The Dip - Around the Block in Under 3 Minutes | y00tsletter #7
A Look into This Week's Latest Crypto News and Tips
Key Points
Bitcoin Closes Daily Candle Above 23K
Proof Founder Kevin Rose Phished, Lost Over a Million Dollars in NFTs
Doodles Acquire Animation Studio Golden Wolf
Polygon Overtakes Ethereum in daily active users
Bitcoin Above $23K for the First Time Since Mid-August 2022
For the first time since Mid-August 2022, Bitcoin has closed a daily candle above $23K. At the time of writing, Bitcoin is trading at $23,136, marking a ~49% increase in 66 days. This is Bitcoin’s biggest green streak since Q3-Q4 2021, when it reached its all-time high of $69K.
Most popular opinions regarding price action in the short-mid term:
Bull Case: Pump to $25,000 in the short term. $32,000 as a possible relative top
Bear Case: A quick dip to ~$18,500. Then a retest of 15,500 in the mid-term
Kevin Rose Gets Phished for Over a Million Dollars Worth of NFTs via a Malicious Bundle
Yesterday, Jan 25, Proof Founder Kevin Rose was phished and lost ~$1.4m worth of NFTs. NFTs that were lost include:
1 Autoglyph
25 Chromie Squiggles
9 OnChainMonkeys
How did it happen? Check out the following thread for a high-level summary. You can find TLDR below.
Kevin signed an off-chain gasless signature that created a private listing for all his OpenSea-approved assets.
This was done using the Seaport Protocol, which powers OpenSea.
This is how the scammer transferred all of Kevin’s OpenSea-approved assets.
Once the listing request was approved, the scammer essentially grabbed all of Kevins OpenSea approved assets for free.
One way you can combat this is through wallet segregation. Disperse your assets throughout different addresses to mitigate loss if one address becomes compromised.
A hardware wallet would not have helped in this situation.
Doodles Acquire Animation Studio Golden Wolf
Doodles have announced its acquisition of Animation Studio Golden Wolf. Golden Wolf is known for producing the hit TV show Rick and Morty.
What you should know (points taken from the linked article here)
Doodles are launching a joint venture with animation studio Psyop called Active Ingredient
Psyop is a popular motion graphics studio with locations in Los Angeles, New York, and Berlin
Golden Wolf has made content for Disney, Illumination, Nike, Facebook, and more.
An early project will see Burnt Toast and Golden Wolf collaborate on “original narrative content” and the development of the Doodles characters and story
Doodles are “in discussions with several traditional media companies and creatives/producers to make a show.”
Golden Wolf will be the one to produce it.
Polygon Passes Ethereum as the Second largest Chain in Terms of Daily Active Users
Polygon has clocked in over 340K daily active users (DAUs). This makes Polygon the second-biggest chain regarding DAUs, surpassing Ethereum with only 320K DAUs.
The Polygon blockchain is known mainly for its gaming and DeFi applications. However, there has been a recent uprising in the NFT space regarding multi-chain expansion.
There is a good chance we could see more activity flow into the Polygon ecosystem over the next few months as more NFT projects go multi-chain.
Fun Fact:
At the time of writing, Polygon’s $MATIC is trading at $1.10 and is the third biggest mover over the last 24 hours with an increase of 12.5%. Over the last 25 days, $MATIC is up ~48%.
The following is a list of popular projects to announce multi-chain this year alone:
Dust Labs (DeGods + y00ts): Ethereum + Polygon (t00bs remain on Solana)
Doodles 2: Flow
Pudgy Penguin Lil Pudgys: Arbitrum, Polygon, and BNB Chain