BTC Slips, AI Memes Bouncing

Chart of the Day with Vertex

DEGEN has been quietly cooking, running ~3x in the last week. With Coinbase app ranks peaking, it could be worth checking out (DEGEN has more volume than Cardano on Coinbase in the last 24hr). And you can trade it with up to 10x leverage at app.vertexprotocol.com.

BTC Slips, AI Memes Bouncing

Things are currently cooling off and we’ve briefly taken a break from up only markets. BTC has slipped to $87.8k while ETH & SOL have traded down to $3k / $210. BTC dominance is on the rise again, hitting 61% and my quant thinks we see BTC dom rise for all of December up to 66% (and then the real party starts).

The BTC & ETH ETFs have seen flows turn back negative on the day. While CB app ranks peaked today at 8 overall. In terms of trending apps / signs of life from retail, we’ve also seen Moonshot flipping eTrade along with the Phantom app trending as well.

Most alts and memes were down on the day, with top 100 laggards seen in NEIRO, PNUT and PEPE which were all down double digits. Notable strength was seen in BRETT and XRP which were the strongest top 100 coins. Liquidations are also on the rise, especially after adding over $20bn of open interest post election.

18 States are suing the SEC and Gary Gensler for their treatment of crypto companies. At the same time Gary released a statement that seems to suggest he will be resigning. In terms of CB volumes, XRP and BONK were the strongest coins excl Majors + DOGE.

The onchain market remains pretty strong, with new launch HFC hitting $20mm and Litecoin’s mascot Lester hitting $90mm+. While most memes were down 20% on the day, there was plenty of strength in the day’s winners, including:

• LESTER

• BARSIK

• jam

• BABYPNUT

• AVA

• @DOGE

• SIBERT

• Bert

• DUCKY

• PESTO

• BULLY

• Cupsey

• Aurora

• SBR

• WMM

• AVB

• Shoggoth

From a Moonshot tracking point of view, fees/volume hit a new high yesterday so things remain very good. Notably PETUNIA, GOAT, SHOGGOTH and FRED were the primary favorites of traders on the app.

Lester was far and away the onchain mindshare leader of the day. The token also led smart money balances of 0-5d tokens, along with Banana and HFC.

Interesting accounts getting smart follows:

• Aurora

• Vault

• aixbt

• Holoworld

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SMART MONEY CORNER - Presented by chainEDGE

• DOGE, NEIRO, QUIL and RUSSEL saw notable EVM smart money bids on the day

• SHRUB, DOGE and SBR remain the smart money favorites at the moment by # of $10k+ smart wallets.

• jam and petunia saw pretty sizable smart bids on the day

• LESTER, Shoggoth and HFC were some of the more notable coins that led $10k+ smart wallet counts

MEME OF THE DAY