Memecoin Mania

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Memecoin Mania

Memecoins are having their day in the sun today, with PEPE, MOG, JOE, WIF and others all up very big over the past few days. PEPE has reclaimed a $1bn market cap and MOG is hitting ATHs at a $120mm market cap - > we discussed the memecoin revival 2 weeks ago and flagged MOG as the strongest horse in the old meme camp (which is now up ~135%).

Other smaller memes like BOBO, KEKEC, JOE and Real Smurf Cat have rallied along with the leaders but its also notable that TRUMP is hitting ATHs at a $290mm market cap at time of writing.

From a non-meme perspective, narratives around privacy, BRC20s and 404s have been gaining some ground vs. AI tokens. On the day we’ve seen privacy coins like ZKML, WHIRL and ONI hitting ATHs. BRC20 coins BSSB and BRGE also looked very strong today, both of which were up 30-50%. And on the 404 front, PANDORA is back above a $200mm FDV / $20k.

DZHV has been the talk of the degen town, trailing just PEPE in 24hr ETH volumes at $18mm today. The token deployed across all major EVM chains for a fraction of the expected gas cost, deeming it this “efficient new gas tech” (or the next PANDORA). The other fun part of this experiment is the arbitrage potential across chains, with the ETH pair trading for $0.064 while the AVAX/BSC/BASE/ARB pairs trade at ~$0.015. A bridge is currently being developed, but given the amount of supply on the other chains (total token supply 910mm / ETH supply of 160mm / other chains 750mm), the prices likely will converge fairly quickly.

We got some shiny new coin launches today as well, with TAS, a TAO related project hitting a $6mm market cap peak post launch and still holding at ~$5mm. Less popular DePin launch, VIRTU has also held up well, currently trading at a $1.3mm market cap.

In the upcoming launch arena, we have:

• BEOBLE launching tomorrow morning, with pre market Whales trades getting done at ~$0.45 or a $450mm FDV.

• MONAI LBP goes live in less than 10 hours

• BLAST mainnet 2/29

• Zenith Farms token launch on 3/3

• INS Launchpad Sale for stakers to be announced on 2/29

Current smart money favorites based on number of smart holders includes:

• BANANA

• TAS (new launch)

• OLAS

• TAO

• NMT

• MUBI

• INS

• MND

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Looking over at degen volume trends, ETH daily volumes were down today to $10mm vs their average of $20-30mm over the past few weeks, and down from the Feb 8 highs of $68mm (driven by the 404 mania). SOL daily volumes stood at just $3.8mm, the lowest daily amount since early February.

WHAT TO WATCH TODAY

• PEPE & Memecoins - memecoin mania is here and dominating DEX volumes (but when does DOGE catch up?)

• DZHV - #2 on ETH volume today, this cross chain innovation is getting a lot of attention today

• PRIVACY COINS - ZKML/WHIRL/ONI all hitting ATHs today

• BSSB/BRGE - BRC20 ecosystem tokens bouncing off their lows

• TAS - new launch with potentially new tech for the TAO ecosystem

• VIRTU - new DePin launch

• PANDORA - back at over $200mm FDV, bringing some life to the 404 ecosystem

• TRUMP ATHs

• VMINT - this AI decentralized market maker is also making new highs today

THINGS TO KEEP ON YOUR RADAR

• Beoble launching tomorrow morning

• Monai LBP in 10 hours

• INS launchpad sale

• Zenith token launch next week

• Blast mainnet on 2/29

• BeraPuppets - NFT project on berachain catching some smart follows

• Karak Network - Risk management L2 that just raised at a $1bn valuation

• Mirage Money Market - cross chain money market powered by Oasis

• zkHive - decentralized firewall for crypto platforms

• Prime Intellect - another decentralized AI project gaining smart follower momentum

• Fluence - DePin project that deployed its token today (not launched), and likely is launching soon

• ChainEDGE launching Solana smart money data next week, with Blast data coming shortly thereafter

If you’re looking for the next new launch or rotation, chainEDGE streams the activity of the top 0.01% of traders to help give you an EDGE in today’s market. Sign up today before SOL smart money data goes live

SMART MONEY CORNER - Powered by chainEDGE

• We’re seeing a bit of a GameFi rotation into ILV and GALA by smart money, with $547k of smart inflows across the 2 tokens. PEPE also continues to see smart money bids, with $341k of net swap inflows today and $721k over the past 7 days

• Smart swaps over the last week have also notably went into AGIX, PNG, SPELL, MUBI, WINR, MOBY and SHU.

• Smart outflows on the day came from DZHV, NMT and TAS with $100k of net selling, and smaller sells in VIRTU and BEAM.

• Popular new launches by smart money activity today include TAS, RDDT, VIRTU and DEXED. Within the group, TAS and DEXED had the highest 1d retention (above 49%).

• Today’s trade highlight is DZHV, where chainEDGE smart money has realized a total of $521k of PnL, with 20 smart wallets making $4k or more.

MEME OF THE DAY