Bleeding Out

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Bleeding Out

While the market has been boring for awhile, sentiment is also getting cooked with the majors down 6-8% across the board today, with alts and onchain coins down double digits. ETH was down the most within BTC/ETH/SOL at -8% and is one of the worst performers in the top 20 market cap coins over the past 1 month (behind just DOGE, TON and DOT). TRX was the notable outlier within this group over the month.

Specifically the sentiment on ETH is probably at its worst I’ve personally ever seen (though I’ve only been here since 2021). Even ghost chains like AVAX have outperformed ETH over the past year while SOL dominated L1 performance.

Higher volume alts that didn’t go straight down today were TON, SUN and NOT, which are all high attention tokens per chainEDGE.

On the onchain side of things, FWOG has been both the mindshare leader during this move down and has been the most notable outperformer the whole way. This shows the power of watching our attention data → PS, we’re running a short term sale on annual chainEDGE subscriptions. Use code codewiz25pctoff to get 25% off an annual sub and start using our unmatched data to stay ahead of the choppy markets.

Notable outperformers on the day were:

• Neiro

• FWOG

• APES

While Tron coins performed the worst, with DRGN and FOFAR down 25%+.

I still firmly believe the below chart/data is the easiest way to monitor the health of the onchain market, and as expected, things have been trending bearish for months. Look for DEX bot trading volume to bottom and re-accelerate before gambling too heavy on onchain coins.

No tokens aged 0-5d had $100k+ of smart holdings (per chainEDGE), a sign of how weak the overall market and new launch market is at the moment.

Interesting projects getting smart follows:

• Nuts.fun

• Soneium

• Machi.xyz

• Soon

• One Balance

• DYAD

• Swappy

• Temporal

• Airlinez

• WLFI

• Sky

In Partnership with $IO

$IO has already seen $1.5mm flow into its staking program, another bullish development alongside the success of $IO’s demand side campaign. For more updates on the $IO ecosystem, check on their recent summary of community highlights over the past week.

SMART MONEY CORNER - Presented by chainEDGE

• Neiro the most notable ETH smart money bid of the day at ~$48k

• While RE-DOG, SOOPY, MEW and wDOG saw notable smart buying as well

• MEW and FWOG smart balances holding up well while BRAINLET has moved into the top 10 with bullish accumulation stats.

• Bullish smart balance signals on the EVM side included Neiro and MIGGLES.

MEME OF THE DAY