Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

Today's top news:

• Crypto majors flip red overnight after green weekend; BTC back at $115,000


• Total3 hits new ATH at $1.12T over the weekend


• Galaxy Digital helps FORD buy $700M+ in SOL, driving SOL briefly past $240


• PUMP soars to $8B in massive weekend, flips Hyperliquid in revenue & sets new ATH in creator fees


• Punk Strategy buys 6 Punks as token runs to $30M then dips

🚀 Pump.fun Soars as Flywheel Kicks Into Overdrive

The calls for the death of meme coins and Pump.fun this past summer seem to have been greatly exaggerated.

Pump is back, and quite literally bigger than ever.

📌 What Happened

PUMP ripped ~40% over the weekend as Pump.fun re-established itself as Solana’s dominant launch venue.

And it seems its new live streaming meta push is driving the action.

A few highlights:

• The Pump app hit a new record with 35,000 daily active users


• Flipped Rumble in live concurrent viewers


• “Mangogirl” goes viral after sharing that she made $30,000 in creator fees streaming on Pump over 10 days


• Pump team has now bought back $92M of its token using protocol revenue


• Creators claim $20M in creator fees over the past week including $3.5M yesterday (new ATH)


• Pump.fun flips Hyperliquid in daily revenue (at 1/7 the FDV)

Massive action.

And of course, the market responded with PUMP jumping 40% on Sunday to $8.8B FDV (up 64% on the week).

That marks a 3.5x run over the past 3 weeks, making it the 3rd best mover in all of crypto over the past month (behind M and MYX).

🗣️ What They’re Saying

”MASSIVE growth taking place on all fronts

the launchpad has entered a new era focusing on creating success cases by incentivizing high-quality creators

our mobile app will not only serve our existing users better, but it will help onboard the next 10m users

MUCH more to come.” - alon, Pump.fun founder

🧠 Why It Matters

Pump.fun is in potential breakout status right now.

And the tipping point has been streaming.

Ever since the team upped creator fees by 10x, more crypto native people have begun streaming on the app.

Now people outside of crypto are beginning to stream on Pump.fun.

Yesterday, leading Fortnite streamer “Sway” launched on Pump.fun and made over $100,000 in creator fees in his first day.

Now big personalities like Alex Becker are teasing new stream (and token) launches. And as word about these levels of fees spreads, more and more big names will be heavily incentivized to come over.

It’s hard to argue with $100k in fees for a few hours’ work.

So what does this mean for the market?

Well for one, PUMP seems to be in a great place. Their flywheel is brilliant - use revenue to buyback the token, making the token more valuable, making more people want to earn the token, etc.

The combination of the buybacks + more big streamers coming over + a reignited meme market is a strong combo for PUMP, now at 2x its ICO price of $4B.

It also means there will be big opportunities in streamer meme coins. It may be tough to catch them, with a lot more coming out each day, but this weekend saw 2-3 massive runners (Streamer to $40M, Bagworks to $40M and Kind to $15M).

The next meta is here, and it’s clearly CCM - Creator Capital Markets.



🌎 Macro Crypto and Memes

A few Crypto and Web3 headlines that caught my eye:

• Crypto majors are red after an overnight selloff; BTC -1% at $115,000, ETH -2% at $4,520, XRP -2% at $2.99, SOL -4% at $236


• XMR (+5%), MNT (+5%) and FLR (+2%) led top movers


• Total3 (the total crypto market cap minus BTC and ETH) hit a smashing new ATH over the weekend at $1.12T


• The BTC ETFs saw $642.4M in net inflows on Friday, hitting $2.32B in the past week


• The ETH ETFs saw $405M in net inflows on Friday, their biggest day in weeks


• Gemini went public on Friday, jumping 14% to $32 ($3.8B market cap)

In Corporate Treasuries

• Galaxy Digital bought $700M+ in SOL tied to Forward Industries’ treasury push


• David Bailey’s Nakamoto issued a letter to its shareholder, disclosing that it filed the Form S3 to register its PIPE shares and noting volatility is likey coming

In Memes

• Meme coin leaders are very red; DOGE -8%, Shiba -6%, PEPE -8%, PENGU -6%, BONK -10%, TRUMP -4%, SPX -8%, and FARTCOIN -10%


• KIND led new memes in volume and price action, jumping 300% to $30M, following Bagwork’s run to $40M; other streamer coins like Pumpathon (+3,600%) and BUNCOIN (+95%) had big weekends


• Collector Crypt’s CARDS token soared to a $750M FDV over the weekend and a new ATH (now back to $570M)

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token, protocol and airdrop news from the day:

• Punk Strategy (PNKSTR) bought 6 Punks over the weekend as part of its token flywheel, with the PNKSTR token soaring to $30M (now $15M)


• Native Markets won the USDH stablecoin ticker after a Hyperliquid governance vote


• Polkadot DAO approved a new referendum to set a hard cap on DOT tokens at 2.1B, in an effort to reduce emissions and increase scarcity

🤖 AI x Crypto

Section dedicated to headlines in the AI sector of crypto:

• Overall market cap down 6% at $13.6B, leaders were red


• FARTCOIN (-10%), VIRTUAL (-7%), TIBBIR (-4%), aixbt (-8%) & ai16z (-14%)


• PIPPIN (+10%), LEA (+8%) and Realis (+8%) led top movers

🚚 What is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

• ETH NFT leaders were mixed; Punks +3% at 48.3 ETH, Pudgy -2% at 10.2, BAYC -3% at 8.9 ETH


• Bitcoin NFTs mostly chopped over the past week, with Taproot Wizards at 0.19 BTC (-2%), NodeMonkes at 0.035 BTC (-2%), Bitcoin Puppets at 0.028 BTC (+4%) and Quantum Cats at 0.023 BTC (-8%)


• Abstract NFTs were very red over the past week with most collections down 20-30%; Ruyui and Astroverse were notable leaders


• Seedphrase re-upped his $2.75M loan against his iconic CryptoPunk at 17% APR over on Gondi


• A grail Pokemon card sold for $4M over the weekend


• The Moonbirds physical collectibles 3x’d in value over the weekend after their $1.7M sell out on Friday

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