions about when to buy, sell, or hold your altcoins.
Check out the articles below for insights and pro tips:
This article will guide you through the Starknet airdrop to help you maximize your earnings in the exciting crypto world.
Discover why you need some exposure to altcoins in your portfolio and ways for proper altcoin portfolio management.
The Sui airdrop is finally here. We’ll guide you through the process of obtaining the highest amount of $SUI possible during the Sui Mega Airdrop!
Learn some crypto portfolio diversification strategies you can adopt to build a well-rounded and resilient cryptocurrency portfolio to mitigate risks and maximize returns.
Tweets & Memes
DeFi continues to increase its market share over its centralized counterparts 💪
https://twitter.com/esatoshiclub/status/1642879360473464833?s=20
Friendly reminder that the CoinStats app can assist with all of your crypto-swapping needs
https://twitter.com/CoinStats/status/1644350145369088000?s=20
With BTC climbing higher, people continue positioning themselves for even higher prices in the mid to long-term
https://twitter.com/glassnode/status/1644517577090273281?s=20
Wrapping Up
We'll wrap up this week’s CoinStats Scoop with the last tweet highlighting the collective market’s bet on higher BTC prices in the mid to long term. 💫
As usual, we provided the regular market update and discussed the recent DOGE-influenced moves, delved into this week's top-performing coins, covered OpenSeaPro’s launch and its impact on the NFT market, talked through Layer Zero’s $3 billion valuation, and suggested ways to benefit from its potential future airdrop. We also read and examined the concept of ownership in crypto, highlighting the reasons that keep us engaged in the industry. Finally, we covered the flurry of news & developments that occurred throughout another busy week in the crypto world 💪
CoinStats will continue to guide you through the crypto and DeFi world. We'll see you next week for another edition of CoinStats Scoop! 😎
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