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Ember Nuggets are a weekly update with commentary from the investment team on what’s happening within the crypto market - news, developments, market trends, and more.
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Continuing its bull run, Ethereum set new record highs this week, with the ETH price rising to $4600. Solana also saw a 31% increase this week.
The new highs of Ethereum are due in part because of the rising popularity of NFTs and new DeFi projects deployed on the chain. Ethereum is also the home to many memecoins like Shiba Inu which have recently caught mainstream media’s attention. High trading volume in altcoins, coupled with Ethereum’s burn mechanic introduced in EIP-1559, leads to more Ethereum being burned and therefore less supply. Heavy trading volume has led to higher gas prices, but also a higher ETH price.
The Ember Investment team is bullish on Ethereum going into the later stages of this bull cycle.
Mythical Games, an NFT game developer, has raised $150 million at a $1.25 billion valuation. The firm has already launched its own pay-to-play NFT game and has announced plans to license its Mythical Marketplace NFT platform and Mythical Economic Engine to other developers.
In other news, online trading and brokerage company TradeStation Group announced it is IPOing through a SPAC merger with Quantum FinTech Acquisition Corporation. TradeStation began offering crypto trading to its customers in May 2019. The IPO values the combined company at an implied value of approximately $1.43 billion.
Thank you for reading!
Harsharn Singh
Investment Associate | Ember Fund
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