The Daily Edge 2.6.2024

ERC 404 Szn is Here

With the Solana chain down for over 5 hours today and following the success of PANDORA, both the ETH ecosystem and ERC404 tokens in particular are heating up. So far, we’ve seen PANDORA run to nearly a $100mm market cap, with some other ERC404 projects also catching bids, including RUG which ran straight to a $6mm market cap after its launch, CELL which is a recent launch trading at a $1.4mm market cap, DEFROGS, which launched this morning and is now at a $3.2mm market cap, and upcoming launch ANON.

But don’t get it twisted, SOL is still driving degen volumes (even with being down for 5 hours), with TG bot trading volumes slightly above ETH today. Notable volume was seen in SOL land today on GME (which has doubled since yesterday), WHALES (which is now up to a $60mm market cap) and new launch MCAP (Melvin Capital).

WHAT TO WATCH TODAY

• PANDORA essentially doubled from yesterday’s post, traded $60mm today and is kicking off a new narrative rotation (primarily on ETH)

• DYM - The DYM airdrop went live today, with the token trading at a $5bn market cap, despite some operational issues with the chain.

• ANIMALIA - Animalia, a free to play online NFT trading card game launched its token today, currently trading at a $27mm market cap

• ANON - another ERC404 project launching sometime this evening. Between the soft promotion directly from the PANDORA team and with hundreds of degens trying to snipe this launch, lookout for fireworks

• BASE COINS - after the selloff yesterday, BASE coins again are slowly picking up momentum again, led by DEGEN, TOSHI and TYBG

• MAVIA - a crypto game with over 100k downloads, launched its token today (on surprisingly pretty light volume), reaching a $111mm market cap / $928mm FDV.

• Top 50 Traders - The highest PnL smart money traders according to chainEDGE were buyers in size today in ANIM ($216k), RUG ($67k) and TREST ($46k)

THINGS TO KEEP ON YOUR RADAR

• THRUSTER - The liquidity and fair launch DEX layer on Blast has been picking up a lot of smart Twitter follows recently.

• ARIA - Crypto RPG backed by Riot Games, Tencent and NetEase, that has not tweeted once yet, but continues to gain smart follower momentum

• ECHO - Have started seeing this get hype around a points system, though it is unclear thus far what the project does (Ansem has started shilling it)

• ZENITH FARMS - An airdrop automation tool sounds like it will be “leaving stealth” soon, which may indicate an upcoming token launch

• BLUEPRINT - The ONLY gas-efficient ve(3,3) on ETH is launching on February 8th.

• EUCLID - A restaking/Eigenlayer project, launched its points campaign yesterday, where you can quality for boosted points via referrals

SMART MONEY CORNER - Powered by chainEDGE

• Notable inflows today into PORK, DEGEN, PEAS, FDAO and RSTK.

• PANDORA, ANIM, VEC and DEFROGS led smart outflows today at ~$100k of net selling each

• Tokens with notable 7 day smart accumulation were OLAS and TAO, while INS smart balances have fallen 14% since their February 2nd peak

• From a new launch perspective, RUG, ANIM, DEFROGS, CELL and COFFEE have all gained $65k worth of smart buys in the last 24 hours, with RUG having the highest level of smart retention thus far

• Today we’re highlighting a lower octane, but still high profitability trader that has had notable wins in MMX, RLB, and MUBI (all 20-30% ROIs). They also printed a $119k realized gain on PANDORA thus far, and continue to hold meaningful positions in PANDORA, PEAS and RLB

MEME OF THE DAY
Credit to @crypto_margiela