A Boring GM

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A Boring GM

After a softer than expected CPI, the markets took a dive with BTC down 4%, ETH down 3% and SOL down 2%. Polymarket odds for a September rate cut increased to 68% post data while stocks were actually up on the day. Outside of CPI, we saw some more Silk Road BTC on the move while onchain degens are furious with the gmAI token, which raised $30mm in the presale meta, locked presalers from selling and the token is now down 84% to $20mm FDV.

Alt outperformance on the day was seen in just AAVE, IO and GALA, while the major losers were TIA, WIF and TON. From an attention perspective, TON, WIF, PEPE and SUI were leaders, while BOME was the biggest 1d mindshare gainer.

Most onchain coins were down double digits on the day, with SOL memes still dominating attention, led by coby, GINNAN, BTW and SCF.

Only a few onchain coins with strength including:

• SATO

• GIGA

• SELFIE

• UWU

Looking over at total trading bot users, we are back to December levels after peaking in March. ETH user counts are in rough shape vs. last Fall while SOL looks overall better (and RIP Base).

There were zero tokens aged 0-5d with $100k+ of smart holdings, a sign that smart money is generally risk off on new launches at the moment.

Interesting new projects getting smart follows:

• Gem

• RetardedAPR

• Aequor

• Satflow

• Based

• TIG

• INFINIT

• Reddio

• Sauce

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SMART MONEY CORNER - Presented by chainEDGE

• NEIRO, MOG, MIRAI and SATO saw notable EVM smart money bids on the day

• While SOL smart $ was seen buying FWOG, wDOG and coby.

• SOL smart balances have picked up in a few coins, including wDOG, MEW and SCF, while most others were down only.

• On ETH, the most notable smart $ accumulation is happening in NEIRO, which is now #3 by smart dollars held.

MEME OF THE DAY