404s Are Back?

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Weekend Edition

PANDORA bounced off the lows of $11k to a peak of $24k (now $19k), spurring some renewed interest in this narrative. PLT (as PANDORA beta) has remained very weak, but relatively new launches Furnace (ORE) and XYXY hit peak $8m and $2.5mm market caps respectively after their launch. ASTX also spiked up to ~$24mm market cap into PANDORA’s recent peak. Over the last day or so, this narrative cooled off some, but the notable appetite for 404 launches is worth watching. Speaking of 404 launches, PIXIE was a relatively hyped launch today that currently is dealing with some liquidity/dev issues.

Are things about to get silly?
It sounds like Blast is going to unlock soon, bring $1.6bn of ETH into the market, some of which will be used to likely gamble on ETH and BLAST DEX coins. While Robinhood is reporting record breaking trading volumes. With CT talks around “wait until retail gets here”, retail is already on its way. ETH broke $3k again today, and we may be gearing up for a little ETH and BLAST onchain season.

From a more established coin perspective, we’ve seen UNI pumping after seeing governance proposals for the fee switch to be turned on. Ordiswap/ORDS finally broke out to $68mm market cap after spending the majority of this year trading in a range.

From a meta point of view, AI, DePin and Privacy are driving DEX volumes. AI coins leading the DEX market include AITEK, SOUTH, AIT, ENQAI and PALM. DePin is currently being led by GPU, VDO and CLOUD. While ZKML has run to $15mm in the privacy narrative (we mentioned ZKML quite early at a $4mm market cap here).

Looking at chainEDGE smart money rotations, we’ve seen abnormal amounts of accumulation into 2 coins over the past week:

• GLQ (an AI project) - The token has seen a 389% surge in smart money balances held, reaching $124k of smart holdings across 6 wallets. The top 3 wallets here have an average PnL of $265k and have only bought these positions in the past week.

• ENQAI (AI project) - has seen a 30% increase in smart balances over the week, with a few gem spotters taking big positions. Total smart holdings here are $810k across 11 wallets.

Upcoming Launches to Watch

• TAO Bank launching tomorrow

• Alpha Bot Calls relaunch on Monday

• PIXIE - technically hasn’t launched yet? And has a lot of degen attention

• BEFI - they completed their Ape Terminal IDO and the token should launch soon

• ORB - Ordibank’s token is also in process on an Ape Terminal IDO, and likely drops soon after

• ARCX - Architex recently had a mint on Inscribe’s marketplace, and as a AI and DePin project, will likely have a lot of attention

• ZENITH - this airdrop farming project will be launching its token on March 3rd

• Blast Big Bang Winners - It is proably worth watching the projects that won here for the strongest horses once Blast launches

Follow The Strength
Some current favorites based on mentions in various TGs I’m in, smart money interest, volume and recent performance include:

• PANDORA

• TRUMP

• ORDS

• GPU

• MOBY

• ZKML

• BANANA

• ENQAI

Degen Volumes Update
Let’s quickly examine where the degen volume stands and how it has been trending. ETH continues its relative share dominance over SOLANA, trading ~62% more volume yesterday.

ETH specific volumes have been sustaining at $30mm per day, which is in line with Novemeber levels and ~2x higher than daily volumes in the Fall.

Airdrop Farms

• MetaStreet (73 days left)

• Ethena (8 days left)

Meme of the Day @HsakaTrades