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Liquid staking tokens also rise on Wednesday. Bitcoin holds steady above $28,000.

Speculative NFT project Nakamigos has recently broken into the NFT spotlight, spawning copycat projects such as Magamigos and Nakamigas that capitalize on the trend. But while meme projects may offer short-term gains, they rarely offer long-term value and ought be scrutinized.

The new stablecoin-like token, OMMF, will be backed by conventional money market funds and is available only to qualified purchasers and accredited investors. But retail investors can lend against the tokens via Ondo’s DeFi protocol Flux to indirectly access the yield.

ALSO: Former CoinDesk head of research Noelle Acheson writes that longer-term narratives such as bitcoin's recent store-of-value story matter but that price depends more on fleeting, often fickle sentiment.

The tweet spurred speculation that the notable venture capital firm could launch its own Optimism-based layer 2 blockchain. A16z crypto’s CTO tweeted: “not an L2.”

ALSO: Ether falls but still outperforms bitcoin for another day as investors look with hope at the Shanghai upgrade.

Liquidations refer to the forced closure of bullish long and bearish short positions in leveraged perpetual futures markets. They often exacerbate price moves.

We love you but we don’t miss you.

‘White hat’ hackers are working to recover more of the stolen funds as of Monday.

The latest price moves in crypto markets in context for April 6, 2023.