The Brainrot Stage

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The Brainrot Stage

Pump.fun is now the most successful project in crypto at the moment, with 24hr fees higher than the remaining top 20 combined (sigh). This does not feel bullish, as the wheel of meme dilution gets stronger, making it harder to pump existing coins.

On the day, BTC was up 3%, ETH was up 3%, SOL was down 1% and SOLETH is now down 14% from the top. ETH gwei is sitting at 1, Kamala is now a 7% favorite over Trump on Polymarket and in general the timeline and vibes in the chat feel a bit exhausted.

Alt outperformers on the day were HOOK, RUNE, TIA, FTM and IO, with APE, CRV, TIA, XRP and SUI all mindshare leaders. Some of the best traders on the timeline are calling for a squeeze in alts which is quite notable and we’ve seen early signs of this in a few winners (like TIA, SUI, SEI).

Onchain mindshare is consolidating back to BILLY, with newer coins coby, wDOG and BTW also boasting high levels of attention. These are definitely the coins to watch at the moment. 1d mindshare gainers were led by coby, BILLY, BTW, FWOG, lockin and DADDY.

Onchain relative strength:

• FUKU

• PGN

• PAC

• ORDS

• GIGA

• SELFIE

Onchain DEX bot volumes have been trending down from the August 8th peak, falling below the typical $100mm/day “bottom” we saw for a lot of the summer. SOL vs. ETH relative share was stable on the day split 70/30%.

Tokens aged 0-5d with $100k+ of smart holdings (aka new launches to watch) included just KABOSU on ETH and no coins on SOL.

Interesting new projects getting smart follows:

• Gem Protocol

• Based

• Cicada 3301

• Walrus

• The Arena

• Lunchbreak

• RetardedAPR

• Aequor

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• BASED and TIG are newer projects that saw some smart buying on the day, along with FUKU.

• While SCF dominated SOL smart money swap activity on the day

• Accumulation trends on the topend of SOL smart holdings has improved a bit, led by WIF, MEW, wDOG and SCF.

• While things looked more bearish on ETH, with smart holdings down across the board + only notable accumulation at the lower end in STONKS.

MEME OF THE DAY