SOL Washout

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$IO keeps building with its recent launch of IO intelligence - which gives developers all the necessary tools to build decentralized AI apps including 5 off the shelf agents and models 👀

SOL Washout

The trenches were already in pretty tough shape following the launch of Trump → Melania, which brutalized the AI ecosystem. But things are truly in shambles after it’s become clear that the “runner of the day” was orchestrated in a $200mm+ extraction scheme. This has come to light after the rug pull on LIBRA, a coin launched and endorsed by Argentina’s president, Javier Milei. Kelsier Ventures and its founder Hayden Davis profited $100mm on the launch - in general, the SOL casino is facing its worst sentiment ever with the confirmation that none of these launches have been anywhere close to fair, that KOLs were getting inside info and everyone involved (including the Meteora founder who just stepped down) was printing tons of cash and “max extracting”.

SOL’s price has been hammered on this sentiment, trading down to $165, losing 15% of its value in 4 days. Meanwhile attempts to make BSC szn happen have been pretty weak after the Broccoli wars around CZ’s dog token. CAKE however has been the best performing alt over the last 7 days, rising 32%. SONIC was also a bright spot, rising 31%. Alts in general though have been down only since the December peak, with OTHERS losing 29% over the last month. All the runners of what feels like yesterday like including ai16z, Fartcoin, VIRTUAL and all memes are down 80%+ from their peaks. Sentiment hasn’t been this bearish at any point this cycle imo.

Chart of the Day with Vertex

SOL is at peak bearishness right now + facing over $1bn in unlocks in March. Try app.vertexprotocol.com and short it to zero or buy the FUD with up to 10x leverage.

We’re basically at a fully reset on the trenches now, with TG trench volumes back to ~$200mm after most people step away from what most have already known to be an increasingly extractive game. BSC saw a brief spike in volumes during the Broccoli wars and ETH has seen almost no share gain vs. SOL yet.

Only a few onchain tokens are showing strength at the moment, including:

• Broccoli

• FIST

• DUO

• SHADOW

• SSE

There is also some guy trying to CTO aptos, if you are looking for some entertainment. The trenches are dead and both the onchain and overall alt market is in desperate need of a new narrative/catalyst. If you are looking for a trade, I have seen some smart people discussing SHORT RAY as a way to both (1) express declines in SOL gambling volumes but also (2) pump.fun is going to eventually launch its own native DEX which will materially alter RAY’s profitability under current market dynamics.

Interesting accounts getting smart follows:

• Dhirk

• AI-404

• Altius

• Cabal

• Bandito

• loopedHYPE

• Experiments

Mantle Keeps Cooking

Despite the bad vibes in the market, Mantle continues to shine. The network has gained incredible traction across its liquid staking/restaking products and also is rebranding its BTC yield product to Function BTC

SMART MONEY CORNER - Presented by chainEDGE

• Nothing really notable from a smart balances perspective as people sell everything to avoid further drawdowns. GRIFFAIN was the only slight bright spot.

• On the EVM side of things, UNI and CHEX led smart buying on the day

• While overall balances were uninteresting.

MEME OF THE DAY