It's So Over (Again)

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It's So Over (Again)

Marketwide sell off today with the S&P down 2% and the NASDAQ down 3%. BTC was down 3% while ETH & SOL were down 4%. Only notable alts with any signs of strength were RDNT and SUI.

While the market was falling apart, it was also a pretty heavy news flow day including:

• SEC charging Galois Capital regarding custody failures

• Trump is launching a DeFi project which is tied to the previously hacked Dough Finance

• Penpie was exploited for $16mm+

• NVDA gets a DOJ subpoena

• Trump’s Polymarket odds have the former president at a 4% lead over Kamala

• $16bn of FTX payouts are expected to be paid in Q4

While the SOL memecoin casino has cooled off with the market trading down and with some attention lost to TRX, Pump.fun cemented itself in history as the fastest crypto app to reach $100mm in revenue.

The overall onchain market has continued its slow bleed out based on DEX bot trading volumes, with ETH YoY volumes now declining. But ETH’s relative share as a chain continues to look strong and was recently boosted by the successful launch of VISTA.

VISTA quickly climbed to be the onchain mindshare leader following its run up to $20mm+. Other attention gainers on the day included PNDC, MOG, snoofi and COST.

Onchain tokens with relative strength:

• POX

• BODE

• PUFFY

• GINNAN

• tooker

ETH onchain has been heating up based on new launches with $100k+ of smart ownership. Current candidates under these parameters included VISTA, F16 and VITALIK

Interesting projects getting smart follows:

• Oddin

• Zysk

• Dotpivot

• epumpfun

• printdotfun

• Equilibrium

• Nectar

• Tomo

• RedPocket

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• Outside of some NEIRO buys and VISTA profit taking, EVM smart money flows were very muted

• SOL has cooled off even more, with some of the weakest stats we’ve seen since launching SOL data

• SOL smart balances still in a bearish trend, outside of POPCAT, WIF and SCF

• While Neiro, MOG, and VISTA were interesting from an EVM smart balance increase perspective

MEME OF THE DAY