$3k ETH & Palette Drama

Today’s Post Is in Partnership with Vector Reserve

$3k ETH & Palette Drama

Today’s post was a little delayed due to PLT drama (more on this later). ETH hit $3k today (and has slightly pulled back). Still a very good environment for DEX coins, with strong trading in a lot of alts including WHIRL, DCARD, new launch STRDY and DePin project CDY. PANDORA has bounced ~45% from its recent lows though the rest of the 404 landscape has traded relatively poorly. On the theme of 404s, a very hyped launch, Palette, completed their presale and launched their token a few hours ago. This is a generative 404 art project built in collaboration with PANDORA. The token launched with extremely strong strength both in terms of price action and volume, doing $7.9mm of volume in its ~2 hours of trading. But sadly, most presalers (myself included) and some open market buyers were unable to sell any of their tokens do to a contract issue. The project is taking a snapshot and moving forward with a relaunch, but those of us in the presale may never see the gains that we thought we had.

The new launch market is quite weak right now, with most launches failing to break $1mm and even less sustaining it. But in more established coins, we’ve seen pockets of pretty amazing moves, including DCARD popping 5x in the last 2 days, WHIRL up 13x in a week and MOG hitting ATHs (we mentioned MOG as the lead horse in the memecoin race here). STRK launched its token today, with current trading at $1.93 or a $19bn FDV. From a smart money rotation perspective, chainEDGE smart traders have been rotating into XRT (+91% 7 day smart balances), RSTK (+71% 1 day smart balances), TRESTLE (+92% 7d), VEC (+206% 1d), BAI (+65% 7d) and MOG where smart balances have increased nearly 3x since Feb 12th.

Aggregate degen volume (measured by TG bot volume) is starting to swing towards ETH domination vs. SOL. ETH volumes over the past 2 days have been ~59% higher than SOL on average.

WHAT TO WATCH TODAY

• PALETTE - as one of the first “official” partner projects of PANDORA, this botched launch had a lot of attention on it, and the relaunch is likely worth watching. It was also far and away smart money’s favorite launch of the day, with $230k of smart buys, 3x higher than any other launch for the day.

• MOG ETH’s new favorite memecoin is still only a $80mm market cap and is consistently one of the highest volume tokens on ETH (and smart money is accumulating).

• BTFD? - after a period of up only for most, a lot of DEX coins have pulled back ~5-20% in the past 6 hours.

• INS - One of such coins in a pullback has its mainnet launching in the next day or so, a secret project free mint on 2/23 and has a $16mm wallet accumulating

• ZKML - the token has been exceptionally strong and easily shrugged off the recent pullback in onchain coins

• AITEK - after a quick rise to a ~$8.5mm FDV, this novel memecoin leveraged trading project is probably worth paying attention to on this dip.

• SHUTTER LBP - This MEV project is launching its LBP today in ~3 hours

Airdrop Farming Opportunity Reminder
There are only ~75 days left to farm points in MetaStreet’s ASCEND / points farming campaign. An already established lending platform, going above beyond NFTs and backed by CT favorites like Andrew Kang and DCFGod. The project even lays out ways to earn more points in their Ascend site, so if you are looking for a solid airdrop farming play, use my code to get started:
http://ascend.metastreet.xyz/i/ocwiz

THINGS TO KEEP ON YOUR RADAR

• TAO BANK - The MKR of TAO has held a few presale rounds so far and likely launches a token soon

• TUNA CHAIN - gearing up for its token launch in March, this modular BTC L2 is kicking off its points campaign

• NIM Network - limited information but sounds like a L1/L2 and has been picking up smart follows

• DN 404 - Ultraxbt’s new coin coming soon

• 10 PLANET - AI L1 with limited info

• FORM AI - An AI/LLM merging Crypto + AI with no token yet

• Alfa Frens - New SocialFi project just starting up

• AgentFi - AI agent project on Blast

If you’re looking for the next new launch or rotation, chainEDGE streams the activity of the top 0.01% of traders to help give you an EDGE in today’s market. Sign up today before SOL smart money data goes live

SMART MONEY CORNER - Powered by chainEDGE

• Smart money was net buyers of AGRS, PLT, LEASH, BEAM, ENQAI, RSTK and VEC over the last 24 hours.

• Sellside flows were seen in PANDORA, LAVA, PDX, MUBI and AIT.

• Smart money favorites (measured by $10k+ smart holders) relatively unchanged, with AI still the most held category, along with PANDORA, BEAM and VDO

• Today’s trader highlight of the day is a Gem Spotter, who has done very well on recent coins PANDORA ($123k PnL), MUBI ($108k), AI $65k) and DeFrogs ($57). Notably their biggest holding currently is $58k worth TRESTLE.

MEME OF THE DAY