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Daily Brief

Pudgy Penguins' Moonshot

gm Bankless Nation, Pudgy Penguins have had an incredible rise, so what can we learn from this NFT collection's climb to the top of digital collectibles?
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Jul 29, 2024 β€’ 3 min read
Pudgy Penguins' Moonshot
Published on July 29, 2024
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Sponsor: Cartesi β€” build app-specific rollups with Web2 tooling without the constraints of Web3!

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NEED TO KNOW
Bitcoin 2024 Wraps
  1. 🟠 Bitcoin 2024 concludes in Nashville. Big political figures made big Bitcoin promises at the year's biggest Bitcoin conference.
    Read more on Bankless.com
  2. 🐳 Whale voter dominates Compound. The crypto lending protocol has a whale-sized governance problem after its DAO passed a controversial proposal this weekend.
    Read more on Bankless.com
  3. πŸŽ“ University of Wyoming creates Bitcoin research center. The new UW Bitcoin Research Institute, or BRI, is aimed at producing high-quality publications about the OG blockchain.
    Read more on Bankless.com

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MARKET VIBES
US BTC Dump?

πŸ“Έ Daily Market Snapshot: After nearly touching $70k this weekend thanks to Bitcoin 2024 excitement, the BTC price dropped below $67k today, with the market spooked after the U.S. government transferred $2 billion worth of BTC seized from the Silk Road marketplace, presumably to sell the holdings.

Prices as of 4pm ET 24hr 7d
Crypto $2.41t β†˜ 0.3% β†˜ 2.0%
BTC $67,227.85 β†˜ 1.3% β†˜ 1.4%
ETH $3,317.63 β†— 1.6% β†˜ 4.8%
COMP $47.80 β†˜ 3.7% β†˜ 7.3%

πŸ”’
New Token Rating: Compound Crypto lending protocol Compound was victimized by a perceived governance exploit this weekend. What implications does this incident yield for COMP?

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ANALYSIS
How Pudgy Penguins Became a Blue-Chip NFT Project

Penguins are notably earthbound creatures. However, the Pudgy Penguin NFT collection is held back by no such constraint.

Indeed, the Penguins are on a moonshot not seen since the 2021 NFT craze. Holders have received airdrops worth thousands of dollars from other projects, a strategic partnership with Walmart continues to pay normie dividends, and with Abstract, their own L2, more fun is coming.

Though as some of you will recall, things were not always this way!

That said, let's dive in and explore how the Pudgy Penguins have mounted the biggest comeback the NFT space has ever seen πŸ‘‡


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LATEST POD
'Why I'm Bullish'

The herd is coming, or is it already here?

Mike Novogratz needs no introduction for long-time crypto natives. He's a fund manager who was early to bitcoin, very early to ethereum, built an entire digital assets empire called Galaxy Digital and has spent the last 10 years evangelizing crypto to Wall Street and, more recently, DC.

We cover how Crypto has evolved from 2014 to 2024, Wall Street’s current perception of our industry, the recent ETH ETF launch, Politics, and Macro.

Mike ends the episode giving extremely important advice for young investors so stay tunedπŸ‘‡

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GO BANKLESS
Don't Miss Another Airdrop!

Thousands of Bankless Citizens scored an average of $3,500 worth of tokens after Ether.fi's airdrop. Did you miss out again?

Ether.fi was in the Bankless Airdrop Hunter, and you could have gotten into the latest drop by following our quests! There are nearly 100 other crypto protocols in Airdrop Hunter waiting for you.

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

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