Better Luck Next Cycle

In Partnership with $IO

I’ve said it before, and I’ll say it again. $IO is not a crypto project. $IO powers AI via compute using crypto rails. The network continues to see exceptional demand momentum, with daily earnings hitting another near ATH today and delivering a huge jump in compute hours in January.

Better Luck Next Cycle

We’ve officially reached the worst few days of sentiment for this bull cycle (or has it already ended). IMO it feels like it could just be similar to the summer 2021 cooldown (where everything also nuked 50%+) before one last run it back szn. But this year has undeniably been pretty tough with Bybit’s $1.5bn hack (largest ever), the Melania rug, all of the country coin rugs, Portnoy rugging however many tokens and someone taking their life on stream and asking for a pump coin to be made... The stock market has also started to come under pressure as well, which certainly has not been helping. BTC is now down to $91.8k, ETH to $2.5k and SOL in absolute freefall to $141. BTC dominance is once again surging and OTHERS is down 11% this week and 30% over the last month - looking at OTHERS, I sure hope we’re mirroring summer 2021 (the first poorly drawn star) and not the second one..

While alts have gotten clobbered, the usual suspects of strength remain - IP, MKR, Sonic, SEI and Berachain, which were all up 15%+ over the last week despite the $1.5bn of liquidations since 2/20 and the horrendous price action. The top hyperliquid traders are basically all short now (outside of small BTC and HYPE longs) and Citadel is planning to enter the space as a market maker (probably not bullish). Lastly PumpFun has started testing its own AMM - we flagged short RAY as a way to play this as a trade idea on the 18th, and the token is down 35%+ since (down 24% today).

Chart of the Day with Vertex

Do or die time for SOL. The token has defended at ~$120 for this whole cycle, so maybe it can be protected again? Try app.vertexprotocol.com and trade it with up to 10x leverage.

Onchain is truly quiet. Some people are still gambling on SOL launches, some are touching grass, and some are playing with the current ponzis like Shadow or IMG which will likely eventually die - but given theres nothing else to do, maybe they live for awhile (like OHM did). TG trench volumes have really mean reverted down to $100mm/day or less, which is even lower than Fall of 2024 levels. Whenever this sustainably bottoms, onchain will be worth playing in again.

Only a few onchain tokens showing any signs of a bid today, including:

• A1C

• IMG

• KAITO

• COLLAT

• HOOD

From a mindshare perspective, ban, arc and PAIN were the leaders on the day (but not sure that matters right now).

Interesting accounts getting smart follows:

• duffle

• moonbags

• coop

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SMART MONEY CORNER - Presented by chainEDGE

• SOL smart traders that are still holding any onchain exposure are basically only holding these tokens - of which arc, PAIN, fartcoin, GRIFFAIN, FLOYDAI and Fullsend are notable

MEME OF THE DAY