The Vibes Have Deteriorated

In Partnership with Io.net

The $IO token is slated to launch in ~7 hours on Binance Launchpool. We put together a thread on why we think this is the biggest DePin launch yet, including why $IO could be undervalued on a pre-market trading basis.

The Vibes Have Deteriorated

Another few days of people losing their minds in the chop. Friday saw $300mm of liquidations, followed by another $88mm in Monday. ETH has slipped to $3.6k while BTC is at $68k. This is ahead of a big upcoming macro week, with US CPI and FOMC on Wednesday. CEX alts were down across the board over the last 24 hours, though onchain there have been quite a few outliers, including Abella Danger’s new token, ASS, which is trading at a $11mm market cap. Andrew Tate related token DADDY also performed well. Along with new ETH utility launch GURU, which is at a $100mm FDV. Chinese coin PEIPEI also hit ATHs during the day. Overall onchain relative strength was seen primarily in ETH memes, including:

• LANDWU

• BYTE

• COK

• DADDY

• BIRDDOG

• DODO

• PEIPEI

ETH onchain TG trading volumes steadily taking market share again from SOL, while BASE has also picked up a bit. BSC season has seemingly ended already.

Smart money has 6 figure bags in the following sub 10d old SOL coins, including Sphynx, RNT, DJTR, SOLLY, DADDY and WYAC.

While the EVM side has more 10d or less $100k+ smart positions, including RCH, PEIPEI, MAGAA and BIAO.

Some interesting new projects getting smart attention (without tokens):

• SchellingAI

• Lombard

• Azura

• Wen Markets

• IHFund

• NavyAI

• Wara

• Obsidian

1 Weeks Until Kernel Protocol Launch

Attention is clearly shifting towards Karak in terms of restaking mindshare and it recently hit $1bn in TVL. Kernel Protocol will be first to market with a suite of Karak-native LRTs including ksETH, krETH and kUSD, which will be launched on 6/17.

SMART MONEY CORNER - Presented by chainEDGE

• Notable smart EVM buys into TAO, GURU, RWD, YES and BULEI

• SOL smart flows were softer, with leaders in Sphynx, SLERF and TRUMP

• Top end SOL smart balances were relatively unchanged, with notable accumulation in tremp, USA and SLERF in the past week. SLERF in particular saw a 167% increase in smart balances over the past 7d.

• By number of $10k+ smart holders, RCH now on the top of the smart money list, along with newcomer MAGAA. PEIPEI saw smart balances decrease 50% over the past 7 days.

MEME OF THE DAY