Bouncing Back

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Bouncing Back

Good vibes are slowly returning with most markets green today. Crypto had quite a bounce with BTC and SOL up 5% while ETH was up 4%. The strongest alts (up double digits) included NEIRO, SUNDOG, RARE, POPCAT, DOGS, GMT and TAO. $54-55k marked the bottom again for BTC for the 3rd time since July, with it now rallying up to $57k and change. The timeline is filled with some hope that things will turn positive again in October/November, as they historically have done, while my best quant says we’re in the Disbelief phase (bullish).

From a CEX alts mindshare perspective, NEIRO and SUI were leaders while SUN, SUNDOG, and TON were the biggest 1d attention gainers.

The onchain market is still quiet from a volume perspective, running at $40-50mm/day vs. the post March standard of ~$100mm/day with spikes 2-3x higher. But ETH onchain continues to look great, with DEX bot volume on ETH reaching its highest share since March at ~63%.

While no new launches have caught $100k of smart holdings recently, tokens like HUSBY (which we called out as having high smart holdings) have quietly 8x’d since our signal. Most onchain tokens caught a bid today, with the relative outperformers all up 30%+ including:

• NINJA

• DOGE

• HUSBY

• RAPR

• VSG

• PORK

• POX

• HEGE

• BOBO

• BILLY

• FWOG

From an onchain mindshare perspective, things have calmed down with MOG taking the top spot again and with VISTA losing some of its attention. But overall ETH coins and select SOL memes (like FWOG and wDOG) are where the market’s attention is targeted at the moment.

Tron DEX volumes have also notably cooled off + rolled over the past few weeks

While SOL trading bot volumes have never looked this bearish.

Interesting projects getting smart follows:

• Morti

• Ethmemefun

• Myriad

• Gun.fun

• Boost

• SlashFi

• Keiko

• Fortytwo

• Nothing Labs

SMART MONEY CORNER - Presented by chainEDGE

• The smart money bid for ETH coins has finally woken up, with leaders today in WOJAK, VISTA and MOG

• While things on SOL looked very weak and led by new launch EKOC

• Smart money ownership trends on SOL continue to look bearish, with balances down across the board outside of select memes like Michi, wDOG and PONKE

• While EVM smart money holdings trends were flat in core holdings like PEPE, BANANA and MOG along with profit taking in VISTA + new launch HUSBY making its way to the top 10

MEME OF THE DAY