Alt Season Explodes While YZY Launches and LIBRA Scandal Deepens
Trading patterns shift dramatically as altcoin volume hits 2.7x Bitcoin's amid controversial token launches
You made it through another week in crypto – Happy Friday! Bitcoin rebounded from a dip below $94K to tap $97K, nearing a $1.93T market cap with 58% dominance. XRP surged 5% to $2.7, while SUI hit $3.3. TAO led large-cap alts, soaring 15%. ADA, AVAX, SOL, and HBAR saw modest gains, while LTC slid 6% below $130. The total crypto market cap climbed to $3.33T.
SUMMARY
Alt season gaining momentum with 2.7x BTC trading volume
Binance CEO warns investors about DYOR while highlighting security measures
Doodles launches Solana-based DOOD token to mixed reactions
Story (IP) token surges 55% with $1.36B trading volume
Kanye West launches YZY memecoin with 70% founder allocation
Argentina's LIBRA token scandal involves $99M liquidity withdrawal
Ross Ulbricht advocates for Roger Ver facing tax evasion charges
Kaito AI token surges 50% despite influencer selloffs
Solana token minting activity slows significantly
OpenSea regains 71.5% market share following $SEA token announcement
Pudgy Penguins artist Antoine Mingo leads new Burrrs NFT collection
Multiple games demonstrate innovative NFT integration
ALTCOINS
Alt season is heating up! CryptoQuant CEO Ki Young Ju says altcoin trading volume is now 2.7x Bitcoin’s, signaling a major shift in market behavior. Unlike previous cycles, traders are bypassing BTC and using stablecoins like USDT and USDC to buy alts directly. While some tokens are surging, not all are benefiting equally—careful research is key. Some skeptics argue it’s too early to call a full alt season, but the signs of a market-wide altcoin resurgence are undeniable.
DYOR
Binance CEO Richard Teng warned investors to do your own research while highlighting Binance’s role in reducing illicit crypto transactions. Despite criticism over listing questionable tokens, Binance claims to have helped cut illegal transaction volume to 0.14%, recovered $9.1 million in stolen funds, and blacklisted 47,000 malicious wallets.
DOOD
Doodles' launch of its Solana-based token, DOOD, has received mixed reactions. Critics highlight the team’s potential 57% token allocation and question the timing and purpose of the launch. With similar NFT-linked tokens struggling, Doodles' sales volume has dropped 32% in a week, raising doubts about the token’s long-term viability.
STORY
Story (IP) has surged ~55% today with $1.36 billion in trading volume, showing strong bullish momentum. The token has gained 176.85% in the past week and 76.13% YTD, with SMA and RSI indicators signaling continued strength. If it maintains support at $4.80, it could target $6 and potentially $7.75. A bearish reversal could push it down to $3.65 or lower to $2.50. Despite market uncertainty, Story’s performance has outpaced top altcoins, drawing investor attention.
YE
Kanye West, now known as Ye, is launching YZY, a memecoin tied to his Yeezy brand, allowing fans to buy products directly. After losing major brand deals and being cut off from platforms like Shopify, he’s turning to crypto for control. However, concerns arise as Ye holds 70% of the token supply, raising investor risks. The launch, delayed from Feb. 20 to Feb. 21, follows controversy over a crypto scam in Argentina. With comparisons to Trump’s TRUMP token, critics fear YZY could follow the fate of past celebrity-backed coins—surging early before crashing.
LIBRA
Argentina’s $LIBRA token controversy continues as blockchain research reveals that $99 million was withdrawn from the token’s liquidity pool by wallets connected to its creator. The withdrawals, linked to eight addresses funded directly by the Libra creator, included USDC and SOL. Amid the fallout, 86% of traders incurred losses, totaling $251 million. The controversy led to the resignation of Meteora’s co-founder, and a federal investigation into potential political involvement, with President Javier Milei distancing himself from the token.
TAXES
Ross Ulbricht, the founder of Silk Road, is advocating for clemency for Roger Ver, a prominent figure in the crypto community, facing serious tax evasion charges. Ver, arrested in April 2023, allegedly evaded taxes on Bitcoin sales and undervalued assets when renouncing his U.S. citizenship. His case involves a $48 million tax shortfall related to 131,000 Bitcoins sold in 2017. Ulbricht, recently pardoned by former President Trump, called for support for Ver, emphasizing no one should spend their life in prison over tax issues. Ver, facing up to 109 years in prison, has appealed for help, including reaching out to Trump.
SURGE
The Kaito AI token surged 50% after its airdrop on February 20, defying heavy selling pressure from top crypto influencers who sold off their allocations. Despite concerns over insider allocations, with 43.3% of the supply given to insiders, the token has continued to rise, trading above $1.74 with a market cap of over $421 million. Influencers like Ansem and Anthony Sassano sold their tokens, raising skepticism about the token’s future. However, Kaito AI's technology has gained industry recognition, and its official airdrop claim page is active until March 22.
TOKENS
Solana’s token minting activity has slowed, with daily launches dropping from a peak of 95,578 in January to 49,779 on February 19. Memecoins, particularly those tied to political figures like Donald Trump and Javier Milei, contributed to the decline, with Milei’s endorsement of the Libra token leading to a $251 million loss due to alleged insider trading. Pump.fun, Solana’s main launchpad, recorded its lowest token launch and revenue figures in months. This slowdown has raised concerns about memecoin-driven market volatility, while the SEC has formed a new unit to oversee crypto-related misconduct.
OPENSEA
Opensea has regained significant market share, surging to 71.5% of the Ethereum NFT marketplace volume, up from 25.5% four weeks ago. This increase followed the announcement of its $SEA token on February 13, which boosted daily trading volume from $3.47 million to $17.4 million. The number of daily transactions also rose from 6,100 to 14,700. The $SEA token, with airdrop allocations based on historical platform use, has fueled Opensea's resurgence, mainly at the expense of Blur.
BURRRS
Antoine Mingo, the original concept artist for Pudgy Penguins, left the project in early 2023 due to creative differences with new leadership. He is now leading the art for a new NFT collection, Burrrs, on the Berachain network, which offers him the creative freedom he lacked at Pudgy Penguins. Mingo’s role as a founding member and creative lead for Burrrs allows him to express his vision more freely, with the project launching on Magic Eden for 4.2 BERA each. Reflecting on his Pudgy Penguins experience, Mingo has learned to embrace imperfection in storytelling and creativity.
INTEGRATION
The Critters Quest collection features token-bound assets for gameplay. I wanted to point out some other examples of people pushing the boundaries in exciting and innovative ways:
Pudgy Party: As part of the Pudgy Penguins universe, this game is one of the most anticipated Web3 releases of the year. Pudgy Penguins holders will engage in a world where their NFTs come to life, offering unique in-game experiences. With vibrant colors and engaging gameplay, it’s expected to be a hit for both NFT collectors and casual gamers. Mythical Games is behind the development, bringing the best of both worlds together.
WAGMI Defense: A mobile strategy game built around NFTs, where every collectible card you collect is an NFT. The game lets players gather human and alien characters to fight in real-time battles and climb global leaderboards. The cards you choose play a significant role in your strategy, and all NFTs can be traded, adding value to each item you collect.
Forgotten Runiverse: This MMORPG, currently in beta, is built on the Ronin Network and integrates NFTs to power a player-driven economy. Forgotten Runiverse offers a unique twist by allowing players to use NFTs to bring their characters and creations to life within the game. With a rich backstory, vibrant world, and growing community, this title is one to watch as it develops.
Fableborne: A mix of action RPG and strategy, Fableborne offers an engaging experience where players defend kingdoms and raid others. NFTs act as access passes to the game, and the collectibles can be used to enhance gameplay. Built on the Ronin Network, the game has strong momentum, fueled by major investments and a passionate fanbase.
Bitmates: A retro-inspired MMO with a simple premise but deep gameplay. The game is built around NFT-collectible primates, where players can upgrade their in-game assets with “retro gaming cartridges,” a nostalgic throwback for many. The game is currently in beta, and players love its addictive nature, where every time you play, it feels like time just vanishes.
These games show how NFTs can be seamlessly integrated into gaming, creating vibrant economies and offering new ways for players to interact with their digital assets. Token-bound assets are clearly more than just a trend in Web3 gaming.
The crypto ecosystem continues to evolve with altcoins gaining momentum while established players like OpenSea demonstrate resilience through strategic token launches. Despite controversies surrounding celebrity tokens and questionable allocations, innovation flourishes in the NFT gaming space with token-bound assets creating new possibilities for digital ownership and gameplay integration. The market remains volatile yet full of opportunity for those willing to conduct thorough research before participating. The contrasting fortunes of tokens like Story (surging 55%) and the LIBRA controversy (resulting in $251M losses) remind us that discernment is essential in this rapidly changing landscape. Stay interesting, my friends.
