This week in The Flippening, TL;DR
Metamask’s crazy 19x growth to 10M monthly active users. NFT market on fire again. Coinbase mistakenly sends 2FA reset notices to 125k customers. ETH up 25.65% in the last week. RSI explained. Top Mudrex algos. NFTs and memes, and more.
Top Highlights of the Week (ending 19th Aug)
Metmask grows 19x in 12 months, crossing 10M monthly active users
Demand for noncustodial wallets continues to surge in the middle of the DeFi and NFT booms. MetaMask has been a primary benefactor, as active monthly users have grown 19-fold in just over a year.
MetaMask credited a confluence of factors for its exponential growth, including the rapid adoption of Ethereum smart contract technology, the continued expansion of DeFi protocols, and the successful launch of its token swap solution. The company also credited the NFT boom for attracting more users to its technology.
The bulk of the activity, particularly in recent days, came from the trade of NFT art and collectibles – think CryptoPunks, Art Blocks and the likes.
Monday, 23rd Aug was likely the biggest single NFT sales day ever, as OpenSea saw a record $194 million in daily sales volume, CryptoPunks hit $101 million in daily volume, Art Blocks hit $69 million, and Bored Apes did $20 million, all spurred by Visa announcing that it purchased a CryptoPunk for $165,000. Budweiser followed suit on Tuesday, spending $126,000 total on a rocket NFT and an Ethereum domain name.
The owner of an Art Blocks “Fidenza” piece who bought it in June for $1,400 flipped it for $3.3 million. Perhaps nothing illustrates the madness better than EtherRocks, NFT illustrations of rocks that now have a price floor of $2 million.
Users panic after Coinbase mistakenly sends 2FA reset notices to customers
Coinbase sent an email to 125,000 users mistakenly notifying them that their two-factor authentication settings had been changed.
Coinbase took to Twitter on Sunday to apologize for the mishap, stating, “We’re laser-focused on building trust and security into the crypto community so that the open financial system we all want is a reality. We recognize that issues like this can hurt that trust.”
The incident comes just days after it was reported that thousands of disgruntled customers claimed their Coinbase accounts were hacked and emptied.
Other News and Top Reads
- Blitzscaling DAOs: Rethinking Spending for Decentralized Organizations. Read
- Binance US Expected to Go Public in 3 Years, Says CEO. Read
- Twitter to allow users to add BTC and ETH addresses to profiles. Read
- Blitzscaling DAOs: Rethinking Spending for Decentralized Organizations. Read
- Blockchain streaming platform Audius announces Solana NFT integration. Read
- FTX.US acquires LedgerX. Read
Market Performance Overview
The top cryptos this week were all in the green, with ETH (25.65%%) nearing the $4k mark, and ADA (15.19%) touching $3.
The week ending 2nd Sep saw all the sectors in the green. The leading sector this week was Web3 with 18% growth, and Smart Contract Platforms closely following with 17.89% growth. Chainlink (17.73%) & Bittorrent (21.26%) were the top-performing assets in Web3 in the last week.
Trading 101
We’ve been writing about crypto basics in this section for the past few weeks. This time we’ve decided to cover a trading topic – Relative Strength Index.
The RSI was created by Welles Wilder and many trading strategies have been designed around this indicator. It charts the current and historical strength or weakness of a stock or market based on the closing prices of a recent trading period.
The RSI is classified as a momentum oscillator, measuring the velocity and magnitude of directional price movements.
We have discussed the following topics in depth in our blog, which you can read here.
- RSI as a Momentum Oscillator
- Formula Breakdown and Relative Strength
- Look-Back Period and its Variations
- Overbought-Oversold Conditions
- Risk Management
- Use Cases of RSI
Featured – Top Algos of the Week
Mudrex helps investors like you to invest in high-performing automated trading algorithms created by some of the best traders in the world. Here are 3 top-performing algorithms from the last week:
- ETH-USDT Multitimeframe (Performance Score: 9)
- King-ETH 1 (Performance Score: 8)
- Chimaera Spot BTC (Performance Score: 7)
Here we are, at the end of our 5th 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’ll leave you with this hilarious take on the NFT boom right now!
