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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!
Investment Associate | Ember Fund
November 21, 2022
Welcome to the October 2022 Recap Newsletter! We hope everyone is safe & sound. Despite November being one of the wilder months in a while (given all the news), last month was a strong one for crypto.
November 16, 2022
The Ember team is proud to announce the launch of our latest investing feature: Recurring Deposits
November 15, 2022
With all the news around FTX, we felt it would be helpful to run through what non-custodial wallets are and why they’re important.