Merry Christmas everyone! We’re only a week away from 2022 end, which has been the wildest year for crypto thus far. There's been close to 120k identified rug pulls this year, a roughly 40% increase year-over-year. We’ve had three systemic blowups; Luna, Celsius, and FTX. Markets are quiet over the holiday weekend, with Bitcoin flat at $16.8k and Ethereum at $1218. Binance’s BNB token failed to get listed at any of the US exchanges, with only Binanace.US supporting the exchange token — most likely US exchanges fear BNB being considered a security by the SEC.
NFT volumes basically halve overnight, with the total standing at around $10M. ETH-NFTs are at $8M, Solana-NFTs at $1.5M, and ImmutableX sitting at $400k. BAYC, MAYC, and BAKC are in the top 5 with a combined $3M in turnover across 126 trades. CryptyoPunks makes an appearance with $900k and Sorare finishes the top with $600k in volume. A new report out by on-chain data analyst “hildobby” claims over 45% of NFT volumes are wash trading, driven mainly by LooksRare, where the wash transactions constitute over 98% of volume, and X2Y2, with 87%.
We put out our “NFT Manifesto: A Beginner’s Guide to Understanding and Collecting Digital Assets” tonight, which has something for all levels of NFT participants!
Check out our Dune dashboard for details → https://dune.com/lhagiimn/cyan-market-dashboard