Rugged by McDonalds

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Rugged by McDonalds

This is probably the most boring I have seen the market in 12 months, with basically no narratives or themes really “working” anymore. The Tron rotation trade is currently fading, with TRX down 10% from its peak, with its class of memes also having a tough day:

• FOFAR down 40%

• SUNCAT down 30%

• SUNDOG down 11%

Sunpump has flipped pump.fun in 24hr fees while a small bid in BSC related coins was seen on the day as traders got excited about CZ’s prison release in 40 days. McDonald’s Instagram was also hacked today, with them launching and rugging a token.

BTC was up 2% on the day while ETH & SOL were flat. Alt outperformers were FTM, MATIC, LINK and UNI while TRX was the biggest laggard. SUN & TRX were still mindshare leaders today, along with some attention gainers like RARE, MATIC, AAVE and FTM.

Onchain market looking pretty weak outside of SCF and FOUR which were both up 60% on the day. Onchain memes were still mindshare leaders, led by Neiro, SCF, Mog, MUMU and BILLY.

For the first time since March, ETH DEX trading bot volume flipped SOL yesterday and remained strong today. BSC volumes were also on the rise today. Overall volume has been trending straight down, which is short term bearish.

EBULL, CORE and KOIN on ETH were the only tokens aged 0-5d with $100k+ of smart holdings.

Interesting new projects getting smart follows:

• Story

• G8keep

• Bolt

• Four.meme

• Dub

• Slohm

• Kannon

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SMART MONEY CORNER - Presented by chainEDGE

• CORE was the most notable token on ETH seeing a smart money bid

• While SOL side flows were very weak

• SOL balances across the board looked very bearish, with 50%+ smart balance declines in POPCAT and WIF. Along with smaller balance declines in MEW, michi, MUMU and wDOG.

• The EVM side of things looked better, with accumulation in RLB and MOG, and mostly flat balances outside of NEIRO.

MEME OF THE DAY