Surviving Black Monday

In Partnership with io.net

$IO recently partnered with Leonardo AI and its 16 million users to drive demand side usage for the IO network. We’ve already seen an uptick in cluster payments on the network this month, and as more demand side partnerships are signed, $IO’s protocol earnings should grow.

Surviving Black Monday

One of the craziest 24 hours in crypto since Luna, FTX and the Covid crash. The combination of the Yen carry trade unwinding, Jump liquidating its positions, levered positions getting wiped and an overall crash in stocks drove the majors down 20%+ across the board. BTC bottomed around $50k, ETH at $2k and SOL at $110. 7d returns across the 3 are now -16%, -24% and -23%. The market experienced over $1bn of liquidations in the past 2 days, but we’re starting to see some signs of reversion. The Japanese Nikkei has already recovered its losses from yesterday in current trading. Stock futures are up 1% this evening. The ETH ETF even saw people buying the dip. And the majors have bounced ~15%+ from the bottom already.

Relative alt strength was seen in STORJ, TAO, MEW, BRETT, AAVE and IO over the last 24 hours, each up 10%+. Mindshare was led by OG memes WIF, PEPE and DOGE, with mindshare gainers on the day being BNB, TAO, TIA and ADA. Some memes really took a beating, like POPCAT, which was down 70%+ from its late July highs.

The onchain market also suffered on this selloff, with large popular memes like MOG wicking down ~40%. Mindshare leaders in the current market were MOG, BILLY, SCF, aura, MUMU, michi and GINNAN. The biggest mindshare gainers were MOG, BILLY, aura, mumu and BOBO.

The strongest coins on this little bounce from oblivion were primarily memes:

Since the beginning of the “growth scare” selloff in equities, daily onchain DEX trading bot volumes have suffered, falling from their highs of $215mm to ~$70mm the past 2 days. Both SOL & ETH relative marketshare was relatively unchanged despite the market carnage.

Tokens aged 0-5d with $100k+ of smart holdings (aka new launches to watch) included just wDOG and BTW.

Interesting new projects getting smart follows:

SMART MONEY CORNER - Presented by chainEDGE

  • Smart money was not buying the dip in many EVM coins over the past 24hrs, with MKR dominating flows.

  • While SOL coins looked relatively better, led by MEW, BILLY, Neiro and GINNAN

  • We’ve seen some interesting accumulation trends pop up over the past 7d days on this dip, with MEW, BILLY and PONKE the most notable. On the smaller end it was aura, FWOG and GINNAN.

  • On the EVM side, NEIRO saw smart balances decline 61%, PEIPEI smart balances down 35% and even MOG smart balances declined 31%. Coins with smart accumulation consisted of wQUIL, Miggles, Hoppy and ZYN.

MEME OF THE DAY

Like this content? Make sure to subscribe and always be up to date on the fast paced degen market

Disclaimer: This content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. The author may also have positions in the tokens mentioned in the content, so please do your own research.