It's So Over - $93k BTC, AI Coins Down Bad

Mantle - Becoming the Largest ZK Rollup

Mantle Network, powered by Succinct's SP1, is slashing withdrawal times from 7 days to 1 hour. This breakthrough brings institutional-grade settlement to the network, positioning Mantle closer to Ethereum L1's economic efficiency. The result? Tighter spreads, lower slippage, and enhanced DeFi performance across $mETH, $cmETH, and $FBTC – setting the stage for Mantle to revolutionize next-gen banking.

It's So Over - $93k BTC, AI Coins Down Bad

The vibes have deteriorated significantly. After hitting ATHs a week ago at ~$107k BTC is down 13% while SOL & ETH have fallen 16-18%. BTC dominance added 400bps from the early December lows and peaked at 59% on the 21st (and has shed 100 bps since). A lot of top 100 alts had a very bad week, led by weakness in STX, APT, DYDX, WIF, FTM, OP and AERO which were all down 29%+. On the day, top 100 coins bouncing a bit were AAVE, VIRTUAL, FTT, ZEC and RAY.

Speaking of HYPE, the token has fallen ~22% from its $34 peak, with (what seems unfounded) fud circulating today about a DPRK exploit (see below for message from the team).

In terms of overall mindshare, HYPE still leads all alts followed by AIXBT, PENGU and BULLY. But in general sentiment has turned negative for most coins with PENGU down only since its new launch peak, Fartcoin down 39% from its $1.2bn peak, ai16z down 28% from its $1bn peak, Zerebro down 49% from its ~$600mm peak and GOAT down 61% from its peak.

Chart of the Day with Vertex

Coming out of this recent nuke, AAVE looks like one of the strongest horses and is up ~15% today. Try app.vertexprotocol.com today and trade AAVE with up to 10x leverage.

Things have been bloody for onchain coins with most memes going straight down since their highs around 11/6. AI coins (especially outside of the leaders) have sold off hard, with newer favorites like arc receding ~56% peak to trough. There are signs of life however, with good coins bouncing back today, led by strength in AKA, KIKI, DRUGS, TRISIG, TrenchAI, SNAI, UFD, FXN, RIF, arc, ELIZA and TANK.

Even in tough conditions there still have been some recent cooks in Lou running to $20mm, SNAI to $16mm and TrenchAI to $8mm. But seriously who would have thought we would have seen a lot of downside in onchain coins after Fartcoin hit $1bn and Unicorn Fart Dust hit $200mm? UFD, SNAI, Lou, TrenchAI, Fartcoin and arc led onchain mindshare on the day.

TG trading bot volumes have started to really cool into the holidays after peaking on 11/20, with dollars traded back to late October levels. SOL remains the only game in town at the moment, and look for volumes to accelerate for coin performance broadly to improve.

HYPE’s metrics still look very good today despite all the noise, with both volume and new user growth looking solid.

0-5d old coins with $150k+ of smart holdings included lou, SNAI, YNE, AKA and SCOUT.

Interesting accounts getting smart follows:

• Bainance Labs

• Tri sigma

• Scoutly

• Soulgraph

• Zerescan

$IO Partners with Dell!

It’s impossible not be bullish on $IO. The project is now #2 on the DePin Ninja revenue leaderboard with $15mm ARR, with forward-looking numbers even stronger. The network is scaling faster than anyone expected and $IO just announced a partnership with Dell!

SMART MONEY CORNER - Presented by chainEDGE

• SOL smart money buying was led by TRISIG, UFD, SCOUT and DRUGS

• Smart balance trends look good for POPCAT and SEND while looking bearish for most everything else (especially arc).

• EVM smart money bids were led by VIRTUAL, PEPU and SPX

• Smart balances in ETH memes looked pretty good all things considered, led by strength in SHRUB, BITCOIN, MOG, WOJAK and APU.

MEME OF THE DAY