BOME: 1 Billion in 2 days, Pre-sale mania, the value of derivatives | TS-009
Plus: Nike shutting down RTFKT? Dev burns $10M accidentally
It’s been a week, but it’s felt like a month. An absolute insane week in crypto. Let’s breakdown the top six stories.
TOP SIX STORIES IN CRYPTO
BOME: memecoin goes to 1 Billion in 2 days
Pre-sale mania: BOME kicks off new meta
The Value of Derivatives
Dev “accidentally” burns $10M of Slerf presale token
Solana hits $200, just ~20% away from ATH
Rumour: Nike is shutting down RTFKT - their web3 division
1. BOME: memecoin goes to 1 Billion in 2 days
It’s an unprecedented really. A memecoin hitting a 2 Billion Dollars marketcap in 2 days. It might’ve been 1.5, which is even more impressive (Pepe took 19 days in April/may 2023). It’s hard to explain how it happened, but i’ll try my best.
The coin started as a presale - 24 hours to send SOL to a wallet. This was reminiscent of the presale meta last year with ben.eth, but with a far more trustworthy and established artist leading it.
DarkFarms is an artist that has been building his community all throughout the bear - and has a massive cult following. His past work includes the fake rare pepe collection, he’s a part of tungstenDAO (a collective of very notable artists and creators).
It appears that having a raving community (which includes a diamond handed top holder that turned 72K into $19M and has barely sold), plus connections that lets you get listed on Binance on the second day of trading (unheard of), is part of what allowed BOME to make history.
It’s now on a retrace and sitting below 1B marketcap, after topping at $1.8B. But something tells me this is not done. We’re only on day 5 of the coin and the bull market is long.
Don’t underestimate the power of memes.
2. Pre-sale mania: BOME kicks off new meta
When a meta takes Twitter and Crypto by storm - like we saw with ERC404 coins a few weeks earlier - copy cats, derivatives come out in droves. Since BOME launched, there have been at least 10 prominent presales. Many have raised multiple millions of dollars, the biggest of all being SMOLE - raising $33M. Most of been flops, some have rugged completely - let’s just say, the presale meta has way more losers than winners, and none will match what BOME did - which speaks to the value of “derivatives” (see next story).
Be smart with your Solana - blindly ape into every presale is a recipe for losing.
Godspeed 🫡
3. The Value of Derivatives
Any time a new meta takes crypto by storm, derivatives are launched immediately after. After some time, I’ve mapped out a thesis on how you want to value these compared to the original - and it has to do with physics. Check it out on X or read below.
You can also mint it on Zora for free to keep as a reminder.
4. Dev “accidentally” burns $10M of Slerf presale token
In the presale madness, shit gets crazy. Last night, “Slerf”on Solana was supposed to launch. The money was sent, they raised millions of dollars, the funded the LP, and all that was left was to send the airdrops to people that contributed to the presale.
Except… the dev accidentally “burned” it. $10M for the presalers, completely gone. This turned into an absolute clown show, with the dev hosting spaces for hours, and crying on it. Some people think it’s a psyop or performance art - it’s hard to say except that, for outsiders watching our space this is a terrible look, and we are not serious people.
5. Solana hits $200, just ~20% away from ATH
With all the flurry of activity on Solana during this presale season, Solana is nearing its all time highs of ~$258 USD. Solana offers a lot of great things that ethereum can’t - namely gas fees that still plague the ETH mainnet (~$50-100 per txn). It’s a very retail friendly chain and many think Solana still has many more multiples to go in this bull. I’m personally bullish on Solana - this week has been a great reminder of how fun it is when you aren’t thinking about gas fees.
6. Rumour: Nike is shutting down RTFKT - their web3 division
In a - so far - unsubstantiated rumour, a report has come out that Nike will be shuttering their web3 division RTFKT (click image to watch video below). Nike acquired RTFKT in late 2021 at the peak of the last bull market - and since then the project has been on a slide. There’s been a few small controversies but from speaking to holders, what I hear most from them is that, they feel like they get treated like “customers” more than “holders” - something thats not very “web3”.
It is important to note that, Zaptio, a founder of RTKFT, has denied this.
Nick has been wrong before (the “cool cats acquisition by yuga” in 2022), but he has also been very right recently (was the first to confirm Moonbirds has been acquired in December 2023 - and it was officially announced by Yuga 2 months later.
Take it with a grain of salt - or not. We’ll see what happens.
Real talk if you made it this far, thank you for reading. Please share with a friend or tweet this out - it really helps and I love seeing feedback on my writing!
- atareh out
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