Wumbo Pass Applications are Back + NFT Market Continues to Thrive
Applications for our 3rd cohort of passholders have officially opened!
Cirrus NFT
January 11, 2023
To add even more excitement to an action-packed week, I'm excited to share that Wumbo Pass applications for cohort 3 are now open. Apply here if you're interested in joining the best information-aggregating community in NFTs at a discount! Now for this weeks happenings...
The big stories:
ETH NFTs see another sharp move up
Solana memecoin $BONK sparks massive run across entire SOL ecosystem
CryptoPunk holder loses hundreds of ETH worth of NFTs in phishing attack, community helps victim recoup 100+ ETH
Market Update
At the start of last week, you could've logged into Opensea, thrown on a blindfold, clicked buy on any of the top 25 collections by weekly volume, and been deep in profit by the end of the week. NFT market sentiment was the highest it has been since the Otherside mint, and those that have been around since early 2022 inevitably experienced some sense of nostalgia from the good ol' days as floors across the board moved up.
Azuki and Beanz led the charge with many collectors stocking up in anticipation of a big announcement that is expected to come on Jan 12th, Azukis 1 year anniversary. The usual suspects, Mutants and BAYC, also saw a big move up as the Trial of Jimmy the Monkey inches closer.
There were some alarming things to note, however. Historically, towards the back half of big runs in the NFT market, weird things start to happen. We saw some peculiar things play out this week, as a collection with pixelated feet art went parabolic shortly after mint. These are the types of things that you see when the fun is starting to draw to a close.
Something to watch for over the next week is if the top collections start to see some pullbacks coupled with decreased volume. That alongside a plethora of degen mints that leave you scratching your head with their short-term success would be signs that we are nearing a close of this long-awaited run...
Things that worked this week:
Azuki and Beanz - Both up 30-40% on the week as speculation about what is to come for Azuki's one year anniversary grows
Basedheads - Minted for .08E and ran to as high as .035E prior to reveal
feetpix.wtf - .0039E mint that 30xed in under 48 hours after NFT Twitter was over run with.... feet pix
Moonbird Oddities - Ran from 1.15E to as high as 1.6E
Mutants - Spiked from 16E to 19.5E as FOMO for the upcoming Yuga mint continued to grow
asspixx.wtf - .003E mint that peaked at .08E..... yea.... things got weird this week
Solana Memecoin Season Kicks Off Massive Run In The Ecosystem
The Solana community experienced its best week in what feels like a decade after memecoin $BONK coupled with a doubling in $SOL's price from $8 to $16 over the last week left the chains user's with plenty to be happy about.
$BONK, touted as "The first Solana Dog Coin created by the people for the people", was airdropped to holders of a wide range of SOL NFT collectors. The creators of the token decided to leave out DeGods and y00ts from the airdrop to send a message to Frank and the team that their decision to leave the chain was not taking lightly.
Naturally, another coin, $FRONK, was launched shortly after in an effort to "Start a civil war" between dog coins on the chain and to correct the injustices and biases stemming from $BONK by airdropping the coin exclusively to those that were left out in the $BONK airdrop. This all may sound ridiculous, but there was some serious money made through the dog coin wars, as $FRONK ballooned to a $150m market cap at the peak, dwarfing the DeGods native $DUST token.
As a result of all the "free money" that was dropped into $SOL wallets, NFTs in the ecosystem went parabolic, as multiple gambling-related NFTs such as DUELBOTS and Immortals took off after degens looked to gamble their newfound liquidity away.
Long Time CryptoPunk Community Member Gets $1M+ Worth of NFTs Drained
I just got hacked!!!
Are you kidding me!?! https://t.co/r1xS0mhD6P
— CryptoNovo (@CryptoNovo311)
Jan 4, 2023
A member of the CryptoPunk community experienced a nightmare early last week after signing a malicious transaction that led to 4 CryptoPunks, a Bored Ape, and multiple other valuable assets amounting to over $1M in value to be drained from their wallet.
Novo states in the tweet that they were hacked, but in reality, this was a phishing attack that tricked them into signing a transaction that gave a third party the ability to transfer out all of the users most valuable NFTs.The CryptoPunks community came together after the news broke and decided to pool funds together to buy back Novo's punk off of the market after it had been sold by the hacker and re-listed by a third party.
GM
Today we are supporting CryptoNovo who had his punks stolen.
Novo is an early collector of so many artists and long time contributor to the space.
See details in next tweet and please share! https://t.co/GHgL0Jieiy
— Pop Punk (@CryptoPopPunk)
Jan 8, 2023
It's important to note that Novo was indeed using a hardware wallet, however this does not stop malicious actors from gaining access to your NFTs if you sign a bad transaction. Let this be a lesson to have a cold wallet for storing your valuable NFTs where the only functions of the wallet are to transfer NFTs in and out... not other signatures or transactions!
Stay safe out there degens.
Want to be featured on Wumbo Jumbo?
We're looking for incredible brands and projects to partner with us. Sound like you? Let us know.