AI Memes Are Back (Again?)

In Partnership with $IO

$IO keeps on looking bullish, with high DePin mindshare, a new partnership with GAIB and of course continued momentum in daily GMV at $25k/day.

AI Memes Are Back (Again?)

We saw a small bounce in the majors today, seemingly driven by Cobie’s tweet that BTC is going to $100k regardless of who wins the election. BTC rose 1.5% to $69.2k, with ETH & SOL also rising similar amounts. SUI was the only notable alt with strength on the day, and led top 100 strength over the last week.

We’re seeing a bounce in some onchain tokens, primarily AI memes. In general it feels like onchain has devolved into just outright chasing the “runner of the day”. We’ve seen this with LUCE going down 80% as people chased TEE. TEE falling as people chased PNUT. And then PNUT going down as people chased SHRUB (Elon’s pet hedgehog). Onchain outperformance was led by AI memes including:

• ZEREBRO

• SUWI

• TALENT

• Fartcoin

• degenai

• Shoggoth

• e/acc

• SHEGEN

• Ban

PNUT continues to dominate onchain mindshare (even after its 60%+ fall from the $130mm peak). LUCE notably is retaining mindshare very well (which may signal a bottom). Additionally, ETH coins are starting to see rising mindshare, including MOG, MAGA, ANDY and WOLF.

DEX bot trading volumes made a clear peak on 10/24 and things have cooled off leading into this week’s election. Personally I have been waiting for signs of an acceleration here before bidding core positions in onchain tokens.

Interesting projects getting smart follows:

• griffain

• Inference

• Distilled

• Velvet Unicorn

Mantle & COOK

The COOK token for mETH Protocol is now live. The Mantle ecosystem is seeing its mindshare increase and for good reason: It’s backed by one of the largest treasuries in crypto ($2bn+) and mETH is now the 4th largest LST. COOK is the governance token for mETH, and will help accelerate both the growth of mETH and the Mantle ecosystem in general.

SMART MONEY CORNER - Presented by chainEDGE

• At the top end, SOL smart money balance trends look bearish, with basically everything trending down except for LOCKIN

• 0-5d old tokens with $100k+ balances included Pnut, suwi, EARL, SHRUB and GRIFFAIN

• Other notable coins seeing smart money accumulation included Fartcoin, aura, RZLR and BRAINLET

MEME OF THE DAY