The Boredom Phase?

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The Boredom Phase?

It honestly feels like a normal crypto summer lull (except its February). Volume is drying up onchain, alts continue to bleed out while BTC, ETH and SOL really just do nothing. BTC was unchanged on the day at $97k, while ETH & SOL have really been stablecoins outside of that brief period of volatility, trading at $2.7k and $195.

OTHERS is having a horrible month (and look at that chart, sheesh) - trading down 25% this month while BTC dominance slowly grinds its way up (still at ~62%).

Worst performing alts over the week led by VIRTUAL, which was down a cool 40%, but the entire below group fell over 30%.

Berachain launched, with the token peaking at ~$7bn FDV and trading down ~45% since to $8. Onchain activity on the chain seemed sort of weak, with only a few tokens doing decent with volume including Berafun and BONGA. Sentiment in alts (and onchain only coins) feels like we’re somewhere around here (at least I hope so).

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The onchain market continues to feel like a slow bleed in non new launch tokens (with most down another 10%+ today), and even new launches are losing their steam too. Overall DEX volume on SOL has completely rolled over from the TRUMP peak, and you can feel it in how most tokens are trading.

Moonshot stats illustrate onchain exhaustion even better. Recurring users have fallen nearly back to pre TRUMP levels, and same thing with volumes.

For non new launches, very limited strength on the day outside of Snugabug, MEMEDEX and FAIR.

I’m not sure how important mindshare is at the moment, but TRUMP, Fartcoin, MLG, ARC and UFD still lead attention on the day.

Overall TG trench trading volumes have reverted back to their Christmas ‘24 / pre election levels below $200mm daily.

Interesting accounts getting smart follows:

• Honeycast

• Blast

• PAIN

• Upward Spiral

• Curve

• Axiom Exchange

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• Smart bids in jellyjelly, arc and montoya. In general, balance trends on MLG, arc and LUX looked ok, while everything else looked quite bad.

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