Dogecoin is pumping 🚀 What do you need to know?

GM, this is Web3 Seems Legit, your weekly tea sampling on all things crypto and NFTs 🫖. As we inch closer to the end of the year, we're still holding out hope that things will turn around 🤞.

In this issue: 

• What to look out for in November. Say goodbye to October and hello to Upvember. Can things turn around before the end of the year?

• A brief history of Dogecoin. Since Elon's Twitter takeover, this meme coin has been pumping with excitement. What do you need to know about $DOGE and should you FOMO in?

• What are Art Gobblers? A new, innovative NFT project is in town. Backed by the creators of Rick & Morty, the collection hit over 5,000 ETH in trading volume in under an hour. Is it worth the hype?

What to look out for in November

Uptober has come and gone and we're now heading into what could be a Novembull 🐂 or Novembear 🐻. Here are some important November dates and events that could impact crypto: 

📈 Nov 2: FOMC rate hike, came in at the expected +75 bps  🗓️ Nov 4: US employment report (nonfarm payrolls), expected to come down🗓️ Nov 8: Midterm elections 👀🗓️ Nov 10: US CPI, previous 8.2%, expected 8.1%

Bitcoin has been holding onto $20k now, but we expect November to continue to be a volatile month with Jerome Powell stating that rates will keep hiking. Still not a recession though right 🙄? 

A brief history of Dogecoin

$DOGE - the coin we all love to laugh at and not take seriously...until now. 

Since Musk's Twitter era began, $DOGE has rallied over 100% and hit a high of 15 cents, the biggest daily gain since April 2021 🔥. 

As investors FOMO into this meme coin, you're probably wondering...should I do the same? Here's a little history 101 lesson on $DOGE. 

It all began in 2013 between two engineers making a joke out of the popular doge meme and hype of crypto. In fact, the infamous dog pictured in the meme just turned 17 🎂!

Though it was supposed to be a joke, the Reddit community quickly picked up on it and began using it as a tipping currency. Within two weeks of launch, $DOGE briefly surpassed Bitcoin in daily transactions 🚀. 

The two founders eventually left in 2014 and handed over development to a small core team of contributors, but the legacy was far from over. 

In 2019, Elon made his first tweet about $DOGE.

His support for $DOGE continued and reached its all time high in May 2021 at 75 cents when Musk hosted Saturday Night Live.

To really solidify his support for the meme coin, it was announced at the start of 2022 that Tesla would start accepting $DOGE as payment. It all sounds bullish, but $DOGE is an inflationary coin with no actual utility, other than being Elon's favorite coin to shill. 

But now with his Twitter takeover, $DOGE could actually serve a purpose 👀. 

Several hints have been dropped that Elon could be integrating $DOGE to Twitter, likely in the form of micropayments. If this happens, this could send $DOGE and other meme coins to the moon 🚀. 

Nice to see Elon hard at work 💪.

What are Art Gobblers?

The NFT whales are back in this bear market and are absolutely gobbling up this new project 😋.

Within an hour of launch, Art Gobblers hit 5,000 ETH in trading volume and cracked the top ten projects in October. 

So, what's so special about this project? Aside from being the brainchild of the Rick & Morty creators, this experimental project has a very unique tokenomic mechanism.

Very simply put, the Gobblers (main character of the ecosystem) have an NFT gallery that lives on their belly. Gobblers can "eat up" artwork created by artists that will show up on the character's belly.

This gives artists a cool medium to create and sell art, and Gobblers, or curators, to collect and make the art part of their NFT 💯. 

In this dry, bear season, what Art Gobblers is doing is unique and interesting, but it also doesn't come without controversy. 

Not everyone is quite hyped about this project. There were only 2,000 Gobblers in the initial supply, with 8,000 to be added over the course of 10 years. Leading up to the launch, several top influencers were given the free mint. The same people who didn't take the project seriously are now the ones dumping their free NFTs on the market for over 4,000 ETH.

As a project backed by VC firm, Paradigm, did we really expect anything more 🤷‍♀️? Regardless, it'll be interesting to see how this project progresses and if it can continue to keep up the momentum!

In other news

• An integrated NFT marketplace is coming to Instagram. Meta has started rolling out features to select creators to sell NFTs directly on Instagram. No gas fees will be charged, at least initially.

• GameStop launches a Gaming NFT marketplace. In partnership with Immutable X, the major retailer is onboarding gamers to the world of web3 and have already surpassed $1M in trading volume.

• OpenSea launches new copymint detection feature. The tool will be able to detect exact matches, flips and fuzzy copies of NFTs to reduce fraud and copyright.

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