39th Edition

This week in The Flippening, TL;DR

BAYC members rejoice as $APE becomes the biggest metaverse token; Elon Musk buys Twitter for $44 billion, Dogecoin holders jump; Telegram adds feature to send crypto; Coin of the week, market performance; Missed the Optimism Airdrop? Gear up so that you don’t miss the next ones!; featured Coin Sets, memes, and more.

Top Highlights of the Week (ending 29th April)

ApeCoin overtakes MANA, SAND, AXS and becomes the most significant metaverse token

ApeCoin (APE), an Ethereum-based token from the Bored Ape Yacht Club, is now officially the largest metaverse token with a market capitalization of $6.5 billion, surpassing MANA, SAND, and AXS by surging nearly 60% over the past seven days.

Twitter accepts a deal of $44 billion offered by Elon Musk

Twitter has accepted Elon Musk’s deal to buy the popular social media platform at $44 billion. Musk said that his goal is to shape Twitter into a free speech platform. The deal is likely to be finalized sometime this year. With this announcement, social media went crazy with the "degen king" himself sharing a piece of his mind.

Telegram adds a new feature of sending cryptos via the messaging app

The TON Foundation, a decentralized layer-1 blockchain designed by Telegram, allows users to send Toncoin, the organization’s cryptocurrency, to other Telegram users without any transaction fees.

Other Highlights:

• Goldman Sachs offers the first bitcoin-backed loan: Read it here
• Fidelity to allow its investors to save 20% of Retirement in Bitcoin : Read it here
• Nike and RTFKT launched their first CryptoKicks NFT customizable sneakers : Read it here
• Shiba Inu launches a ‘Burning Portal’ to reward SHIB token holders : Read it here

Disclaimer: All price movements are recorded up to 10:00 AM UTC

We saw a marginal sell off across most of the top cryptocurrencies this week. Ripple continued to face rejection from investors after it dropped almost 13% over the week. However, with Ether trading below $2900, it could be a great time to consider investing in the largest altcoin having most widely used blockchain network.

Disclaimer: All price movements are recorded up to 10:00 AM UTC

With the overall market facing a selloff, we saw most of the sectors in the red zone. DeFi, however remained in the green zone after a minor rise. Web 3.0 and Decentralized exchanges faced the biggest blunt. This week gives another demonstration of why it is best to invest across sectors and average out the volatility. Mudrex Coin Sets lets you invest across sectors and tokens built around a central idea or theme.

Coin of the week

STEPN: $GMT

This week our focus has been on an interesting GameFi project that has successfully garnered serious attention from different segments. The project is called STEPN and its native currency is GMT or the Green Metaverse Token.
STEPN is a beautifully designed Play to Earn game, where a user earns rewards by walking around or running. With firms like Sequoia Capital, Folius Ventures, Alameda Research and others backing the project, it is no wonder that the team managed to raise $5 million in a relatively short span.

Crypto simplified

We have been talking about airdrops for some time now. Some of our previous editions highlighted the purpose of Airdrops and what you stand to gain from those!

In case you know about Ethereum scaling solutions and L2 blockchains, chances are you have heard about the Optimism airdrop that was announced this week. Airdrops are tokens that are rewarded to users for using the platform. Depending on the frequency of usage, users have gotten airdrops amounting to over $100,000 in the recent past!

However, if you aren’t familiar with those, fret not! We are here to decode this as briefly as possible.

Ethereum is a Layer 1 (L1) blockchain. Majority of the decentralized apps (DApps) today are being built on the Ethereum blockchain. Developers love the flexibility and the scope of this blockchain. However, with so many projects being built, this blockchain often faces congestion, leading to high transaction costs.

Enter Layer 2 (L2) scaling solutions! These handle transactions off layer 1 while maintaining decentralized security. The big 4s of L2 scaling solutions are Arbitrum, Optimism, zKSync, and StarkNet. If you haven’t used any of these platforms, it’s time you explore these!

Airdrops have become an increasingly popular form of marketing for and bootstrapping blockchain projects. If you have been a bystander so far, now is the time to experiment and learn about these platforms that are here to make a reform.

Featured - Mudrex Coin Sets

Crypto Bluechip:- Markets are down and this is the perfect opportunity to dive into the Blue chips. The Crypto Blue Chip Coin Set can be considered an all-weather basket of tokens that will add value to any crypto portfolio.

‍Smart Contract Platforms:- This Coin Set invests in tokens of platforms to build the smart contract infrastructure. Adding such potential tokens to your portfolio can offer stable investment opportunities for long term investors. ‍

Web 3.0:- Web 3.0 has a potential for taking the Internet to the next level with its decentralization characteristics. This Coin Set picks the 6 top tokens working towards building a Web 3.0 ecosystem.

Here we are, at the end of our 39th edition. We hope you liked reading it. Please write back with your feedback, comments, and stuff that you’d like us to include in the newsletter. We leave you with a take on the current state of the crypto markets. Stay tuned!