Twitter coin IRL?

Good morning! Welcome to The Daily Moon. Free speech warrior and the owner of Twitter, in his quest to stop spam, unblocked another set of accounts that the social media company had suspended. This resulted in spammers pumping Doge. The token went up 7.5%. You know what’s coming next?

The markets recovered. Bitcoin was at ~$17,230 and Ethereum inched closer to $1,300. Nasdaq fell in early trade. Back home, Sensex and Nifty ended flat.

Is BTC Out Of The Woods?

Bitcoin found an unlikely ally in China. No, the country hasn’t reversed the crypto ban. But it has eased some Covid-19 lockdown restrictions. Good news= Bitcoin rally.

So a rally, for real?Kind of. The FTX contagion risk is more or less over (for now). There’s some optimism from the Fed too. The Fed said that it was going to go slow on rate hikes. This means less uncertainty and more money. It’s good news for BTC because:

• Stable interest rates will increase the HODLer numbers.

• Fence-sitters will have an opportunity to buy.

Now if you ask central banks such as the ECB, they’ll tell you that Bitcoin will become irrelevant soon. But the data proves otherwise. First, large institutions such as JP Morgan are bullish on crypto. Second, Bitcoin credit and debit cards have made it easier to pay in crypto.

But what’s the China connection?Bitcoin’s not immune to economic shocks. So if the global economy suffers, the crypto does too. And China is the common link since it contributes about 18.6% to the world economy. Whatever happens in China affects everyone. The zero-Covid policy led to factory shutdowns for extended periods. Shipment exports were delayed and countries across the world suffered. After the lifting of the curbs, there’s temporary relief in sight.

Friendlier times ahead?We know how some governments feel about crypto. But Ted Cruz isn’t among them. The US senator from Texas wants to make his state the oasis of Bitcoin. Ethereum co-founder Vitalik Buterin agrees. “Focus on the tech, not the price,” he says.

The MATIC Dilemma

Polygon’s giving mixed vibes. It reached ~350,000 daily active users on decentralised apps, second only to Ethereum among crypto tokens. But its DeFi activity has been lukewarm.

What’s up? The numbers don’t present a clear trend. DeFi is down, dApps are up, and NFTs show promise.

Take DeFi for instance. Polygon’s total value locked is at $1.08 billion, a ~19% drop compared to the previous month. That’s the total value of all assets deposited in a DeFi protocol, where a fall indicates a slowdown. But the TVL’s up ~2% over the past 24 hours.

However, NFTs offer some hope. The Sandbox’s NFT volumes are up over 275% on Polygon. One reason may be the launch of a new Wave 2 Land collection.

MATIC magic?New partner additions such as Warren Buffett-backed Nubank may nudge a rally. Polygon’s MATIC rose ~14% in the past week. The $1 dream is still alive.

Musk Wants His Own Crypto?

Is Elon Musk planning to launch a Twitter coin? Chatter suggests so. A user posted a screenshot of what was supposedly the logo of the said coin. At the time of writing, the user’s account didn’t exist. But you know how sneaky Twitter is.

Is it true?There are no official statements. No clear explanation of why this user’s account doesn’t exist anymore either. But she also said Twitter is contemplating crypto tips and payments. Then another user also posted a screenshot of what looks like a crypto payment option with Twitter coin.

What about DOGE?Musk has never hidden his love for the absolutely pointless Dogecoin. So it was natural to speculate on what this means for DOGE and even Bitcoin. It looks like the community largely thinks this is a complementary option to existing crypto coins. The more the merrier in that case.

Reddit’s Minting NFTs

Reddit is the NFT game. Almost 255,000 avatars were minted on Saturday alone. The last time it saw record-breaking NFTs was on August 30 and 31.

Say what now?Reddit launched avatars in July. These “digital collectible” avatars aren’t bought or sold in crypto. The NFTs are made by artists on Reddit and built on Polygon. Data shows around 4.4 million Reddit NFTs are in circulation. But the same data also shows about 3.7 million of these are being held by avatar holders.

Now some of these sell for a premium of up to $300 on secondary marketplaces. On Reddit’s own marketplace, they sell for about $50. Fascinating, right? Worth keeping an eye on.

And that’s it for today. If this email was forwarded to you, please consider subscribing. It’s free. We’ll never show you an ad or charge you for this. We swear.

Also, to sweeten the deal, here's an offer you cannot refuse! You can refer this newsletter to your friends, family and any amazing community. The top referrer every month wins a guidebook to upcoming potential airdrops and exclusive premier content! Click below to share your unique referral link!

Share Daily Moon by Mudrex

You currently have 0 referrals.

Click to Share

Or copy and paste this link to others: https://thedailymoon.beehiiv.com/subscribe?ref=daqKCLROWs

Who are we? This newsletter’s ambition is to educate (and to entertain). The world of money is changing everyday and we want to help you decode what’s happening in the world of crypto, public markets in the US and India.