I'm Tired, Boss

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I'm Tired, Boss

After a brief period of being back, the market has turned back into extreme boredom again. BTC and ETH were down 2% on the day, despite pretty good BTC ETF inflows. SOL was down 1% while certain alts were down double digits including RARE, SUN, AEVO and NOT. Fees on SOL have been in downtrend which hasn’t really pressured the token much yet but is a sign of the air leaving the SOL memecoin market.

The onchain market as a whole has been roundtripping from a DEX bot volume perspective, with current volumes (excl. Tron) barely higher than year ago levels. After consistently averaging $100-200mm of volume per day, the market is down to $40-50mm, which is another boredom signal.

Crypto Twitter’s timeline has nothing new or interesting to talk about outside of shilling Tron memes and claiming that the below chart is bullish..

DOGS was the clear mindshare gainer on the day and was one of the only alts up on strong volume. While TON, SUN, TRX, SUNDOG and PEPE were major mindshare losers.

Onchain attention (excl. Tron) has been dominated by FWOG and its 5x run from the lows to ~$50-60mm. Mindshare gainers on the day were MOG, SCF, michi and wQUIL.

$5mm+ coins with relative strength included:

• FOFAR

• KEROSENE

• SIGMA

• wDOG

No tokens aged 0-5d had $100k+ of smart holdings, a sign of how weak the overall market and new launch market is at the moment.

Interesting new projects getting smart follows:

• Soneium

• Omix

• Temporal

• Korat

• IBX

• Sunvision

• Parallel

• Oxbow

In Partnership with $IO

$IO has already seen $1.5mm flow into its staking program, another bullish development alongside the success of $IO’s demand side campaign. With GPU providers required to stake IO, this could help lead to a supply shock in the $IO token.

SMART MONEY CORNER - Presented by chainEDGE

• KOIN and KEROSENE were the only notable EVM smart money tokens of interest on the day

• While RDOG led SOL smart money flows

• Bearish smart balance trends across the board on SOL, outside of FWOG.

• While on the EVM side, MIGGLES and NEIRO looked the best from an accumulation perspective.

MEME OF THE DAY