Another Day of "we're back" Signals

In Partnership with $IO

Talk about product market fit, IO has officially surpassed $10mm in cumulative network earnings.

Another Day of "we're back" Signals

Someone had to say it, but I’m really starting to think the casino might be open again (as long as you aren’t over exposed to HYPE). The trenches got a true runner with Ghibli which peaked at $27mm (now $20mm - also our chainEDGE portfolio alerts caught it at $2mm). There’s steady accumulation across tons of memes (per holderscan) and alts keep going up despite equity market weakness. It just seems like we’re kinda back.

The majors were flat on the day while equities got beat up again - tomorrow will also likely see more equity volatility around Trump’s new 25% auto tariffs which are expected to be “permanent for his term”. GameStop is buying $1.3bn of BTC and the State of Wyoming expects to launch its own stablecoin this summer. Drama on the day was dominated by Hyperliquid, which was “exploited” by a short squeeze on JellyJelly, causing a $12mm loss to HLP. Binance fanned the flames by listing Jelly and HYPE chose to delist the token and reimburse users.. Outside of Jelly, alt strength was led by LINA, ORCA and MKR (which led top 100 alts on the day).

Chart of the Day with Vertex

MKR is up 15% since we last featured it in here, on the thesis that when risk-on sentiment comes back, MKR is a good mega bounce candidate. With stablecoins now gaining a lot of mindshare, MKR could be a key beneficiary. Try app.vertexprotocol.com and trade MKR with up to 10x leverage.

Onchain markets have improved a lot over the last few weeks, with plenty of tokens showing strength, incl. pump.fun competitor GFM which was up 30% today. Ghibli was the runner of the day, peaking out at ~$27mm but some coins (like FAT for example) are holding up well which is a welcome sign in this PVP market.

jellyjelly and Ghibli led onchain mindshare on the day, with other notable attention gainers including pwease, buidl, and BREW.

SOL & Base took relative trench trading share on the day, away from BSC.

While TG trench volumes are at their lowest point since late February of 2024. This has marked a bottom in the health of onchain tokens so many times now, so once we see an acceleration, it’s time to really pay attention.

Ghibli was the only $1mm+ graduated token on pump in the last 24hrs.

Interesting accounts getting smart follows:

• talos

• CT Luxe

• ReachMe

• NewSin

• Koko

• Alliage

• Ghibli

• JuliaOS

• Unimon

• BAD Coin

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SMART MONEY CORNER - Presented by chainEDGE

• GME led smart buying on the day (but Ghibli was by far the most popular coin with smart wallets today)

• Ghibli marks the first time in at least a month where a new token got material smart holdings (currently $800k). Outside of that, balance trends were pretty boring.

MEME OF THE DAY