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Time to Lockin?
In Partnership with IO.net
With Messari estimating that the entire DePin market cap will surpass $3.5tn by 2028, IO stands as a front runner to this narrative. Just in the last 3 months, IO (along with helium) has led DePin projects in cumulative fees earned, demonstrating its strong competitive position within the DePin landscape.
Time to Lockin?
The majors have bounced ~6% from their recent lows, with BTC trading up to $56k and ETH back at $3k. This is despite the German government unloading another $900mm+ (and with $1.3bn left to sell). SOL also received a few more ETF filings. In terms of important events to watch this week, all eyes will be on US CPI on Thursday morning.
Perp coin attention is being led by NOT again, along with WIF and PEPE. Notable outperformers on this small bounce include: TIA, BNX, CRV, ENS DYM and BONK.
On the onchain side of things, BILLY has been dominating attention (and was up another 23% today). Outside of the usual suspects at the top of the attention charts, LOCKIN has finally risen to the top 4 (which is quite notable for a $30mm market cap coin).
Onchain relative strength primarily seen in SOL memes, including:
While performance in the select handful of high attention coins has been strong, overall DEX bot trading volumes are now running at January levels, suggesting that people are taking the summer off or are just gambling on less tokens.
Looking at DEX bot users, the trend is the same, with a slow bleed out trend since the march peak, settling around January levels. Interestingly, ETH user counts averaged 8-10k daily for the second half of 2023 and have fallen to 5-6k since SOL took off.
Tokens 5d old or less with $100k+ of smart money interest were only seen on SOL, led by DTRUMP, Eric Trump, GrokCat and Typeshit. In terms of smart $ accumulation, BILLY, DADDY, LOCKIN and MUMU were the most notable.
Interesting new projects getting smart follows:
SMART MONEY CORNER - Presented by chainEDGE
The EVM side of things has turned extremely slow, with limited notable bids of size in anything other than RCH, ANDY and REZ, with most flows going towards new launch gambles.
SOL smart money was seen buying WIF, DOGGS, TRUMP and SPIKE
SOL smart money has been accumulating BILLY, DADDY, LOCKIN and MUMU over the past 7 days
While on the EVM side, notable accumulation was seen in ANDY (eth) and BRETT (base).
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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.