🥛 Will prices continue up or drop back down?
- Writer Milk Man
- January 16, 2023
- •3 Min Read
GM. This is the Milk Road, the daily newsletter that takes regular crypto news, mixes flavorful memes, and serves you a refreshing email every day.
Here’s what we got for you today:
- Market Movements - what’s with the pump in prices?
- Yuga Labs is launching a new game this week
- NFT Royalties: Which collections made the most money this week?
MARKET MOVEMENTS - WILL PRICES CONTINUE UP OR DROP BACK DOWN?
Crypto markets are a lot like a seesaw at the park.
Sometimes it's up. Sometimes it’s down. And a lot of times.. you just get f*cked up.
Well right now, the markets are on the up. Over the last 7 days, BTC is up 23%, ETH is up 23%, and SOL is up 70%. The overall crypto market is almost back to $1T.
What’s up with the pump? Well, it could be a few things…
- U.S Inflation has cooled down. Last week's CPI report came in at 6.5%, which was the 6th straight month it’s decreased.
- Series of short-position liquidations. $1.2b has been liquidated over the last 7 days in short position. Liquidations are tricky… sometimes they cause prices to spiral down, other times they can cause a “short squeeze” and cause prices to pump like a balloon.
With prices on the up, everyone is wondering one thing… is the bull market back? Is there caviar in the near future? Or are we headed back to the McDonalds dollar menu?
Well, over the weekend Bitcoin’s RSI level just hit one of its highest levels in years. RSI = Relative Strength Index. It’s what data nerds use to measure whether something is overbought or oversold.
According to history, the last 3 times the RSI hit these levels there was eventually a correction.
Hell if we know what will happen to prices. But, if there is one thing we learned from the OG Warren Buffett it's...
Be fearful when others are greedy, and greedy when others are fearful. And right now, people are greedy about crypto for the first time in a while.
TODAY'S EDITION IS BROUGHT TO YOU BY thirdweb
When I first joined crypto I heard about, “The Blockchain.”
Where was this blockchain? How did it work? Wait ... is it Bitcoin? Oh no, it's gotta be Ethereum.
It took me a few months to learn it wasn't one blockchain, but many blockchains. And, each blockchain has its own strengths and weaknesses.
“X blockchain is built for gaming”
“Y blockchain is perfect for NFTs"
“Z blockchain, trusted by sports experts everywhere”
I was starting to get it until I heard about Layer 2s.
First, I gotta learn about tall these different blockchains, and now they have layers? I was confused.
Thankfully, our friends over at thirdweb helped us create a Deep Dive on blockchains.
We compared Bitcoin to Bentleys, Ethereum to Toyotas, Layer 2s to a Brooklyn mechanic, and Solana to a ... oops sorry if you want to find out, check out the Deep Dive here.
Read the full blockchain breakdown
YUGA LABS LAUNCHES A NEW GAME THIS WEEK
LOOK! There's something new flying through crypto...
Person 1: "It's a bird!"
Person 2: "No, it's a plane!"
Milk Man: "Nope, it's Yuga Labs dropping another NFT project"
That's right. The creators of the Bored Ape Yacht Club and owners of CryptoPunks are dropping a new project. But it's not just a regular ole' project - it's a skill-based game.
The game's called Dookey Dash. According to the Yuga Labs website, this is the story behind it:
Sounds like Jimmy had too much Taco Bell…
Here’s what we know about Dookey Dash:
- The game is an "endless runner" game (think of Temple Run and Flappy Bird-type games)
- It’s a skill-based game and there's a global leaderboard. The better you do in the game, the better your rewards. (Yuga Labs still hasn't announced the rewards, but there's speculation it could be NFTs that can be used later in their metaverse, Otherdeeds)
- There are unlimited attempts at the game, all you need is a Sewer Pass NFT. The pass is free for BAYC & MAYC holders, the rest of us mortals will need to buy a Sewer Pass from the secondary market
Dookey Dash will be released on January 18th and ends on Feb 8th. And the hype has already begun. Each of Yuga Labs' other NFT projects (BAYC, MAYC, etc) has seen a 100%+ increase in sales volume since the announcement.
We’ll see if Dookey Dash will be a big hit or if it’ll just Dookey all over the bed.
NFT ROYALTIES WATCH: WHICH COLLECTIONS MADE THE MOST LAST WEEK?
What 3 words get nerdy guys all hot & sweaty? No, not Bella Khairiah Hadid.
It’s Non Fungible Tokens - NFTs. And this past week, NFT collections saw a boom in money made off of royalties. Here’s how the Top 20 leaderboard is looking:
The top takeaways:
- NFTs saw a bounceback week. Collections saw a 90% increase week over week in royalties
- Memes made some noise. Both The Memes by 6529 and Feetpix (yes, you read that right) had big weeks as meme-based collections
Oh, and a big shoutout to Azuki and Beanz for celebrating their anniversary. Not many NFT projects are lucky enough to say they’ve been alive long enough to complete one cycle around the [blockchain] sun.
Insights provided by Definitive.
That's a wrap for today. Stay thirsty & see ya tomorrow! If you want more, be sure to follow our Twitter (@MilkRoadDaily)
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
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