Equities Bouncing, Crypto Flat

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Equities Bouncing, Crypto Flat

The US equity markets are bouncing back today, with the S&P up 2% and QQQ up nearly 3%. The crypto majors did not respond, with BTC flat at $78.3k, ETH at $1.5k and SOL at $108. BTC dominance has traded slightly off the wick to 64% while OTHERS has stayed largely flat over the last 24hr. Fartcoin continues to be one of the strongest coins in the space (outside of things like FORTH which got listed on Binance). And despite there being pockets of strength, most alts continue to get clobbered (like SPX, NIL and BERA).

In other news, a16z is raising a $20bn AI fund, the DoJ has shut down its crypto enforcement unit, Trump is threatening more tariffs on China and Walter Bloomberg added over $2trn to stocks yesterday on a fake headline. On the timeline today, folks are worried about the below crypto dev activity chart → and the decline in actual devs in the space likely spans from memes being the only thing traders like to gamble on.

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The trenches got a proper runner yesterday with REMUS (a play on the new 10,000 year old dire wolf) - the token hit ~$12mm ATHs and has held in decently at $8mm. Otherwise the usual suspects continue to show onchain strength including Housecoin, RFC, buttcoin and Fartcoin.. Though there were a few newer faces also showing up including DARK and Fartboy.

Fartcoin and buttcoin were notable attention gainers on the day.

Photon daily fees have now fallen an incredible 99% from the peak.

And I’m not sure this is entirely driven by a softer market, as PumpSwap volumes continue to hold up fine (it could be that traders are just swapping directly there?)

SOL TG trench dominance continues to rise.

While overall TG trading volumes still cannot find a bottom, and have grinded below average 2023 levels.

Interesting accounts getting smart follows:

• QuoteChain

• Melee Markets

• QuoteChain Labs

• NLDR

• capmoney

• defidevcorp

• Harbor Finance

• Aira Labs

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• Despite some improvements in the market, high PnL traders have not taken many new positions, and sell runners of the day (like REMUS) very aggressively.

MEME OF THE DAY