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Can Bald Vitalik Save Us?
In Partnership with Io.net
AI and related stocks have accounted for 67% of the S&P’s return this year, and you’re bearish? The io.net ecosystem continues to grow, now boasting over 280k verified GPUs and over $1mm of worker earnings. DePin sits at a very exciting intersection of RWA x AI, and IO is positioned to continue to be a leader within the landscape. With estimates like Messari’s of DePin reaching a total market cap of $3.5trn, DePin tokens and leaders like IO have much higher to go over the next 5 years.
Can Bald Vitalik Save Us?
Despite a little excitement on soft CPI yesterday, the majors have essentially shrugged and remained flat, with BTC at $58k and ETH at $3.1k. Notable strength on the day was seen in SATS, ORDI and MKR. Odds of a rate cut in September have spiked to 85% now and Germany is out of BTC to sell. Despite what would sound like a bullish set up (no German selling, softening CPI, incoming rate cuts), sentiment on BTC is back to lows seen when we were at $26k.
Limited changes in attention on major perp coins, with just XRP seeing a notable uptick in attention today. It’s also worth mentioning that popular DeFi domains are at risk of being hijacked at the moment, so stay vigilant.
Onchain continues to be a “wheel of attention” with new shiny coins taking away flows & attention away from previous runners. BILLY (orange), an attention leader for multiple weeks finally saw its attention exhausted, with newer coins rocky and (green) and mob (blue) soaking up the market’s attention.
On the day, MOB was the largest attention gainer at 11%, BILLY has lost a considerable amount of attention (but still remains high). And even rocky lost some attention share to new launch bro. Rounding out the list, BOBO saw an attention spike today while MOG continues to hold a decent ~9% position.
Relative strength today was actually mostly in ETH memes primarily:
Nothing new from a DEX bot trading volumes point of view, with the total market consolidating around the $100mm/day level and with SOL consistently around 60-70% of total.
Tokens 5d old or less with $100k+ of smart money interest on the EVM side were MATT, BWORM and BARRON. While on SOL it was rocky, Bro, MONGY and MOB.
Interesting new projects getting smart follows:
In Case You Missed It..
I recently wrote some thoughts on trading attention over on the substack, including my top picks at the moment.
In Partnership with Silent Protocol
Silent Protocol is a building an anonymous computation access layer for ETH. Using its modular “Ghost Layer”, Silent is building a complaint sandbox for institutional adoption and for retail users. Read more here.
SMART MONEY CORNER - Presented by chainEDGE
One of the lowest EVM inflow days ever today
SOL smart bids seen in Billy, Bro, Lockin, Trump and MOB.
Smart accumulation at the top end was seen in BILLY, michi, DADDY, MEW and lockin. Smaller balance accumulation was seen in SC, WOLF, MUMU, Retardio, nub and aura.
The EVM side was the definition of boredom, with only one top 10 token by dollars held seeing 10% 7d balance changes with QUIL.
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Disclaimer: This content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. The author may also have positions in the tokens mentioned in the content, so please do your own research.