Rippers Recap: The Best and Worst Performers of the Week

Welcome to the Rippers Weekly Recap!

Hey everyone, it’s Evan! But I’m better known on Twitter as @StockMKTNewz. If you know me, you know I tweet way too much for any sane person to track. So I thought I would narrow down my hundreds of tweets to get you caught up here in under 5 minutes!

In this edition we will also be introducing a new section, the Bullish Degenerate. We want this newsletter to represent everyone on FinTwit, including the strong community in NFTs, cryptos and more. 

Keep scrolling for a breakdown of this week's:

• Best + worst performers

• S&P 500 heat map

• Stocks that made headlines

• FinTwit reactions

• PLUS our new section, Bullish Degen

Best Performers of the Week

Worst Performers of the Week

Rivian Reports Earnings for the First Time

There were a lot of firsts for Rivian last quarter. It was their first time reporting as a public company, their first ever revenue and their first ever deliveries. For me, it's too many firsts for a company valued over $80 billion. On the positive side, if I had to pick a company to back my EV startup, I'm not sure there is any better than Amazon. If you want to do more research, here’s their shareholder letter and the recording of their earnings conference call.

How the Largest Stocks Performed this Past Week

This Week's S&P 500 Heat Map

FOMC Meeting

The FED and Jerome Powell did exactly what we thought they would do. The biggest news from the meeting not included in the above pictures is the doubling of the FEDs tapering to $30 billion a month, which still could and will be adjusted going forward if needed. You can read more about the results of the meeting here, and you can watch Jerome Powell’s full press conference here.

Square and Robinhood Gifting

If you still haven’t done your holiday shopping, well I'm not sure what you’re waiting for, but Cash App and Robinhood have your back! You can now send crypto or stocks as a gift to friends and family on both platforms. The caveat here is that to receive the gift, you have to have a Cash App or Robinhood account. This really just means this is another (albeit smart) attempt at getting new customers using the network effect.

We also included this story, plus some other stories from the week, in our Weekly Rippers Roundup, which you can check out here! 

The Bullish Degen

Hello fellow degens! Welcome to the first edition of Bullish Degen. My name is Eli (not a suit), and I will be your guide down this never ending rabbit hole and murky world of what we call crypto. I first became a “Degen” earlier this year and have not looked back since.

Bullish Degen will talk about everything from NFTs, DAOs, and Cryptos to options, AMC, and $GME. My goal for this part of the newsletter is to highlight unique and interesting news and trends in the space in a new and simple way for curious people to digest.

Let’s check out the major themes from this week: 

• The biggest keyboard mishap in NFT history

• Crypto off it's all-time-highs

• What the Degens are talking about

The Biggest Keyboard Mishap in NFT History

For the people who have transferred crypto from wallet to wallet, have you ever sent/received crypto to the wrong address? Or even bought/sold a coin by mistake? A Degen user with a large assortment of NFTs wanted to sell one of their BAYCs for the low price of 75 Eth ($300,000). But, his finger slipped and typed 0.75 ($3,000). Oops. 

Seconds later, the ape was scooped up by a lucky bot scanning Opensea and promptly re-listed at $250,000. There was no use in correcting the error as they would if a similar banking transaction occurred because of the unregulated crypto industry and that it was verified on the blockchain. I guess that is the blockchain working for at least one lucky person.

The BAYC #3,547 was originally minted by Coco__Bear eight months ago. Maxnaut purchased the NFT on the same day with the floor price of one Eth, which was slightly above $2,700 at the time. The fat finger sale still turned a profit for Max just based on the price of Ether, but was still 1/100th of its actual value and proved to be a lesson to triple check crypto transactions.

Doge Finds its Father Again

Not listed above, Doge had a rebound after Elon tweeted that Tesla will sell merch, with consumers being able to spend their Doge to buy it. This comes after the price had been stagnant for close to six months after Elon’s appearance on SNL and the media attention died out. Immediately after the tweet, the price of Doge skyrocketed over 25% and everyone got wondering: Will Doge become a thing again in 2022?

The Glitch that Made Millionaires

Early on Tuesday, CoinMarketCap and crypto exchange Coinbase both had a sitewide glitch that caused cryptocurrencies to skyrocket. Literally. Even for the smallest holders of crypto, their pay day was in the millions and billions. Some even became trillionaires for an hour. Bitcoin showed a price of $836 billion per coin with a total market cap of $16 quintillion.

The root of the problem was caused by an unknown source inside both the companies data supplier, Binance. CoinMarketCap experienced serious consequences as crypto exchange Crypto.com publicly said they are now removing CoinMarketCap’s “unreliable price feed” from their exchange. Because crypto is still very much in its infancy, websites and platforms relying on price data from a single source have been a problem in the past, with glitches like these happening often. 

Coinbase and CoinMarketCap were not the only ones affected by these price glitches though, many wallets and other crypto platforms experienced the same price glitch, which is concerning that all platforms are using a single source service. I even heard that the lambo website went down moments after the glitch was noticed in the system. 

 Not only did this glitch make some traders jump out of their seats, it also made for the best memes of the week while we endure this bear market. It also begs the question: Are these the crypto prices we will see in 3022?

That's it for this week! Thanks for reading the Rippers Weekly Recap! Stay bullish and we'll see you all in the next one 🔥