In This Issue
- I share my thoughts on the state of the market, private key time, NFTs falling, Solana breaking again, Luna 2.0 & a great report by Acala.
- Sam has a report for you on Solana Summer.
Premium members also get the following:
- My latest portfolio updates
- Rekt Capital has the latest technical analysis for you on the market.
- Rebecca has all of the latest news for you.
- Upcoming NFT drops
- Defi Dad has a tutorial for you on how to earn up to 35% APY with USDC/DAI on Uniswap on Optimism by Defi Dad
- Jesse has a ton of hot new airdrops for you.
- Hot new token sales.
- Rebecca breaks down this week’s trending coins.
- Jesse has a deep dive for you on LooksRare
And much more!
What’s On My Mind by Lark
The State of the Market
The entire market flipped uber bullish real fast this week as we broke out from the range BTC had been moving in for two weeks.
However, after a slip in equities today the crypto market fell abruptly, effectively erasing all gains. Surprise!
Our heavy correlation to the equity market has been the main driving factor in the market this year.
And what has the equity markets spooked? Quantitative Tightening, which is a fancy way of saying that the Federal Reserve is going to start reducing its balance sheet.
It does this in two ways.
One, by letting existing bonds end and not reinvesting in them. And two, by selling bonds and mortgages.
The first is not such a big deal, the second is more troublesome as it sees incredible sell pressure at a time when the market is already weak.
Suddenly everyone starts going turbo long again, and it feels easy to make those bottom calls.
But as today shows it is best not to count your chickens before they hatch, because the macro headwinds do persist. We could be in a crypto winter for a while.
The market has not yet established strength. We are still well below all key moving averages. Emotion is high in such situations.
We just completed 9 red weeks for Bitcoin, a new record by 3 weeks. Any green gives people irrational hope.
But we are far from out of the woods in my opinion. Stay strong, stay calm, remain focused.
BTC dominance is rising again.
Almost 47% at the time of writing. This is bad news for altcoins as their valuations bleed out versus both Bitcoin and the dollar.
During such times in the markets, Bitcoin becomes a safe bet.
Private Key Time
The market has been pretty crazy recently. You might have noticed?
Because of this and the ongoing crazy in the market I am going to be holding onto my private keys in the short term.
That is to say that I will be removing funds from lending platforms and defi protocols until things settle down a bit.
There is nothing wrong with just holding your assets in your personal wallet. In fact in many situations it is preferable.
If you can get good yield, then you might make the decision to risk a bit of your crypto in a lending platform or defi.
But when these yields fall enough during bear markets, perhaps it becomes time to rethink things.
Is it really worth risking my BTC for such a low yield? Even if the risk is small.
It is something to ask yourself.
Major NFT projects have all fallen in price in the last weeks.
We have also had many days of super low volume on Open Sea.
The silver lining here is that Solana NFT volume is actually beating Ethereum now on some days. Good for Solana anyway.
NFTs remain far out on the spectrum of risk in crypto. With so much macro fear it is unsurprising that people don’t want to spend half a million on a monkey picture.
That being said NFTs are not going anywhere, although we may see further capitulation on NFT collections.
Personally I will be watching for deep capitulation on NFT blue chips.
I would love to pick up a cheap Crypto Punk (30 ETH or less becomes interesting) and maybe a cheap Doodle (5 ETH or less).
Solana Breaks Again
Solana has had yet another outage.
It is to an extent getting comical at this point for Solana with continued outages. This is probably the 5th or 6th one this year.
It seems that the chain was offline for at least 8 hours with a restart of the chain being needed to get it back up and running again.
The crazy thing is that the market doesn’t really seem to care that much. The price took a small hit, but nothing big.
I hope that one day Solana sorts this mess out, otherwise it will find itself losing market share to chains that can keep the lights on.
Luna 2.0 is out now!
I want to be clear that I do not want to ride the LUNA crazy train again.
I have sold my initial airdrops and will sell the future releases too.
But there is an airdrop happening for those who held LUNA as well as UST on Anchor before the depeg, and there is a drop for those who held LUNA and UST after the depeg.
THIS POST, gives more details on who gets what in terms of an airdrop.
I also want to warn you to be careful!
There have been many scams around the LUNA airdrop.
You may have received tokens like LUNC or LUNA and other variations to your Ethereum wallet. These are scams.
The only way to get the new LUNA coin is to get it sent to your wallet.
You don’t need to do anything or approve anything.
In other Terra news, one of the biggest dapps, Mirror, apparently suffered a 90 million dollar hack that went unnoticed for 7 months. WTF?
And we thought it was crazy when Axie took 6 days to notice a 600 million dollar hack!
It was also revealed this week that Mirror suffered another 2 million dollar hack.
You can’t make this shit up.
Click HERE to check out an awesome report that David made on Acala! I remain bullish on the Polka Dot ecosystem and this is one of the major players.
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Solana Summer by Sam
When it comes to NFTs that are not resident on the Ethereum blockchain, the next network likely to come to mind is Solana, which has built up a significant NFT ecosystem of its own.
What is Solana Summer?
Recently, a narrative has formed that NFTs may be in for a Solana Summer.
Supporting this idea is the fact that Solana NFTs have been doing more volume than ever, and several big projects are getting a lot of attention.
Since April, when OpenSea integrated Solana NFTs, they’ve had more visibility, and even NFT buyers who previously had no interest in Solana can’t avoid noticing Solana-based projects appearing in OpenSea’s charts.
Is Solana Summer a Sure Thing?
That all said, crypto markets are not in the best shape right now, and while a Solana Summer could offer a welcome break from the bear market drizzle, it’s far from certain that it will be memed into reality.
There is a caveat around Solana, too.
If you dive into Solana NFTs, you will be transacting in SOL, and altcoins–including SOL–are down heavily in price at the moment.
Looking at this positively, if you’re thinking in dollar terms then you can buy into SOL at an attractive price point.
The other perspective, though, is that when trading NFTs in ETH, you can be less concerned about the price of ETH itself, because it is, arguably, one of only two blue chip cryptocurrencies (along with BTC, although bitcoin maxis would disagree).
This means that on a long enough time scale, we can reasonably expect its price to bounce back from the lows.
In other words, ETH is a good long-term hold.
But with SOL, there is more uncertainty about what it will do in the future.
This means you might feel uncomfortable holding on longer-term to an NFT priced in SOL, due to uncertainty about the underlying currency.
Ultimately, though, that could be a good prompt to take action when you’re in profit.
After all, a major mistake many buyers make is not cashing out gains when they should.
Useful NFT Tools on Solana
Regarding marketplaces, it’s now a good idea to compare OpenSea and the leading Solana marketplace, Magic Eden, since there will sometimes be price differences.
In the Solana NFT space, Magic Eden is still the go-to marketplace.
Some other tools and platforms that might come in handy are Sol Sniper, for free analytics, Coral Cube, an aggregator marketplace, and Sharky, which enables peer-to-peer borrowing and lending against Solana NFTs.
Collections of Interest on Solana Right Now
A recent, breakthrough drop was Okay Bears, which perhaps marked Solana NFTs taking a step up and really competing with Ethereum.
This project looks like it has staying power, and is of note because after it was released we saw, for the first time, an Ethereum-based copy of a Solana original. (Not Okay Bears, if you’re interested).
This is another collection that took off strongly, is very active, and looks like it can stick around long-term.
To get a sense of how the project is looking at the future, it’s interesting to note that it’s currently recruiting new talent, including a Narrative Lead, whose role includes “creating multiple storylines, taking the crekworld forward and making it more layered”.
A great thing about NFTs is that they can intersect DeFi, art, brand building, games and storytelling, and Cets on Creck is a good example of a project pushing in multiple directions.
Another big project that has started strongly, the website declares that “it’s not a cult”, which makes it seem like even more of a cult, albeit an attractive and profitable one.
Like many of the better-constructed Solana projects, it looks psychedelic, cartoonish, confusing, high quality, and like something you want to be a part of, which is a powerful NFT formula.
Some more current and upcoming projects that have potential include STEPN (a move-to-earn project), Bubblegoose Ballers (created by producer Carl Jones), Shrouded Playground (working with Hydra Launchpad, intriguing design, but few details at the moment), and Oak Paradise (attracting a lot of interest, but still early).
NFT Art on Solana
However, Solana also has its own artistic communities and platforms, from which the following stand out.
This community is focused on collecting and curating digital art, and supporting the Solana art ecosystem.
It’s worth looking through this tweet thread of the DAO’s members, who seem well credentialed and insightful.
Membership can be obtained through holding one of the 1,555 Particles NFTs, which can then be staked to receive the DAO’s $OOO token.
This is a Solana NFT marketplace that specializes in 1/1 art pieces, and is aimed at both collectors and creators.
Following Exchange on Twitter is a simple place to start if you want to stay up-to-date with new art dropping on Solana.
Thank you so much for your support, and I truly hope that today’s issue will give you insights needed to help you master your wealth.
If you are reading this it means you are on the free version of the Wealth Mastery Investor Report, which is great for news and tips on the crypto markets.
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See you next time!
Lark and the Wealth Mastery Team
TCL Publishing ltd (director Lark Davis, owner of Wealth Mastery) is not providing you individually tailored investment advice. Nor is TCL Publishing registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. TCL Publishing is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.