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Crypto market pullback ensues amid IreneDAO NFT rush

2022.01.14 Adam James

A meme series of NFT tokens centering around one cryptocurrency industry participant caused a major spike in gas prices.

The cryptocurrency market is pulling back on Friday, with its total capitalization down nearly 3% over the past 24 hours. Both BTC and ETH are down by more than 3.5%. SOL, LUNA and AVAX are down by nearly 4%, 5% and 6%, respectively. The cryptocurrency market pullback today is also coinciding with a pullback in the stock markets.

The cryptocurrency market is pulling back on Friday. Source: COIN360

NFT Snapshot: IreneDAO NFTs mint rush causes gas spike

Though Ethereum-tracking platform fees.wtf airdropped claimable WTF tokens to eligible addresses today, the nonfungible token sector has already largely moved on to a series of meme NFTs centering around Konomi Network advisor and Instagram influencer Irene Zhao, who is currently involved with a relative-unknown SocialFi platform called SO-COL. 

The NFTs in question are apparently copies from a Telegram sticker pack that features pictures of Zhao with popular cryptocurrency community quotes and memes — the minting of which caused a significant spike in gas prices and a rush on OpenSea. The floor price has since skyrocketed to 0.35 ETH, as of the time of this writing.

Top altcoin gainers and losers: LooksRare’s token leads losers

  • ALV/USDT +114.80%
  • MON/USDT +32.27%
  • GLMR/USDT +27.53%
  • ETM/USDT -10.33%
  • LOOKS/USDT -18.99%
  • VELO/USDT -19.22%

LooksRare’s recently launched token LOOKS is one of the biggest losers on OKX today, per the exchange’s default time settings. Interestingly, a significant portion of the non-negligible supply of LOOKS remains largely inaccessible to users who use MetaMask via Trezor, as the inability to sign when listing NFTs is preventing them from claiming their eligible share.

NEAR is the top-performing large-cap altcoin on OKX today. Source: OKX

BTC technical analysis: Testing buy interest in key zone

The price of BTC has pulled back to an area where bulls will be hoping buyers maintain control, for failure to do so could lead to a capitulative move to a new local low. 40,000 USDT remains a key psychological level, while 41,000 USDT remains a key area of interest as a historical Fibonacci level.

OKX’s BTC/USDT 4h chart — 1/14. Source: OKX, TradingView

ETH technical analysis: Indecisive against BTC

The price of ETH against BTC remains relatively unchanged since this time yesterday. It is currently holding up inside of the four-hour ribbon of exponential moving averages — which may later act as either support or resistance once ETHBTC picks a direction.

OKX’s ETH/BTC 4h chart — 1/14. Source: OKX, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.



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