Tech Stonks Dragging Crypto Down

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Tech Stonks Dragging Crypto Down

NVDA has lost over $1tn of market cap vs. a month ago, with the NASDAQ as a whole losing 8% of its value in the past 2 weeks. On the day, BTC/ETH/SOL were flat, while alt relative strength was seen in XEM, XRP and COMP.

FOMC tomorrow will be an important macro event while the ETH ETF flows continue to look pretty good. Other news of the day included the SEC potentially amending its view of SOL as a security. Along with some in depth research criticizing SOL’s metrics (though I don’t think it matters for SOL’s bull case).

Alt attention was led by XRP, DOGE, DOG, PEPE and WIF, with XRP by far the largest 1d mindshare gainer.

The onchain market is all about NEIRO, both the SOL & ETH versions. The ETH version in particular has been outperforming and has been taking attention away from the SOL one. Other high attention tokens included SCF, GINNAN, MOG, MUMU, BILLY and BRAINLET. With SCF and NEIRO the big mindshare gainers on the day.

Onchain relative outperformance:

• FWOG

• NEIRO (eth)

• BAR

• TIME

• MANIFEST

• chud

DEX bot trading volumes so far have sustained their recent spike, hitting $160mm today (up from the $100mm floor that was held for over a month). From a relative share perspective, SOL continues to dominate at ~67%. And BSC dex bot trading volumes flipped Base on the day.

In terms of tokens aged 0-5d with $100k+ of smart holdings, NEIRO, HQ and LEXI were notable on the EVM side. While on SOL there was Neiro, FWOG and Ginnan.

Interesting new projects getting smart follows:

• cannon.tech

• The Arena

• 404

• Rainbow

• dumpy.fun

• Kuru

• Lottery

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• MIGGLES, MAGA, TAO and BITCOIN all seeing notable smart bids today

• While on SOL, just GINNAN was notable from a smart money bid perspective, with profit taking seen in Neiro and FWOG

• MUMU, PONKE and LOCKIN are SOL memes of interest seeing 7d smart money accumulation. While SELFIE and BRAINLET on the lower end also saw a smart bid

• On the EVM side, MIGGLES, ANDY and PEIPEI saw the most notable smart accumulation over the past week at the top end. With BITCOIN and DMT seeing notable smaller bids.

MEME OF THE DAY