The Daily Edge 2.7.2024

ETH SZN IS BACK

ETH having a much needed revival in volume today, driven by the ERC404 meta kicked off by PANDORA running to $180mm FDV in the past 5 days. The narrative and its rotation is sucking liquidity out of previously “good” eth tokens, with coins like PORK, RSTK, VEC, INS, TREST, BSSB all down ~20% over the past 24 hours (and even WHALES down double digits).

Nearly all of the best performers over the past 24hr have been within the ERC404 meta, with newer tokens like CELL, SWPRS, DOGPET and ANON doing well and on relatively higher volume.

Notably, Gh0st or the “PANDORA of SOL” has been picking up a narrative of being “first” within the meta, and with a valuation that would make it a 10x if equal to PANDORA, its worth keeping on your rotatoor radar. With this uptick in ETH degen activity, ETH TG trading bot volumes have retaken the lead over SOL (barely) at $22mm vs. $20mm for SOL.

WHAT TO WATCH TODAY

• ERC404 - All eyes are going to be on this narrative and not much else. While the biggest gains usually flow to the “leader” or in this case, PANDORA, the beta plays have still been able to run to mid 7 to over 8 figure market caps. Some projects within the narrative to keep your eyes on:

  • GH0ST - Pandora of SOL

  • CELLMATES - “Tech is Better than PANDORA?”

  • DOGPET - First ERC404 Doggy

  • SWPRS - ERC404 On Base

  • EtherRock404 - PANDORA deployer bought some, so is picking up hype

• COFFEE - this new launch which allows users to trade private telegram entry tokens has soared to a $10mm FDV and picked up ~$100k of smart holdings thus far

• BASE - Despite the ERC404 liquidity vacuum, the BASE 3 (DEGEN, TYBG and FRAME) were up ~40% on average over the past 24hr. Base season still seems to be brewing

• Top 50 Traders - The highest PnL smart money traders according to chainEDGE had a volume surge today, with highest buy flows via EtherRocks404, PANDORA and COSMIC.

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THINGS TO KEEP ON YOUR RADAR

• PRIMITIVES - an upcoming project by NateAlex

• ZAP - building a suite of token launch tools for Blast

• LENDS - TGE tomorrow after having 37k applicants for its ApeTerminal IDO

• W - Wormhole released tokenomics ahead of its airdrop

• MOR - 90 day bootstrapping period starts tomorrow for this AI project

• MOBY raised 3,800 ETH in 38 minutes today during its ICO

• BORPA - Memecoin incubated by Entagle picking up a lot of smart followers today

SMART MONEY CORNER - Powered by chainEDGE

• Notable inflows today into DEGEN ($159k), RSTK ($77k), FI ($34k) and ONDO ($25k).

• Net selling was seen in the ERC404 system, with $1mm of net sells on ANON, $522k on PANDORA, $191k on DEFROGS, $164k on RUG. VEC also saw $166k of net outflows today

• Smart money favorites (measured by number of $10k+ smart holders) have seen down only smart holdings over the past week:

• From a new launch perspective ANON, COFFEE, ROCK, COSMIC and CELL all received $100k+ of smart buys in the past 24 hours. But MaidSweepers and DOGPET have had the highest amount of smart retention at 25%+ each

• This smart trader printed a $50k gain on DEFROGS, and hit a big win on MUBI at $108k. Biggest current holdings are PENDLE, CTSI, TREST, INS and ONDO

MEME OF THE DAY
Credit To @Atbrightone