It's So Over? BTC Taps $99k, Fartcoin hits $1bn

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It's So Over? BTC Taps $99k, Fartcoin hits $1bn

Bm. $1.5trn wiped from the stock market, $700mm of crypto liquidations and the 3rd largest VIX blowout in history. Today’s Fed meeting sent all liquid assets straight down, with Jerome Powell calling for just 50bps of cuts next year along with saying they “can’t own BTC” when questioned about a reserve. BTC got as low as $99k and is back above $101k, while ETH & SOL were both down 3-4%.

MOVE, PENGU, ENA and BGB were the only pockets of strength within top 100 coins while FLOKI, CRV and UNI were the worst performers. PENGU mindshare led all of crypto today (even ahead of the majors), while other notable high mindshare leaders were HYPE, AIXBT and the one and only Fartcoin.

Fartcoin mindshare continues to grow, especially with it hitting $1bn and staying positive on a down everything trading day . HYPE new users slowed on the day, though volume was up near record levels (while HYPE shitters have seen volume completely disappear). Despite today’s price action, IBIT still notched $357mm of inflows.

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Onchain continues to be a coin pickers market. UFD hit $150mm and there were a few new launch cooks on the day with LI at $16m, Daige at $6m and FB at $5m. Most coins were down double digits, led by weakness in JAIL, MANA, URO, CHAOS, GRIFT, TANK, OPUS and REALIS. But there still were non new launches doing well led by ANDY708, UFD, DRONES, SHITCOIN, OnlyBlink and APPLE.

UFD, arc and Fartcoin led onchain mindshare on the day, with attention primarily flowing to good coins and away from bad coins.

TG bot volumes continue to hold up well despite the choppy PA, with volumes holding the ~$200mm floor.

0-5d old tokens with $100k+ of smart ownership included PENGU, UFD, daige, LI, VIRAL and FB.

Interesting accounts getting smart follows:

• RonsBasement

• Proof of Play

• octochan

• ViralMind

• Dolion

• Bluebeard

• Oasis

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• SOL smart money were large buyers of POPCAT, daige, CHILLGUY and BCI on the day

• Balances have been trending bearish for arc, Fartcoin and Chillguy while smart $ has chased newer coins PENGU, UFD and daige

MEME OF THE DAY