The Daily Alpha 4/19- A daily breakdown of the NFT market with some notes from The God. This is a more detailed version of my breakdown on Twitter. Any and all feedback is welcome!
Mutant Ape Yacht Club Hits 30 Eth
With a 6 eth pump out of nowhere it's clear an alpha leak happened with this project pertaining to Otherside Land. Unfortunately odds are there's insider trading going on. I think this is a clear indicator the Yuga Lab Land sales I happening this week. The play here is to hold off and fight the FOMO. Insider money is clearly already in. When the APE coin airdrop happened there was a very similar pump. After the airdrop took place the entire BAYC ecosystem dumped. I’d wait until the dump to make a move here. If history repeats itself there will be a dump then a quick recovery.
Moonbirds Start Ranging
After hitting a high of 22 eth floor @moonbirds_xyz starts retracing to 16 eth and then back to 20 eth. Clear price discovery going on. My guess: unbelievable amounts of hype combined with nesting in a week sends this higher. Outsider money is still pouring in. Even Jimmy Fallon tweeted today he bought 2. While I think there are significantly better ways to spend 20 eth I also do believe this project will keep going higher. I suspect there is a lot of outsider money in this project that will diamond hand this forever. Again, I think there are projects that will get you better returns for your money, but just like AAPL I believe it’ll keep going up.
VaynerSports Pass Roadmap Coming 4/20
After ranging from .35 to .4 for a couple weeks the VSP breaks through its upper range on the news that a roadmap is coming on the unofficial NFT Christmas (4/20). Despite the Vaynerchuk tag hype has been low, but I expect volume to increase. I believe the price has remained low on this due to the mysterious nature of the cards and the meaning behind its colors and symbols. At the end of the day this is a Vaynerchuk project and I believe he’ll follow through with value. The Vaynerchuk’s don’t put there name on something if they don’t plan on pumping the price as much as possible. I’m dollar cost averaging this project every day until it hits .5.
Veefriends Series 2 Faces Another Delay
This collection makes a small move down after another minting delay. My concern here is there is still a ton of supply still to be minted over the next few weeks which will put more selling pressure on. Not touching until fully minted. As I said before I believe if a Vaynerchuk puts his name on a project he will shill the hell out of it, but I also do believe this specific collection has way lower to go due to its ever increasing supply number. Wait on this.
Project I'm Watching: Fvck Avatars
Late Tuesday night a partnership between @fvckrender and @Coinbase_NFT was announced leading to a massive volume pump. Fvckrender is a legendary name in the space with some incredible digital art. I expect this news to keep volume higher. I believe all 3 assets in this ecosystem (Fvck Avatar, Essence, and Fvck Crystal) are all undervalued at the moment. They’ve all experienced a massive dump over the last week. This isn’t the type of project that dumps to .03 then dies. This is an OG artist who will forever have a name in this space. His product will always have value. I expect a bounce back when he announced his roadmap for his meta verse Lvcidia in the next several weeks