Big dips tend to reset what the current meta is in the market. And with 2 KingMaker trades happening in a very short time on Solana (BOME and SLERF) alongside a lot of presales sucking liquidity from the market, there were strong signals of the Solana memecoin season cooling down. This was exacerbated by Bitcoin dipping from 73K to 61K which led to max fear in the market.
Nonetheless, it was a healthy dip required to ensure the music could continue to play longer than we all wanted as it was becoming very heated. Still nothing to worry about as we have a long way to go in this bull market.
Bullieve.
Market Digest
Blackrock launches Digital Asset Fund and funds wallet with $100M on Ethereum
News circulated about ETH foundation being under investigation (FUD)
Ether Fi announces airdrop, you can check your eligibility here
Manta introduces restaking program
PancakeSwap announces v4
UniLend announces airdrop
Fantom announces that they achieved 10K TPS on testnet and makes it a Parallelized EVM
I have probably missed something but this week has been crazy.
Bridge Flow
Beautiful to see rotations happening right in front of you in real time. As it is clear to see on this flow chart, capital is being moved directly from Solana to Base and from Ethereum. Anybody who has been positioned on Base in the prior weeks and bought tokens is reaping the rewards heavily now.
If you can identify where the capital would be likely to flow next you’re going to make a lot of money.
DEX Volumes
The majority of the chains experienced a dip in volume as people de-risked during the weekend but are experiencing an uptick again as the bad news is out of the window and people are getting comfortable with hitting the bids again. Base is the only one that has been slowly grinding up but the ecosystem also has a significantly lower volume than the other ones on this list (which could be a sign of its potential and upside as well).
Pair Volumes
Contrary to what it feels like, it has been a slow week for alts with the majority of them suffering major pullbacks. Most likely, it won’t be long before they ascend again which presents an opportunity. The only alt that has done significant activity is PEPE and I expect it to be an ever-present for the whole bull market as the strongest memecoin on Ethereum.
Base is starting to heat in comparison to previous weeks with the trading activity across the board skyrocketing. NORMIE and DEGEN have been the leading tokens based on performance and trading activity but there has been impressive performance all across the board. If you haven’t ventured into the ecosystem it’s probably about time you do so.
Arbitrum continues to remain slow and is struggling to garner attention as Base currently is stealing the show. It’s been in slumber since the ARB airdrop and need something to reignite the ecosystem and make people excited again. Because anybody who was an early user of Arbitrum knows that the potential is there.
NFT Trading Volume
Milady suffered their 9/11 event when the founder's wallet got hacked unleashing thousands of Remilia assets onto the market which nuked the price floor. It presented an opportunity for many people who swooped and bought them for cheap as the price swiftly recovered.
Despite all of this turmoil, the collections are one of the best performers this week. Meanwhile, Pudgy penguins are being accumulated and look ready for their 2nd wave.
Interesting mints
Little Pups - A Bitcoin Puppet derivative that every Bitcoin Puppet holder got whitelisted to mint for $30 and is currently sitting at a 0.005 BTC floor.
it’s worth observing that Bitcoin Puppets continue to receive airdrops in the Bitcoin ecosystem which is overlooked by many people and is shaping up to be the BAYC of this cycle.
Net Inflow
As many people de-risked last weekend the tokens that have received the lion’s share of bids are ETH and ETH derivates. Only three alts stand out which are MKR which is turning out to be a hedge in market turmoil, PRIME after they surged when they announced their AI integration, and wTAO which has been the AI market leader.
The market has chosen DEGEN as the leader to bid as Base is starting to heat up. I’ve mentioned multiple times in the previous posts that MEV Collector was the reason behind the token taking a big hit but it looks like it has come out stronger afterwards. AERO is the leading DEX in the ecosystem and remains strong too. While NORMIE has taken everybody by storm as the popular memecoin by choice.
The Arbitrum ecosystem is starving for bids on their native tokens at the moment. It’s mainly LINK and PENDLE that have caught any attention while some people are starting to allocate to WINR as well (do they know something?). Probably a good time to dig in their discord for potential catalysts.
Sleuthing
Blackrock launched their Digital Asset Fund and unsurprisingly people have sent them over $50,000 worth of different tokens and gifted them a funny ENS as well.
Here is the address in case you want to track what they are up to going forward: 0x13e003a57432062e4EdA204F687bE80139AD622f
Token Unlocks
Not too many unlocks this week as things are calming down for a bit.
Rarible - 0.3% of supply worth $181,500 on March 24th
biconomy - 0.75% of float worth $3.94m on March 24th
DAO Maker - 0.47% of supply worth $2.25m on March 25th
Step App - 1.2% of supply worth $675,983 on March 26th
Axelar - 2.68% of supply worth $60.8m on March 27th
Don’t be surprised to see a few weeks of “chopsolidation” before we resume up only. The best thing to do is to sit on your hands while people lose their minds. That’s it for this time, see you next week.
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