BTC Hits $107k, Trenches Are Cooked

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BTC Hits $107k, Trenches Are Cooked

BTC hits fresh ATHs at ~$107k today (currently at $106k) while ETH also continues to show strength (SOLETH is down 24% in the last 30 days). Sentiment has turned pretty negative on SOL with CT calls for “Solana is over” growing by the day. SOL tokens and trenches have lost a bit of attention as VIRTUAL has re-accelerated to $3bn, which has brought money back towards Base. While HYPE has continued its up only run to $28 at writing which has spurred “PVE” trenching on Hyperliquid shitters.

Flows into Hyperliquid continue to grow, which is likely bearish SOL shitters for some time (though things have been still decent at the higher market caps, with Fartcoin tapping $900mm).

Top 100 strength on the day was led by VIRTUAL, BGB, RUNE, ONDO and TRX. Mindshare (ex majors) continues to be led by AIXBT, though HYPE is about to flip it. AVAX, SUI and Fartcoin were other notable high mindshare tokens. From a news flow perspective, Pudgy Penguins’ PENGU token is scheduled to launch tomorrow while FTX bankruptcy distributions will start on April 3rd 2025.

Chart of the Day with Vertex

XRP round 2? The token has held up pretty well despite Coinbase app rankings on the decline + XRP is doing similar volume to ETH on the exchange today. Try app.vertexprotocol.com today and trade retail’s favorite token with up to 10x leverage

Things are not looking so hot for the SOL trenches, with DEX bot volumes MOVING sharply downwards to early November levels. We had our clear peak on 11/20, an acceleration into 12/13 and now most tokens will likely struggle (especially on SOL) unless we see things find a bottom + accelerate again (which likely means that BTC dominance needs to put in a clear peak).

There were still pockets of strength in SOL coins on the day, in both memes and AI coins. Notable SOL AI strength was seen in FATHA, memesai, Thales and TANK.

Similarly, from an onchain mindshare point of view, most AI coins saw attention on the decline (while TANK was the overall leader). Attention gainers on the day included ALCH, RIF, AGENT, memesai and ELIZA.

Interesting accounts getting smart follows:

• Hyena

• Sonic

• mrcapagris

• aura.fun

• Elemetnal

• Suidepin

• Limitus

• Moondog

• True Magic

• Hypers

• Category Labs

$IO Accelerates AI

$IO continues to pick up momentum and is now #2 in 30d DePin revenue while its token has been a leader moving +62% in the last month. AI agents are also accelerating things (as of today, 1 month revenue would be nearly $1.7mm 👀)

SMART MONEY CORNER - Presented by chainEDGE

• SOL smart buys were led by Lily, SOLANGE, RIF and GEMXBT

• Balances across the board for SOL tokens have started to look pretty bad, with big declines in Fartcoin, CHILLGUY and GRIFFAIN over the past week.

• EVM smart bids were led by buys on SPX, PEPU and XYO.

• While EVM smart balances seem to be positioning more towards memes like SHRUB, DOGE, BITCOIN and FROGE.

MEME OF THE DAY