The Daily Edge 2.8.2024

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ERC404 Topping Soon?

If you haven’t been in the trenches, the current ERC404 market has been the closest thing to a bull market on ETH since PEPE season. Every new ERC404 to launch (that doesn’t rug) makes it to $2-20mm, and if you threw darts at an ERC404 dartboard, you probably have been making money over the past few days. PANDORA is sitting near ATH and nearly hit $300mm FDV today, and some of the strongest horses in the ERC404 beta race are MNRCH, PEPE404 and CELL. Who knows how long this meta lasts, but it certainly feels like we’re getting closer to the “top” in ERC404 mania.

On the other hand, the rest of the ETH ecosystem previously good coins have been bleeding out. BSSB fell -35% over the last 24hr, RSTK -30%, INS -20% and VEC -20%. MAVIA (covered recently) was a abnormal bright spot for non ERC404 coins, gaining 28% over the last 24hr and up ~44% from its launch.

In SOL land, things haven’t looked much better, with prior favorites like GME down 19%, WHALES -18%, while WIF and Gh0st held up well.

Tremendous day for ETH vs. SOL, with ETH degen volume running ~2.5x higher than SOL. ETH trading bot volume hit $46mm today, one of the highest amounts over the past 6 months for the chain (which partially is why we may be nearing a top in ERC404 coins).

WHAT TO WATCH TODAY

• ERC404 - Again, all eyes are going to be on this narrative and not much else:

  • Projects mentioned yesterday

    • 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

  • New launches today:

    • PEPE404 - Pepe, but ERC404

    • UNISOCKS404 - Unisocks, but ERC404

    • POTION404 - first staking ponzi for ERC404

    • TOYBOX - memefi ERC404

• BASE - The ERC404 liquidity pull finally has put pressure on the good BASE coins. DEGEN was -16% over the last 24hr, TYBG was down 25% and FRAME was down 44%. Even the BASE ERC404 project, SWPRS, has lagged the rest of the ERC404 ecoystem.

• FROGGYFRIENDS - just launched their ERC404 token

• POTION404 - the first mover in ERC404 staking is picking up momentum and has a lot of smart followers

• MOR started accepting deposits for its token bootstrapping period today, raising over 27k stETH

• BEAU COUP - A gamified PVE experience on ERC404 that recently launched

THINGS TO KEEP ON YOUR RADAR

• NO HANDLE - another ERC404 project, launching tomorrow

• JUICE - cross margin DEFI project launching on Blast, with an airdrop for early users

• LMAO Labs - Onchain agent that farms Blast points for you

• ORBESWAP - DEX for DYM launching soon

• HYPERLIQUID FROGS - ERC404 frogs on top of Hyperliquid, launch details coming out tomorrow

SMART MONEY CORNER - Powered by chainEDGE

• Notable inflows today into VEC ($93k), ONDO ($48k), wCELL ($42k) and RSTK ($33k).

• Net selling was seen in the ERC404 system, led by PANDORA ($254k), MNRCH ($230k), RUG ($207k) and ROCK. This marks the a few days in a row now of smart money as net sellers in the major ERC404 tokens

• Smart money favorites (measured by number of $10k+ smart holders) have shown strong accumulation trends (based on 7 day QTY change %) in: MUBI (+50%), TAO (+16%), DEGEN (+42%), RLB (+106%), and RSTK (+43%).

• On a 30 day basis, we’ve only seen strong accumulation trends in RLB, AGRS and PRIME

• From a new launch point of view, PEPE ERC404 was far and away the most popular with smart money, generating $920k of smart buys in the past 10 hours

• This smart trader has done pretty well on ERC404 coins this far, printing a $56k gain on PANDORA and a $15k gain on Monarch. They also hit recent winners over the past few months with SAVM, PORK and OMNI

MEME OF THE DAY
Credit To @vydamo_