Bottom Soon?

In Partnership with $IO

$IO’s February report is out with highlights including:

• Over $33mm of annualized network earnings

• $8.5mm in cumulative network earnings

• 91 total partnerships

• $IO is a top 2 revenue generating DePin project according to Depin Ninja

Bottom Soon?

The majors held in pretty well today despite US equity markets taking a beating again. The S&P was down 1%, QQQ was down 1.7% while BTC, ETH & SOL were flat to up. OTHERS was also unchanged on the day, and is now up 10% from the 3/10 lows. Notably, when looking at OTHERS dominance, since 2021 this has usually been a pretty good bottom indicator level? I also think the alts/onchain markets have morphed into shorter “risk on / risk off” cycles which happen more frequently than the standard 4 year cycle (you can see them clearly on the chart, but they don’t always last long). And again, looking at this (along with the sentiment on the TL) it could be time for risk-on yet again.

The $500mm Hyperliquid whale has covered his short after beating CT for a ~$9.5mm profit in 8 days. Good alts broadly continue to be bid up, led by strength in BNX along with CAKE on the week (driven by a renewed BSC szn)

Chart of the Day with Vertex

Return to fundamentals? When risk-on sentiment comes back, usually MKR is a good mega bounce candidate. Try app.vertexprotocol.com and trade MKR with up to 10x leverage.

Onchain coins seeing small but continuing signs of life. Currently there is a small BSC szn forming (seemingly after the success of the mubarak $200mm speedrun?)

KTA continues to be one of the strongest coins in the entire market, rising another 40%+ today to $160mm FDV. A few existing SOL coins also continue to get bid up, including PVS, TDCCP, FAT and BMT.

YZY is trading attention with pwease today, with YZY falling 40% and pwease up 16%. Outside of Fartcoin, PVS and FAT were the other notable mindshare gainers on the day.

Terminal trench volumes are still in the process of bottoming out (or will they ever come back)? Each time I check on graduated pump tokens over the last 24hr, none of them can even sustain $1mm+.

And if you look at the highest volume tokens today, basically all 10 died fairly quick deaths. So overall the deep trenches are not healing but there is money to be made again in the small set of existing coins catching a bid.

Interesting accounts getting smart follows:

• converge

• Optimex

• Chris Garcin

• HypeFlows

• Project02

• LoomSync

The MNT Yapperboard Challenge is Live

SMART MONEY CORNER - Presented by chainEDGE

• YZY and LUX saw the most SOL smart money buying on the day

• While smart balances overall are still a mere shadow of what they once were.

MEME OF THE DAY