It's So Over

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It’s So Over

The presale meta and SOL degen volumes marked not only an altcoin top, but also a marketwide top. The majors have fallen over 15% from their highs a little over a week ago, and most onchain alts have lost 30%+ of their value over the past day. The AI leaders like TAO have sold off ~8% following the NVDA conference, while the meme “majors” have mostly looked weak (except for PEPE).

Maybe this is what we deserve after sending over $122mm of funds to “presale” random addresses. SOL degens have not given up, and have traded a whopping $252mm of volume today after likely peaking yesterday at $664mm! Bonkbot led volumes with $251mm yesterday, followed by Sol Trading Bot and Trojan (each with $100mm+).

$9bn of open interest has been wiped since the March 14th peak after another $1bn of liquidations over the past 3 days, including $665m in the past 24 hours.

Despite the marketwide pullback, we’ve seen strength in quite a few onchain coins over the past 24hr, including:

• Solcasino +166%

• NORMIE +102%

• RING +80%

• SLERF +80%

• MDAI +79%

• ZYN +37%

• TEQ +36%

• YIELD +33%

There is talk of a FTM rotation with the token up ~11% today. In the past 6 hours, we’ve seen chainEDGE smart money rotating into BOO and EQUAL on the chain. Other notable flows were seen into ONDO, MOG and SENDIT.

From a holdings perspective, AI, DePin and memecoin BITCOIN are the current smart money favorites, measured by number of $10k+ holders. Within this group, TEQ and BITCOIN are the most notable in my opinion. TEQ is a newer, lower market cap coin while BITCOIN hasn’t been in the top 10 for some time (and is showing notable strength in 7d accumulation %s).

Looking over at SOL, SLERF, BOME and POPCAT led smart money inflows today → though its notable that BOME and POPCAT saw a more bullish skew of buy $ vs. sell.

WHAT TO WATCH TODAY

• Base Memes - BRETT, NORMIE, BRIUN and DOGINME all have held up very well despite the marketwide pullback. NORMIE in particular has doubled over the last 24hr to $108mm FDV.

• Crypto Valleys - this Defi Kingdoms looking project on Blast has been somewhat under the radar until now, with the token hitting ATH and the project hitting a $63mm FDV.

• SLERF - With so much attention on this project, it could be going higher. The Jupiter team is donating some of its fees to cover presale participants and we have seen other crypto companies like Lbank asking for donations to help SLERF presalers

• Weak New Launch Market - On the EVM side of the world, the new launch market has cooled off, with the notable exception of Sendit today

• Follow The Strength - Outside of themes already discussed, project specific strength in tokens like Solcasino, RING, MDAI, ZYN and TEQ should be noted in this pullback

• FTM Szn? It’s been a long time since I’ve seen smart money aping FTM tokens, and given the strength in both FTM and eco coins like BOO, it may just be getting started

• ZERO1 LBP Ends Today

A DePin Airdrop to Watch

io.net is a DePin + AI network that raised $30mm from prominent investors such as Multicoin, Delphi, Solana Labs and Aptos Labs. This permissionless GPU network has went from 25k nodes to 89k in the past 6 weeks. With its TGE approaching soon and with multiple ways to qualify for a potential airdrop, io.net should be on any alpha hunter’s radar.

THINGS TO KEEP ON YOUR RADAR

• Fluence TGE tomorrow

• Aethir Public Node Sale tomorrow

• LightLink LBP soon

• RWA LBP - This RWA L2 LBP recently started and ends in ~3 days

• SSNC - Ape Terminal IDO soon

• Arcade2Earn launchpad on April 2nd

• ZKL TGE on 3/31

• Zkasino token launch soon

• CoreMarkets TGE soon

MEME OF THE DAY