GCR is Back?

Chart of the Day with Vertex

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GCR is Back?

Expect volatility with US elections and FOMC this week. On the day, the majors were down 2-3% across the board with BTC back to $68k. GCR came back this week to comment on the US elections (and note that they exited their Trump position). We also saw Mt Gox transfer 32k BTC today. For alts, most coins in the top 100 were down (with RUNE the biggest laggard) while DOGE was the only notable outperformer. Over the last 7d, only MKR was a notable outperformer. Lastly, odds for Trump to win have seen a rebound throughout the day to ~56%.

Onchain markets have seen derisking for what feels like 2 weeks now after the 10/24 peak. Most memes were down again today, with some AI memes the biggest laggards above $3mm (like Project89 and Memesai). Pnut (sol) was notably the worst performer on the day. Interestingly, ETH versions of Peanut and SHRUB were top outperformers on the day, along with a few other memes including:

• BUU

• retire

• PEANUT (eth)

• SHRUB (eth)

• bop

• TEE

• 47

• suwi

• ACT

FWOG mindshare is back on top after its outperformance on the day along with market exhaustion from most other metas. This is also an interesting point where attention is concentrated in just a few coins at the moment, spread across AI and non AI memes.

From a DEX bot volumes perspective things look pretty bearish, with overall volumes barely surpassing $100mm in the last 2 days (down from the $250mm peak). SOL still retains the top spot in terms of relative share (by a wide margin).

Interesting projects getting smart follows:

• inference

• S-1

• Coffee AI

• Griffain

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• Pretty bearish smart balance trends across the top end of SOL smart money (outside of strength in LOCKIN and WIF)

• 0-5d old tokens with $100k+ of SOL smart holdings included Pnut, suwi, GRIFFAIN and RIGGED

• ETH trends also looked good on QUIL, DOGE and TEE

• SOL tokens (aged 20d or less) with $75k+ of holdings from $250k PnL traders included Pnut, Fartcoin, Zerebro, LUCE, suwi, GRIFFAIN and YOUSIM

MEME OF THE DAY