Crypto total market cap is inching closer back to $900M, as Bitcoin is up 1% on the day to $17.5k and Ethereum sticking to $1330. Mainstream crypto news is covering ARK’s purchase of Coinbase stock, WazirX’s user assets being in Binance wallets as proven in their latest proof-of-reserves report, and Gala Games’ deletion of a tweet of a partnership tie-in with Hollywood star The Rock — GALA token is down 11% today. Lastly, the recently launched Solana token $BONK is down 69% from last week.
NFT volumes are slightly above $25M, with ETH-NFTs at $20M and Solana-NFTs at $4M. New Solana-NFT project BONKz had a debut $2.3M in secondary volumes today. MAYC and BAYC saw a combined $3M in turnover, likely fueled by the ongoing leverage pumping into the space. Azuki posts $1.7M in volume across 70 trades, with Beanz nowhere to be seen. Cirrus rightfully points out on Twitter that this mini bull run in NFTs is likely driven by low-quality leverage in the space — tracking volumes suggest its not organic demand which is coming in. Kaleo argues if pixelated feet can catch a bid, then there might be hope, but there's little data to support this.
Check out our Dune dashboard for details → https://dune.com/lhagiimn/cyan-market-dashboard