Simp Szn

In Partnership with Io.net

The $IO token has launched with a bang, hitting $6 earlier today. The network continues to grow, with over 130k verified GPUs on the platform. If compute is the “new oil” this run may be just getting started. We laid out our reasoning on why the $IO launch was slated to be a strong one in our recent thread here.

Simp Szn

Today was a big “macro” day with CPI coming in lower than expectations while FOMC left rates unchanged. ETH & BTC were both up ~2% on the day. In onchain land, simp szn is in full effect with Tate’s DADDY and Iggy’s MOTHER both hovering around $200mm market caps. From an onchain attention perspective (holder growth, volume, CT and TG mentions), DADDY, SPIKE and MOTHER are attention leaders today, followed by BOBO, PEIPEI, NPC and DMT.

The timeline was max bearish yesterday, went long on leverage after CPI and then got liquidated on the FOMC release. So far there were over $127mm of liquidations on the day. While folks on CT are calling for 70% drops in CEX alts (and TOTAL3 doesn’t look great), onchain has been pretty fun this summer with multiple coins doing very well.

My new personal favorite way to run discovery on onchain cookers is via chainEDGE portfolio data for 1-10d old tokens. While simple in practice, every $50mm runner from the past month has shown up within these filters and you don’t have to be perpetually online to catch them.

In other news, the IHF token launched today, quickly running to $15mm FDV. While DePin project Aethir also dropped their token today. We’ve started to see a bid come back to ETH onchain DePin projects after the IO and Aethir launches, including GPU which was up 34% today. Onchain relative strength in general was still primarily concentrated towards ETH & SOL memes:

• STONKS

• DADDY

• BIAO

• TROG

• BYTE

• TRUMP (never surrender)

• IO

• GPU

From a TG daily trading volume perspective, ETH hit 3 month highs in relative share yesterday with BASE & BSC receding. Volume in general has made quite the comeback after hitting recent lows in April hitting $177mm yesterday.

Some interesting new projects getting smart attention (without tokens):

• Symbiotic

• B3

• QIO

• COSMIC launch today

• FOMO

• memechan

• SchellingAI

• Lombard

• Azura

• Wen Markets

• NavyAI

• Wara

• Obsidian

5 Days to Go Until Kernel Protocol Launch

Attention is clearly shifting towards Karak in terms of restaking mindshare and it recently hit $1bn in TVL. Kernel Protocol will be first to market with a suite of Karak-native LRTs including ksETH, krETH and kUSD, which will be launched on 6/17.

SMART MONEY CORNER - Presented by chainEDGE

• Notable smart EVM buys into UNCLE, TAO, ATH, KIKO, POG and INU

• SOL smart flows were softer, with leaders in DADDY, GME, MOTHER and IO

• Smart money favorites on SOL were relatively unchanged, though PONKE did crack the top 10 by dollars held. From an abnormal accumulation perspective, KITTY and mini looked the strongest.

• By number of $1k+ smart holders, MAGAA is now on top with 19 holding a total of $919k.

MEME OF THE DAY