The Daily Edge 2.1.2024

WSB 2.0 SZN?

Despite calls for a local top in the SOL ecosystem following the JUP airdrop, a revival of some old faithful 2020-2021 Wall Street Bets memes and derivatives have propped up performance and volume. HODL has led the way recently in terms of volume, with over $28mm over the past 24 hours. HODL is up over 6x from post 1hr from launch buys and cracked a $17mm market cap. Leading into the airdrop, GME grew from nothing to a $64mm market cap. AMC rounds out this meta at a $6mm market cap. But the most interesting coin (in my humble opinion) is WHALES on SOL ($20mm market cap). WhalesMarket is a decentralized OTC DEX that has found product market fit with pre-TGE tokens, airdrop points and allocations. The platform has handled $42mm of volume on Sol already this year, and is a popular place for users to trade things like HyperLiquid, EigenLayer and FriendTech points. As the (hated) points meta continues to heat up, WHALES may be a good way to get exposure

WHAT TO WATCH TODAY

• Inscribe / INS - this project’s token went live last night (after its LBP on Fjord last week). Currently trading at a $16mm market cap / $73mm FDV, INS is a first mover in the “cross chain inscriptions marketplace” category. With Binance launching its own Inscriptions Marketplace today, I can see this token getting a lot of attention. We’ve seen chainEDGE smart money take an interest in this one, net buying $163k worth of INS over the past 24 hours, with smart holdings currently at ~$500k

• EMERALD - this was an interesting launch today that claimed the “first true fungible NFT”. The contract was exploited, but I’ve seen mentions that there may be a relaunch in the works. We saw decent smart money interest in this launch ($130k of buys), so it may be worth paying attention to the relaunch for some potential early entries

• CHECK - A new “ponzi” dropped on AVAX today called AvaxRecruiters. Users can upgrade their “jobs” to earn more CHECKS tokens. Obviously DYOR and exercise caution given the design, but I’ve seen some smart folks mention it (and this newsletter is all about being early, which always comes with its own risks).

• MEOW Casino - new casino token launch on Sol, where you can play slots, blackjack, poker and much more. The token reached $4mm market cap at its peak (currently $2mm). Not entirely sure if legit (so DYOR be responsible), but given SOL is the gambling chain, a casino coin on it at $2mm seems interesting.

• JUDGE AI (mentioned in yesterday’s issue) successfully launched, and is currently trading at a $1.1mm market cap

DRAMA, NARRATIVES & MORE

• Following yesterday’s $700mm JUP airdrop, the token has traded down, partly due to what sounds like the JUP team selling at least 250mm tokens

• PORK (PepeFork) on eth is within 30% of flipping the OG PEPE meme coin

• Allora - Some of my Twitter follow alerts picked up this new AI project (with no info yet). Might be worth following/turning notifications on to see what is cooking here

• Hated BRC20 coin SAVM has quietly bounced 60% off the lows

• MODE - a modular DeFi L2 launched its mainnet and airdrop yesterday and has already amassed a $40mm TVL. If you are a hyper degen looking for a new chain to explore, this could be interesting

SMART MONEY CORNER - Powered by chainEDGE

• Notable buying activity in INS and SAVM, and selling movement in EMERALD, PORK, OLAS, RSTK and VEC

• Abnormal 7 day smart money balance quantity increases were seen in AGRS (+49%), UEFN (+20%), SHIA (+152%) and AQTIS (+100%)

• Today we’re spotlighting a CE smart money wallet that has generated $339k in realized PnL in the past 6 months. This wallet generates their PnL by buying tokens after the first 20 minutes (not a sniper), and recently racked up big wins in PORK ($223k), BRGE ($46k) and ORDS ($25k). Sign up for chainEDGE today to dive into their current movements