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Daily Altcoin Price Update: Market Update: $GALA Catching Up Small

Daily NFT/Crypto Market Update 11/3/2022 | A Thread 🧵🧵🧵

OVERALL TRENDS

We saw a small upwards trend today in the crypto market as it was able to inch out small gains. BTC has gone up past 20.5k while ETH is nearing 1.6k. NFTs have still been seeing low volume thanks

1/ to the repercussions of the bear market. We have been seeing some good mints do well, however, all around the market is still in its down cycle, so be patient.

2/ Degen/free mint of the day: FRIENDSHIP BRACELETS by ART BLOCKS EXPLORATION

Friendship Bracelets are by @artblocks_io, rewarding holders with a nice little airdrop today. Seeing close to 3000 sales on the day, this was able to hover around the 0.06-0.09 ETH range throughout

3/ the day. These are made by Alexis Andre and were airdrops for all @artblocks_io holders. Art Blocks is the premier platform that supports artists, so I am sure these will be something cool to take a look at.

4/ GALA EXPLOIT

Today GALA was exploited today and it was exploited bad. This was just the latest hack that we have seen recently, with other notable ones being Gabriel Leydon's Twitter hack and the Mango Market's hack. GALA got exploited and

5/ somebody managed to mint 1 billion dollars of the token, then drain an entire pancake swap pool with that money. This is just another sign of how juvenile everything is and how much untested water is in this space.

6/ KPR PUBLIC MINT + SELLOUT

@KPRVERSE minted the final supply left for public of their 10k total supply today. We all knew this was going to be a gas war, but this went horrible for minters as people lost close to 50k trying to steal this from botters.

7/ Time and time again we continue to see hyped public mints fall short because of an excess number of botters. This creates a bad owner count and undercut, so projects need to think about other alternatives to this.

8/ OVERALL THOUGHTS

The thing that I am hoping for right now is some crypto stability. Like you have probably guessed, NFTs and crypto have a relationship with each other and generally when crypto is stable, NFTs tend to get more volume.

9/ Obviously the market condition and sentiment is still bear, but some stability may give us some more confidence in the market. Thanks for reading and have a great day Kings. Follow if you enjoyed! 💵👑

This post is based on this twitter thread.

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