Morning Minute is a daily newsletter authored by Tyler Warner. The views expressed are his own and do not necessarily reflect those of Decrypt.
Good morning!
Here are today’s key highlights:
- Leading cryptocurrencies experienced fluctuations over the weekend; Bitcoin is currently priced at $78.4k.
- Bitcoin has reached its highest correlation with gold at 0.56.
- Trading applications recorded their highest volume week since the Trump era.
- Hunter Biden has announced the launch of a "Laptop" coin on Base this Wednesday, while some protocols have removed tweets about it.
- Stonkfun and ZCAT surged over the weekend as Solana regained market share from Robinhood.
🎰 The Trenches Experienced Their Most Active Week Since TRUMP
Onchain trading terminals processed $6.35 billion last week, marking the most active week since the launch of TRUMP in January 2025.
Fomo contributed $2.38 billion, while gmgn's trading bot accounted for $2.07 billion, together making up 70% of the total volume. Pump.fun's app generated $489.5 million, and basedbot contributed $450.5 million.
we just had the biggest week in the trenches since trump week
$6.35b traded through onchain terminals pic.twitter.com/NEsTLz3dbA
— Adam (@Adam_Tehc) September 7, 2026
This surge in volume was fueled by the emergence of several new meme coins and infrastructure tokens, each surpassing $100 million, including ZCAT, Stonk, MEME, and Marscoin. Notably, the PONS token skyrocketed to over $600 million, leading the Robinhood Chain ecosystem.
Could this indicate a peak? While some indicators might suggest so (such as Hunter Biden's coin launch), other data paints a different picture. Total decentralized exchange (DEX) volume across the 787 protocols tracked by DefiLlama reached $9.18 billion in a single day and $217.33 billion over the past month, reflecting a 1.81% increase week-over-week. Single sessions in early 2025 saw over $45 billion, indicating that current DEX volume is still only at 20% of its 2025 highs.
This suggests that we are in a cycle of trading apps. Fomo and Pump.fun are experiencing significant increases in volume, user engagement, and revenue. Pump.fun is reinvesting a substantial portion of its earnings back into the system through daily callout rewards, which ranged from $300k to $1M last week. These fee rebates are likely remaining within the ecosystem, contributing to the overall volume growth.
Regarding a potential peak, while there are some signs (like the launch of Hunter Biden's coin), the supporting data does not confirm this yet. If Pump and Fomo continue to distribute creator rewards at this scale, it's difficult to foresee a slowdown in trading activity anytime soon. The momentum continues…
🌎 Macro Crypto and Markets
- Major cryptocurrencies fell on Friday following a robust jobs report, with weekend fluctuations; BTC -1% at $78.4k; ETH -1% at $2,470; SOL -2% at $103; HYPE -5% at $83.3; ZEC -4% at $1,160
- Notable altcoin gainers included AERO (+18%), VET (+9%), and INJ (+9%)
- Oil +3% at $94; Gold -1% at $4,470
- Stock futures are in the red as bond yields and oil prices rise; DOW -0.7%, Nasdaq +0.0%
- Bitcoin's 90-day correlation with gold reached 0.56, the highest since tracking began in 2017, surpassing the 0.50 recorded in November 2020, while its correlation with the Nasdaq 100 has dropped to a one-year low near 0.30.
- Solana is set to triple its maximum transaction size on Wednesday from 1,232 bytes to 4,096, allowing larger proofs and multisig operations to be processed in a single transaction.
- Vitalik Buterin highlighted advancements on EIP-8141, which would enable users to pay gas fees using tokens or have applications cover these costs entirely without needing to switch to a smart account.
- Approximately 4,000 BTC valued at $320 million exited the Liquid federation wallet, with the individuals involved claiming to be white hats and are in talks to return the funds via PGP-signed messages embedded in Bitcoin transactions.
- Hunter Biden will debut LAPTOP on Base this Wednesday featuring a 20% airdrop aimed at wallets that suffered losses on TRUMP, while the creators will retain 30% locked for six months (although various platforms have since removed announcements regarding the launch).
- Anonymous Cat has distributed approximately 2,320 ZEC valued at $2.8 million to its holders through a 3% transfer tax, exceeding the daily ZEC production of the network.
Corporate Treasuries & ETFs
- Bitcoin ETFs saw net inflows of $175M on Friday, while ETH ETFs recorded $26M.
Meme Coin Tracker
- Meme leaders remained largely stagnant; DOGE -1%, SHIB unchanged, PEPE +1%, PENGU -5%, TRUMP unchanged, SPX -3%
- Robinhood chain leaders experienced a mostly negative weekend; Pons -10% to $510M; AI +8% at $235M; Cashcat -17% at $175M; Meme -17% at $100M; Moo +55%, Route +130x, and Ouro +80% were notable gainers
- Solana was led by Stonk +33%, OTC +90%, Backpack +38x, and Nasduck +180%; Ansem -14% at $180M.
💰 Token, Airdrop & Protocol Tracker
- Hyperliquid ($12.3M) and Pump ($10.3M) ranked 5th and 7th respectively for protocol revenue over the past week.
- Pons achieved its first week of $10M in revenue on Robinhood Chain.
- Stonkfun recorded its highest revenue days on Sunday ($1.5M) and Monday ($1.2M), with 60% of the revenue allocated to token buybacks.
🚚 NFT Developments
- NFT leaders showed declines; Punks -3% at 30 ETH, BAYC -8% at 6.8 ETH, Pudgy -2% at 3.7 ETH; Argonauts emerged as the top mover over the weekend, reaching a floor price of 0.55 ETH.
- Goat Street (+28%) and Identity MD (+22%) led the top movers.