GM Web3 ☀️Recap - May 11th, 2023

Mixed markets today with stocks unchanged, but there was a big rally in interest rates which are up from 4.6% yesterday. PPI came in today lower than expectations at 2.3%, yet another positive data point for inflation. 

Crypto is showing some weakness with red across the charts. OSF is unsure as to why this drop off is happening in crypto and imagines if CPI came in higher than expectations we might have seen a ramp up instead of this. Bitcoin is getting hammered, but gold is doing well and they tend to synchronize. 

There was the rumor about the govt wallet that was dumping BTC with a fake tweet causing a huge sell off yesterday. Aggressive moves and flash crashes are surfacing on the major networks which is surprising and something we haven't seen in a while. Good news does make the number go up, but we never seem to recover to the same levels it was at prior.

The number one NFT movement yesterday was Miladys with over 9k ETH in volume. They peaked above 7 ETH floor amidst the hype of the Elon Musk tweet that set the space on fire, but have since settled back down to around 4 ETH since. 

If you see Elon tweet something related to the space, chances are he doesn't know what the NFT or meme is actually sourced from. There is always an initial crazy pump and then a violent dump, making it very easy to lose money. Give it some time if you are considering buying on the back of an event like that. 

Yesterday there was a public outrage from the $PEPE community, which was set off by an email that Coinbase sent out claiming that they cannot associate with the coin due to it's alt-right group affiliation and use as a "hate-symbol". The frog coin lovers showed up in full force and a call to delete coinbase via hashtag flooded the timeline. 

The JOMO effect

We were joined by @shiralazar to talk about the #JOMOeffect, a project focused on mental health and awareness. There is a huge need for mindfulness and mental health tools in our space as we all know; If we are building the foundations for change we need to implement mental health as much and as early as possible. 

The team calls for people to not FOMO but experience JOMO, the "Joy of Missing out". If you buy 5, @bobbyhundreds created a JOMO Adam bomb squad. If you Collect all 40 pieces, there is an opportunity for a zoom call with the legendary @DeepakChopra. 

Bobby always shows up in the space when mental health is being addressed and sees the issue as paramount. The more we can talk about mental health the more we can get care for the people who need it, which if we are honest, is everybody in the space from founders to holders. 

The JOMO effect mint is 24 $MATIC and some of the artists involved sell work for multiple ETH! The proceeds are going to different charities that range from support in India, to LGBTQ support for the youth, to suicide prevention. The Mint is hosted on Magic Eden and there are tons of perks for minters including various discounts. The reveal for the art is tomorrow at 1pm EST and Deepak will be on a space with the JOMO team tomorrow. 

Breaking

@iampaulgrewal the chief legal officer of @coinbase renounced their previous statement about $PEPE, claiming they did not paint a full and accurate picture. What will this mean for the meme coin and do we see a coinbase listing as a result?

GM!

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