AI Coins Finally Bottoming?

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AI Coins Finally Bottoming?

It feels like a lot of people are taking a break from the market with OTHERS having a bad week, down 4% while the majors are barely moving ($96k / $2.6k / $196). There have been a few runners here and there onchain, but most of these have been dying out right away after running to $30mm+.

JAILSTOOL is leading mindshare at the moment on SOL while TST maintains its high mindshare on BSC (which has spurred a small BSC season as well). But the AI charts broadly are showing signs of curling?

It might be too soon but definitely worth monitoring, especially because I think we all enjoyed gambling on AI coins more than the scattershot memes (at least I did). VIRTUAL was notably the strongest top 100 coin on the day (they also launched on SOL today) - other notable coins with strength over the week included LTC, TAO, HNT, RON and BNB which were all up double digits in a down market. Lastly, Uniswap launched Unichain so there may be some fresh opportunities over there.

Chart of the Day with Vertex

Owen says SOL is going to $600-700 and you’re bearish? Try app.vertexprotocol.com and trade SOL with up to 10x leverage.

Despite the slowdown in SOL, it’s pretty hilarious that Moonshot and Phantom flipped ETH in revenue today. Jailstool led onchain strength on the day, but AI coins like arc, ELIZA, ai16z and GRIFT were also notable leaders.

New launch runners of the day included 8chan and DUO, which were the only attention gainers of the day. Jailstool still led overall mindshare (and along with DUO were the only tokens aged 0-5d with material smart $ ownership).

Based on TG trench trading volumes, there is still plenty of money sloshing around with ~$300mm traded today. Volumes have accelerated from their recent lows, which usually turns into a bid on existing, non-new launch tokens - and this may be what we’re seeing early signs of in some of the AI coins at the moment.

Interesting accounts getting smart follows:

• Ron

• Proud Coin

• Imagine.fun

Mantle is COOKing

We’ve long talked about how Mantle is quietly building a powerhouse ecosystem but we haven’t given enough attention to COOK and its $1.4bn of TVL (seems undervalued?). Given how boring the current market is, restaking cmETH and COOK has been a comfy place as you are receiving native ETH yields + COOK rewards along with accruing rewards across EigenLayer, Symbiotic, Karak, and Veda. The below lays out a pretty good case for how Mantle shines in the current environment.

SMART MONEY CORNER - Presented by chainEDGE

• SOL smart buying on the day was led by VIRTUAL and 8chan

• Balances were flat to down for the most part, led by weakness in Fartcoin with balances down 83% over the last week. There was also notable strength in UFD, San and jellyjelly.

MEME OF THE DAY