Have We Topped?

In Partnership with $IO

$IO’s daily earnings continue to be a beautiful sight, led by the rise in AI agents and its goated BD team (that recently partnered with 0xalphanet). While the market falls apart, demand for IO’s decentralized compute network continues to build momentum, making it quite a comfy hold.

Have We Topped?

BTC testing $92k again, while ETH & SOL remain at ~$3.2k / $188, which have been key support levels since November. Today’s fud is from the US government being cleared to sell $6.5bn of Silk Road BTC (right before Trump takes office in a few weeks). The timeline is the most bearish it has been in months, with some people (like Ansem) saying there is now a 75% chance that we have topped for the cycle. BTC dominance has been hovering around 58% despite the soft price action, with some strength in top 100 alts seen in KAIA, SUI, MOVE, NEO, TIA and MANA. Biggest top 100 losers on the day were SPX, RUNE, ai16z, WIF and AIOZ. The meme supercycle is obviously cooked, with things like WIF falling from $4bn to $1.5bn, and POPCAT falling from $2bn to $534mm. It doesn’t help that interest rates have actually been up only, with 30yr mortgage rates nearly back to 7%. But if we’re being honest, do you really think hyper gambling goes away (see unique customer growth for DraftKings below).

Chart of the Day with Vertex

Lose this level or its lights out. BTC at $92k has been an important support level. With app.vertexprotocol.com you can permisionlessly trade BTC with up to 20x leverage and long the bounce or short the breakdown.

There’s been quite a bit of blood in onchain coins too, with FXN, IQ, GRPH, MOSS, memesAI, GNON, Fartcoin, SPX, REI and degenAI all down double digits on the day. ai16z slipped to $1.6bn from its $2.6bn highs. Fartcoin is down 50% from its ATHs. And Zerebro is down to $320mm from its recent $800mm highs. Still, the trenches fight on with today’s big move in pippin, along with notable strength in a lot of coins including Aegis, hive, PREDO and BUILD, which were all up 80%+.

LLM has been the biggest recent cook, with the token running to $130mm ATHs (and currently leads attention. Other notable attention gainers on the day included ai16z, pippin, UFD and SENTAI.

TG trading bot volumes have actually held up pretty well despite some carnage across the market, with volumes still hovering around $300mm daily.

0-5d old tokens with notable smart balances included LLM, GNZ, hive and a few others.

Interesting accounts getting smart follows:

• Aiccelerate

• Q.E.

• Ai160kg

• Shroomba

• Mements

• Alris Agent

Mantle Momentum

Mantle was the top performing Alt-DA Ethereum L2 in December according to VanEck, with 12m total transactions and $1.4bn of DEX volumes. The Mantle chads also seem to be cooking something up with funny money 🤓

SMART MONEY CORNER - Presented by chainEDGE

• Smart money stepping in to bid in a big way today in ai16z, Zerebro and Fartcoin

• Smart balances looked pretty bad across the board, outside of newer bags like LLM, GNZ, hive and HYPER, led by 50% declines in arc.

• EVM smart money was seen bidding Virtual and REI on Base, along with key eth memes MOG and SPX

• Kekius and Bitcoin actually saw some decent smart accumulation on the week as well.

MEME OF THE DAY