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- The Wei - 2nd Edition
The Wei - 2nd Edition
Bitcoin ETF, ordinals, and retro-gaming are throwing everyone for a loop
Rex Tracer
January 14, 2024
Today’s edition is brought to you by Beehiiv. The all-in-one publishing suite, designed to easily grow and monetize your newsletter and blog.
Hey, alpha hunter!
It’s that time to dig into the hip-hop-happenings from this past week in the web3 space. This week has seen some major developments, as I’m sure you’re aware. If not, we’ve got you covered. We are also bringing you some information that flew under the radar, but is well worth knowing about.
Let’s jump in.
In This Edition
Marketing Tactics Web3 Projects Should Not Sleep On!
SEO may not be the most exciting topic, but it needs to be a core component of every builder’s arsenal.
Yesterday we released our “Ultimate Guide to Web3 SEO & Blockchain Project Marketing in 2024” designed to give every project in the space the knowledge they need to create lasting visibility and searchability.
From my experience working with, and speaking to fellow builders, most projects in this industry that are “building in public” are run fast and loose. That is very much an advantage in most cases, allowing projects to experiment, pivot, and adapt at lightning speed. However, what’s often lost is a long-term outlook that gives projects the kind of staying power that web2 companies meticulously invest in and foster. They do this because IT WORKS!
In the previous bull markets, projects could ride waves of hype to get off the ground. But just like waves in the ocean, they are short-lived. However, as web3 matures projects will need to take a page from web2 and build the digital marketing foundations that allow for steady sustained attention.
That’s why we put together this guide to give every web3 builder the tools they need to out-post the competition and climb not only to the top of the crypto/NFT charts, but to the top of the search results as well. This resource will be regularly updated with the latest tips, info, and tools to truly be the ULTIMATE guide to Web3 SEO.
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NEWS
Top Headlines this Week
Bitcoin finally gets its ETF, and and promptly crashes more than 7% in 24 hours, following brief surge to $49k.
The SEC’s X account was hacked, causing BTC price volatility.
Bitcoin’s next halving is estimated to be just 100 days away!
GameStop bails on crypto gaming, after dumping $47M in partner Immutable X’s token $IMX on the market, causing a 23% dip. (buying opportunity. much?)
X announces it is phasing out NFT profile pictures.
The Token Economy
Market Snapshot
The United States approved Bitcoin ETFs, leading to a combined trading volume of $4.5 billion on the first day. Bitcoin and altcoins are facing volatility, with critical support levels at $42,404 and $2,566 for Bitcoin and Ethereum, respectively. The market is bracing for institutional flows into Bitcoin ETFs and the upcoming Bitcoin halving in April 2024, which could squeeze supply and boost prices. The top 10 cryptocurrencies show a mix of buying and selling pressures.
Bitcoin: BTC faces support at $42,404 and potential resistance at $44,700, with a possible climb to $49,000 and $52,000 if supported at the 50-day SMA.
Ether: ETH sees initial support at $2,566, with a potential rise to $2,700 and $3,000 if the price holds above this level.
Binance Coin: BNB finds potential support at the 20-day EMA ($300), with a rise to $350 and $400 if sustained above this level.
Solana: SOL remains range-bound between the uptrend line and the downtrend line, with a potential drop to $67 or an ascent to $126 depending on which level is breached.
Ripple: XRP faces support at $0.57, with potential resistance at $0.67 and $0.74 if the price sustains above the downtrend line.
Cardano: ADA finds potential support at the 20-day EMA ($0.56), aiming for a rally to $0.68 and $0.90 if it bounces off this level.
Avalanche: AVAX achieves support at the 50-day SMA ($34.83) with resistance at $38 and a climb to $44 if the price turns up from the current level.
Dogecoin: DOGE hits support at $0.07, targeting a climb to the $0.10 to $0.11 overhead resistance zone if the price sustains above the moving averages.
Polkadot: DOT rides the 50-day SMA ($7.09) and the 20-day EMA ($7.74), potential resistance at $7.90, and a possible retest of $9.59.
Polygon: MATIC is facing initial support at $0.89 and a potential climb to $1, while a drop below the 20-day EMA could lead to a range-bound movement between $0.70 and $1.
Token | Price | 7d Change | Mcap
BTC | $42,911.03 | -2.2% | $840.97b
ETH | $2,568.17 | +14.5% | $308.66b
BNB | $302.55 | -1.5% | $46.51b
SOL | $95.88 | +1.5% | $41.54b
XRP | $0.57 | +1.3% | $31.22b
(Price snapshot taken at 1:45pm PST on 1.13.24)
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Been eyeballing a slept-on 🪙 lately?
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Web3 Gaming
Gamefi FTW
Bounty submitted by @Your_X_Name_Here (Bounty hunters wanted. See below.)
Classic Games on… Bitcoin?
Bitcoin is the talk of the town right now, for better or worse. ETF shenanigans aside, there are some mega interesting things happening on the king-of-blockchains. Including gaming!
Players can now enjoy classic games like Super Nintendo, Pac-Man, Tetris, and Doom are being preserved on the Bitcoin blockchain using Ordinals, a protocol that allows users to store unique assets on the blockchain like NFTs. While there doesn’t appear to be a play-to-earn component, which is a common component of crypto-gaming, these tokenized retro games may have a market unto themself.
Here’s how. 👇️
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A new web3 got you unable to put down the 🎮️ ?
We want to hear about it! Respond to this email, or send us a message at [email protected] and if we add it to an upcoming edition of The Wei, the bounty will be yours! We also accept sponsored mentions for quality projects. Interested? Reach out.
YIELD
Defi the Odds
Bounty submitted by @Your_X_Name_Here (Bounty hunters wanted. See below.)
With the current strength ETH is showing in this wonky market, staking it is still one of the best ways to earn yield while capturing the upside price potential it is sure to have over the coming years. However, not everyone has 32 ETH to run a node themselves. BUT there are various liquid staking protocols out there that allow you to take advantage of ETH yields no matter how much ether you hold.
Here is one of the top-performing protocols you should be looking at.
Total APY: 6.5%
These are some solid yields, even with DefiLlama’s prediction that they will drop to 5.2% in the next 4 weeks, that is still higher than the 3.5% offered by the leading liquid staking protocol, Lido.
Defi Sector Stats
Chain | Protocols | 7d Change | TVL
Ethereum | 1,002 | +10.2% | $31.48b
Tron | 28 | -0.2% | $8.68b
BSC | 689 | +4.98% | $3.57b
Arbitrum | 522 | +7.98% | $2.6b
Solana | 123 | -0.94% | $1.32b
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Got a hot tip on some 🔥 defi plays?
Respond to this email, or send us a message at [email protected] and if we include it to an upcoming edition of The Wei, the bounty will be yours! We also accept sponsored mentions for quality defi projects. Interested? Reach out.
NFTs
Collection Dropping This Week
Bounty submitted by @Your_X_Name_Here (Bounty hunters wanted. See below.)
Elementerra: Minting Jan 14th
Stats: TBA SOL | Unknown Collection Size | On Solana
Elementerra, is a city built on the Solana blockchain where you can combine elements to create inventions for rewards. The Elementerra Season 1 mint is coming January 14th, and you can become a Founder by participating in their Rabbit PFP mint. Earn $Elementum by staking your Elementerra or community NFTs and discover new elements to receive rewards.
The “Great Forge” is the heart of the city, where you can process and manipulate elements to create new materials. The Elementerra team is made up of experienced developers and inventors who are passionate about creating a limitless innovation and history.
There appears to be substantial buzz around this project at the moment, making it well worth taking a closer look, and positioning yourself to participate in their Seaon 1 mint.
NFT Market Performance
Collection | Chain | Floor | 7d Change | 7d Vol. | Listed
Azuki | Eth | 6.58 | -17.43% | 6598.76 | 576
MAYC | Eth | 4.15 | -17.67% | 4922.14 | 1,018
TinFun | Eth | 0.81 | — | 2944.38 | 782
BAYC | Eth | 23.89 | -9.3% | 7933.71 | 424
Azuki Elementals | Eth | 0.66 | -11.72% | 1729.03 | 850
BOUNTY - 1,000 $WEI REWARD
Got a a scoop on a hidden 💎 of a collection?
Respond to this email, or send us a message at [email protected] and if we include it to an upcoming edition of The Wei, the bounty will be yours! We also accept sponsored mentions for quality NFT projects. Interested? Reach out.
Tools & Resources
Degen Armory
With the growing number and sophistication of hacks and exploits, wallet security is a non-negotiable. There are many tools out there designed to keep your web3 wallet safe from would-be bandits, thieves, and hackers.
After recently falling prey to an exploit myself I went on a mission to ensure that this never happens again. The top solution I found is without a doubt, Wallet Guard.
Wallet Guard is an open-source browser extension that provides advanced security for web3 users by identifying and preventing scams and wallet-related risks. It offers multi-layered defense, including proactive URL scanning to stop phishing attempts, transaction simulation to provide insights on every transaction, and protection against malicious approvals, fake mints, and fraudulent websites. Wallet Guard does not directly interact with users' wallets but simulates transactions without accessing private keys or seed phrases. It supports Ethereum, Polygon, Arbitrum, and Optimism transactions and is available for free, with future premium features planned. Overall, Wallet Guard serves as a security companion for self-custody wallets, helping users stay safe while browsing web3.
Tools Mentioned in Previous Editions
Presearch: The next-gen search engine for web3 natives, that pays you.
Ready to earn, bounty hunter?
The Wei wants you to be part of our network of mercenaries, delivering the best that web3 has to offer to our readers. And we will $WEI you handsomely for your time. Here are the various ways you can earn.
Contribute to any of the content bounties posted throughout our newsletter.
Submit a guest post or article for publication.
Become an Elite Hunter.
Easiest of all, refer new subscribers to the newsletter.
Each method will have its respective rewards clearly posted. Rewards are issued in an airdrop at the end of every month. Learn more about the $WEI token here.
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