$1.8bn of Liquidations + Luigi

In Partnership with $IO

Cumulative $IO earnings have surpassed $3mm, with daily network earnings still hovering around ATHs. The project is also seeing a large influx of clients related to AI agents, which likely drives earnings growth from here. Lastly, the launch of OpenAI’s SORA, helps highlight $IO’s unique value proposition.

$1.8bn of Liquidations + Luigi

In the past 24hrs we saw the largest long liquidations of the entire cycle, hitting ~$1.8bn, and it was mostly driven by alts. BTC was down 2% on the day to $97k while ETH & SOL fell 6/7%. The weakest top 100 alts were POPCAT, IOTA, GALA, WLD, MANA and AXS which were all down 18%+.

AIXBT mindshare has been fading while PEPE and Fartcoin’s mindshare has been rising + MOVE & CULT launched. CULT’s launch was a large stimmy for the trenches, with a lot of traders profiting 5-7 figs.

Chart of the Day with Vertex

A lot of tokens broke structure on today’s nuke but PEPE continues to look very good. Try app.vertexprotocol.com and trade PEPE with up to 10x leverage.

Onchain tokens also bled a bit today, led by weakness in GRIFT, LESTER, TETSUO, QGG, BAN, BIAO, UBC, FRED, RIZZMAS, LUCE, [nothing] and PRAWN all down 25%. Ai16z (-3%) and Fartcoin (+1%) were the strongest AI agent larger caps, while there were also a few onchain tokens still showing strength (including GRIFFAIN which has run to $144mm). SKICAT on Base was also very strong on the day.

Onchain mindshare was led by new launch LUIGI which hit a $55mm peak after Luigi Mangione was named as the suspected killer of the UnitedHealth CEO. Other high mindshare coins on the day included APPLE, GRIFFAIN, Fartcoin, JEFF, Prawn, TETSUO and TSOTCHKE. CULT & LUIGI were the only 0-5d old tokens with $100k+ of smart ownership.

Onchain DEX volumes picked up a bit today (mostly from the Luigi launch), with Moonshot and Photon showing growth again in volumes vs. yesterday after a mostly down only trend since 11/20.

Interesting accounts getting smart follows:

• SwarmzAI

• Unity

• Venti

• N2

• JAIL

• CoSci

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SMART MONEY CORNER - Presented by chainEDGE

• Luigi led smart money buying on the day, along with notable bids in Fartcoin and MEI

• LUIGI also leads smart balances by $10k+ wallets held, while other notable accumulation was seen in WORM

• ETH smart money buying has picked up a lot of steam and was led by CULT and MOVE on the day.

• CULT is now by far the EVM smart money favorite with $13mm held across 53 wallets. Outside of that, most holdings trends looked bearish for ETH coins at the top end.

MEME OF THE DAY