Patiently Waiting

(Any views expressed in the below are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.)

GM gents. While the BLUR pandemonium continues on ETH, we’ve had another relatively quiet but interesting week on AVAX. As much as I’m enjoying the same 5 people fighting to the death in the BLUR order book and buoying my ETH bags, I’m glad that’s not taking place with my red chain bags.

It’s quite refreshing actually given that I’ve looked like this all week:

For the most part, I think the last few weeks of quiet volume is going to be made up for in spades starting next Friday when OOPA mints.

But is that all the ammo we have to generate excitement and hype on AVAX in the near-term?

Hold onto your butts. Something is brewing…

Market Update

Hmm… Very interesting chart this week. At least I know my numbers aren’t complete nonsense now. For those wondering why February 27th went turbo mode on Joepegs, someone bought an avvy for $25k.

General consensus seems to be that this was a wash trade. In this penguin’s humble opinion, I think that people who buy .eth / .avax domains in hopes that someone else will magically find them valuable are the equivalent of patent trolls and domain squatters. Very low effort trade that requires a ridiculous amount of luck to find exit liquidity, but alas. Good luck to whoever bought this!

Pivoting to larger trades that aren’t suspicious, we had three (3!) Smol Joe sales this week.

As I’ve said before, I think Smol Joe volume is a decent proxy for AVAX sentiment. This might seem counterintuitive given another quiet week, but I think the sidelined capital is anticipating OOPA with increasing impatience.

Bullish is an understatement, as me and my good friend and partner, Paul prepare to fill our bags (NFA, just 2 dudes being guys). You’ll never hear from him, but he is a powerful force here at Mint Media and a big fan of AVAX (as we all are). Since I started trading NFTs, we have always tried to outdo the other in purchasing exactly one more token in a collection than the other owns, so naturally if/when he buys a Smol Joe I will need to buy 2 Smol Joes in the near future. Oh, and we also have an ETH NFT trading competition that’s currently ongoing. I won’t provide an update here because 1) I’m losing and 2) wtf is ETH?

Outside of OOPA and speculation on what’s to come this month, Joe Studios is up to something as well.

I’m always a fan of art updates (Nox Beyond has one coming up as well), and I will need to pester DevilK for the inside scoop so I can appropriately FUD.

Intrusive Thoughts

In the interest of full disclosure, I sold a good amount of NFTs that I own to have some more liquidity for the OOPA mint. Rotational liquidity is not a meme, and I’ll come back for what’s rightfully mine soon.

I also think that despite the APA burn being over, they are still entirely viable as a trade.

Plague Game is another one I think could be a kingmaker trade. I feel like many forget that Plague Game is straight up becoming a real game. I haven’t hid the fact that I’m generally bearish on pretty much every web3 gaming project that is poised to come out, but my one caveat is this: ONLY if it’s a small studio trying to build the next Fortnite or MMORPG.

This looks simple. Very simple. So simple in fact, I’m becoming very bullish each time I watch the video. So, just another idea to float out there.

In any case, I think I’ve made it pretty clear on how I’ll approach the next 10 days. Of course, it’ll probably include some form of gambling on raffllrr.xyz and the newly introduced ferdyflip.xyz. Please see the disclaimer at the top of this newsletter for my thoughts on if you should use either of these. After all, I am just a penguin.

Good luck gentlemen.

Cheers,

Chuck