Tether Achieves New All-Time High 📈

GM. This is Degen Scoop, your new favorite issue of crypto news. It’s Friday, these are the stories of the day:

• Tether Achieves New All-Time High 📈

• Crypto Exchanges Volume Experience 32-Month Low 🔻

• EA Sports Adding Nike NFTs 🎮

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Tether Reaches New All-Time High Market Cap of $83.35B

The crypto market has spoken: Tether is the king of stablecoins. Over the past year, other major stables have seen their total market cap go down where Tether continues to go up. The total market cap of Tether hit a new all-time high of $83.35B, a huge number for the middle of a bear market.

Currently, Tether is the third largest cryptocurrency with that market cap and commands ~7.5% of the total crypto market cap. Of all stablecoin capital, Tether represents 64%. There has been a significant amount of innovation in stablecoins over the past two years, one can expect them to fight Tether to earn their piece of market share.

Crypto Exchanges Volume Experience 32-Month Low 🔻

Amidsts the bear market, volume across crypto exchanges continue to drop into what is a 32-month low. It’s evident that interest from retail traders is at lows we haven’t seen in what in years. As long as interest rates remain elevated, it’s unlikely we see a major resurgence in the near future. Whether that changes is up to JPow.

Looking at the data, volumes across exchanges have been in a straight downtrend. The less optimistic may be thinking “it’s so over,” but this is but a symptom of the market’s mood. Volumes will increase again whenever retail interest grows again.

EA Sports Will Be Adding Nike NFTs to Its Games 🎮

Yesterday, Nike made an announcement that it would engage in a collaboration with EA sports for digital collectibles using the .Swoosh program. The announcement exhibited delicate care in their avoidance of the word ‘NFT’ so as to not scare the citizenry. The .Swoosh program is Nike’s crypto platform that resides on Polygon, so blockchain integration is inevitable.

The digital collectibles we are expecting to see include accessories, apparel, sneakers, and anything else they choose to tokenize. This is an exciting development as EA Sports includes titles like Madden and FIFA which boast gargantuan playerbases. Nike has been extremely successful with their RTFKT collection so it’s no surprise they are delving further into they crypto ecosystem to pad their revenues.

Notable NFT Sales in the Last 24 Hours / Over the Weekend:

Notable Threads You May Have Missed:

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.