What's Driving Token Prices? January 31, 2024

IMGNAI (-6%) - Artificial intelligence project, imgnAI, announced the close of its $1.6M seed round on Monday. The project, which aims to be a platform for uncensored AI image-generated content, found a product/market fit with its free Discord-based image generation product. Its token, IMGNAI, can be used to unlock premium platform features. The round was led by Hack VC, along with dao5, Selini Capital, Rana Capital, West Ham Capital, and Motus Capital. While the news initially buoyed the token price up 26%, it has since fallen and is now down -6% for the week.
SPELL/MIM (-0.33%/-3.8%) - Defi project, Abracadabra, suffered a $6.5M exploit early Tuesday morning causing its decentralized stablecoin, MIM (Magic Internet Money) to crash to $0.76 from $1.00. The exploiter manipulated specific “Cauldrons” (aka vaults) and executed unauthorized MIM borrowing. The Abracadabra DAO already announced plans to buy back MIM in the open market to burn tokens and restore the peg. As of now, the MIM stablecoin is trading at ~$0.96 and SPELL, the governance token for Abracadabra is down 33bps for the week.
MANTA (+1.2%) - Layer-2, Manta Network launched its MANTA governance token last week and has become the fourth-largest L2 by TVL on Ethereum. Manta comprises two products, Manta Pacific (the L2) and Manta Atlantic (a Layer-1 built on Polkadot). Manta Pacific has garnered a lot of attention because it is the first project to incorporate Celestia, a data availability infrastructure tool that helps reduce cost, into its tech stack. MANTA was airdropped to the community and was initially met with disappointment as many users complained about receiving a paltry amount of tokens for bridging their assets to the new L2 and completing certain tasks to earn points. Manta’s TVL is currently $603m.
WEN (+60%) - Last week, a developer on Jupiter (the Solana-based DEX), decided to launch a memecoin called WEN using Solana’s newly introduced token extension standard and Jupiter’s LFG launchpad platform. The token was airdropped to over a million wallets and primarily served as a test run ahead of Jupiter’s much anticipated JUP airdrop (which occurred this morning). The test run allowed Jupiter to ensure that there would be no hiccups with its token launch and test out a new NFT standard, dubbed the Wen New Standard (WNS). Upon its release last Thursday, the token initially traded up 218% the first few days but has since declined and is now up 60% for the week.

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