BTC All Time Highs (and $1bn of Liquidations)

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BTC All Time Highs (and $1bn of Liquidations)

BTC hit ATHs today in US terms at ~$69,200. Shortly after, BTC dumped 10% and we saw $1bn+ of liquidations across the market, primarily on the long side. The flush came as aggregated open interest was up $20bn to $46bn in total vs. early February.

Binance announced it will list WIF which peaked in the $1.80s after the announcement. During the flush we saw memes in particular get crushed, with DOGE falling 26%, PEPE falling 30%, SHIB wicking down ~50%, BONK losing 30% and WIF wicking down ~38%. Retail is piling into the memes and notably Coinbase’s app rank hit 44 this morning, the highest since early 2022.

While some DEX coins have been under pressure with attention on BTC, ETH, SOL & memes, we’ve seen a few lower market cap memes continue their up only trend including BRETT on base running to $172mm, MYRO hitting $278mm and up 61% today, MIA on blast up 53% and hitting $14mm doginme on BASE hitting $22mm and ZYN hitting $50mm

Outside of memes, DePin and AI are the hottest / most profitable categories to watch, with newer coin SCALE hitting ATH, BLENDR touching ATH, GPU hitting $116mm ATH and OPSEC hitting $217mm ATH. AI coins have also been strong (just not as strong as DePin), with notable performers MONAI hitting ATHs today near $1 and wBAI also hitting ATHs. SYN was a notable outperformer today as well, rising 50% (we mentioned smart money buying this in the past few issues).

Within the DePin category, smart money favorites include:

• OPSEC $1.6mm / 8 wallets

• SCALE $545k / 14 wallets

• BLENDR $531k / 18 wallets

• VDO $466k / 11 wallets

• VIRTU $286k / 8 wallets

Additionally, we’ve observed an ongoing rotation into BASE memes, with smart money buying TOSHI, FROK, DEGEN and BRETT at ~$20k of buys today each. And the ETH new launch market has been heating up, with notable launches today UNITAO and ZKHIVE getting $150k of smart buys each.

Looking over at degen volume trends, ETH is back to dominating with $55mm of volume today, 2.35x higher than SOL. Degen BASE volumes notably hit $1mm today as well. ETH daily degen volumes over the past 2 days have been abnormally higher than what we’ve seen over the past 6 months, with only 1 day higher (Feb 9th).

WHAT TO WATCH TODAY

• DePin tokens flying, with OPSEC, GPU, SCALE and BLENDR all hitting ATHs

• MONAI - this AI + Monad project tapped ATHs today at ~$90mm FDV

• Memes with strength - ZYN, RETARDIO, MYRO and BRETT have all held up very well despite the market and meme liquidation flush

• New Shiny Coins - UNITAO, ZKHIVE and MAI

• MOG - looks very good bouncing 46% from its leverage flush bottom

A DePin Project to Watch

io.net is a DePin + AI network that just raised $30mm from prominent investors such as Multicoin, Delphi, Solana Labs and Aptos Labs. This permissionless GPU network already has 25k nodes, is built on Solana and can save startups 90% on their compute costs while being more efficient than current Cloud offerings. With its TGE approaching soon, DePin as an attractive market sector and with multiple ways to qualify for a potential airdrop, io.net should be on any alpha hunter’s radar.

THINGS TO KEEP ON YOUR RADAR

• Zenith LBP ends in 12 hours

• BeFi Labs launching soon

• K9 Finance TGE Thursday

• SHFL LBP on Bazaar on 3/10

• RWA - upcoming RWA project LBP

• Michi - points trading protocol picking up a lot of smart followers today

• Aether Games TGE on 3/7

• Entangle TGE on 3/13

• Vine TGE tomorrow

• Mira - new AI project catching smart interest

• Dune404 - The first DN404 project backed by Animoca

SMART MONEY CORNER - Powered by chainEDGE

• Notable smart money buys were concentrated into PEPE, ERN, CRE, AGIX and OLAS over the last 24 hours

• Net selling was seen in ONDO, PEAS, GPU, BLENDR, SCALE, UNITAO and DOG.

• Less than 10 day old tokens with smart money interest include ZKHIVE, TAS, BLENDR, UNITAO and SCALE.

• With overall smart money favorites (measured by number of $10k+ holders) including OLAS, BANANA, BLENDR, TAO, TAS, SCALE and NMT

• The new launch market has been heating up, with 5 new tokens receiving $100k or more of smart buys in the last 24hr. Within the group, UNITAO and ZKHIVE look the best with 40%+ 1d retention

MEME OF THE DAY