Rug Radio Recap - May 14, 2023

Coinbase causes some commotion, Ethereum runs into finality issues, and never underestimate the power of community.

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Rug Radio
May 14, 2023

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gm fam! Memecoin season appears to have ended just as quickly as it started with most coins seeing a pull back and ETH gas fees returning back to “normal” levels. Is DeFi Summer 2.0 next?

Behind the scenes, we’ve been heads down prepping for an exciting announcement this week as we introduce our newest product into the ecosystem…more about that later!

We’ll also be at VeeCon later this week where Farokh and OSF will be speaking, and of course recording content for our vlog - we’re still working on the Consensus vlog and hope to have it ready soon!

 

Here's what we've got in this week's recap...

  • Rug Radio Updates

  • Coinbase causes a little uproar

  • Ethereum runs into some finality issues

  • The power of persistence and community

Graphic showing the holdings across Rug Radio treasury, team, and NFT wallets as of May 14

 

Rug Radio Updates

STUBS Claim

Did you claim your Stubs Mint Passes or are you holding onto a few?

The claim is open for “Singing in the Rain” by YAGAMIII, our featured artist for week 5, who creates Neo-Fauvism art, a style that derives from Fauvism, which was an early artistic movement that started in France and is attributed to the larger modern art category.

 

We’re cooking up a little something👀

If you’re keeping up with us on Twitter, you might have seen a few cryptic tweets this week. You’re probably wondering, “What are these tweets hinting at?”

While we can’t share it just yet, keep an eye out for the announcement and tune into our Town Hall tomorrow at 5pm ET on Twitter or YouTube for the reveal!

Stores of the Week

Coinbase Boycott Explained: $PEPE Community Reacts to “Hate Symbol” Label

Coinbase is facing backlash for labeling Pepe the Frog, the mascot of the $PEPE memecoin, as a hate symbol.

NFT Now

Ethereum Network Suffers Finality Issues—Here’s What That Means

Ethereum has suffered a potentially serious technical issue for the second straight day, prompting confusion among crypto users.

Decrypt

Binance Announces Exit from Canada, Citing Regulatory Tensions

The world’s largest crypto exchange by volume said new guidance related to stablecoins and investor limits prompted the exit.

Coindesk

 

Snippets

Pudgy Penguins signed a deal with talent agency WME, and announced a $9 million USD funding round.

The Broken Keys auction by artist Alpha Centauri Kid, which featured a Piano theme, raised 731 ETH ($1.35M USD)

The US Chamber of Commerce criticized the SEC for it’s lack of clarity on digital assets.

Elon announced that he would stepping down as the CEO of Twitter to focus on product and tech, and announced ex-NBCUniversal ad chief, Linda Yaccarino, as the new CEO.

Ahead of VeeCon this week, the NFT community helped get GaryVee’s attention and a ticket to the conference for a community member, after nearly a year of persistence.

 

Market Summary
Graphic showing the top NFT collections by volume for the past week
Graphic showing the crypto prices and changes with Bitcoin at $26,770 (-7.5%), Ethereum at $1,795 (-5.5%), Solana at $20.84 (-5%), and Matic at $0.85 (-13%)

Context

  • NFT volumes bounced off their lows slightly as traders and collectors rotated memecoin profits into both art and high conviction projects.

  • Despite lower-than-expected US inflation data, crypto ended the week lower as continued broader economic concerns cause investors to maintain a risk-off stance.

  • In the week ahead, there isn’t too much major economic data; however, we tend to see volatility increase during event weeks.

 

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