This Week On-Chain #94 - GOAT and The AI meme avalanche
This Week On-Chain #94 - GOAT and The AI meme avalanche
KOLs have been replaced by AI.
This week has been about none other than Truth terminal and the strong rally of GOAT. if you’re looking for an alt season it is on Solana right now as the latest meta of AI memes is what is consuming all of the liquidity and attention across the board right now.
No matter what you think of the current iteration of it, many new interesting ideas will be introduces by this and lead to a new shift on-chain. If you missed the first version of it don’t make the same mistake going forward.
Bitcoin continues to remain in a range that is edging most people that just want a breakout, meanwhile an election is looming that is also bringing a lot of uncertainty.
A lot to cover so let’s dive into the main events of the week.
Market Digest
Nigerian government drops charges against Binance executive (about time)
India considering banning Bitcoin and Ethereum
Magic Eden adds support for Berachain and Apechain
Pump.fun can now tokenize videos and it’s about to get a lot weirder
SOL/ETH hits new ATH
Raydium flips Ethereum in 24 hour fees
Bitcoin mining difficulty hits all-time high
Tesla’s 11,509 BTC remains intact after people were scared about it being moved
Scroll airdrop is live
Karpatkey closes $7 million funding round
Ethereum suffering from weak institutional demand
BIS report on risks about traditional finance’s move towards tokenization
Bridge Flow
Solana continues to suck capital from Ethereum which no doubt is related to the emergence of GOAT and the AI + memecoin meta that has converged over the past 2 weeks. The momentum on Sui has definitely slowed down as it is acceleratoing on Solana.
Follow the money and don’t be a chain maximalist.
DEX Volumes
Focus remains on Solana as it has usurped Ethereum in activity since the beginning of last week and is pulling away significantly. Anybody that is trading on Ethereum will notice that the tokens aren’t moving due to a lack of volume while there is significant escape velocity on Solana, well this is the reason.
Sui is taking a breather for now and is in a downtrend again.
Pair Volumes
When you look at the Ethereum mainnet trading volume it is looking bleak as the only alt that continues to do well and generate consistent trading volume is SPX outside of ETH derivatives and stablecoins. The majority of the ecosystem is bleeding outside of it.
As you can see here, Solana is a completely different ball game when it comes to volume and it dwarfs Ethereum. GOAT is the story of the week due to its performance as its responsible for making the first AI agent a millionaire and we have seen strong activity within the same sector as slop and GNON has followed based on volume alone. POPCAT remains an ever present even though it is taking a backseat for now.
The volume you are seeing on the tickers ACT, GNON and FLAVIA are scam coins based on tokens on Solana where the volume is fake. BRETT is a real indicator of where Base volume currently is sitting at and it is relatively slow as well.
Arbitrum had one good week but is slowing down again. It desperately needs Ethereum to take off again in order to be revived but there is a chance that it won’t happen until early 2025.
NFT Trading
NFTs continue to show strong performance as BAYC, Pudgies and Milady’s continue to run. Based Angels are emerging as dark horse within the BTC ecosystem even if it is another Remilia derivative.
There have been rumours of the infamous Remilia CULT token being close to launching (probably after the elections) which might influence the behavior as many Remilia assets are about to get a juicy airdrop as they raised $20m.
Net Inflow
The on-chain activity on Ethereum speaks for itself, zero interest in bidding tokens as people are hording stables and ETH derivatives for pure farming purposes.
Meanwhile on Solana, the on-chain casino is in full motion as GOAT received $320M worth of bids over the past week. POPCAT received 251M worth of inflows etc and it is clear at this stage that it is on Solana where the bull market is taking place right now.
Base is looking a little bit better based on on-chain trading interest as VIRTUAL has received significant bids due to the emergence of AI Agents on Solana. WELL which recently got listed on Coinbase has gotten $1m in in flows while SPEC which is another AI Agent related protocol has received $700k on-chain.
Sleuthing
Ethereum sentiment continues to be in the gutter. However, bear in mind that this account always highlights Ethereum sales because it sparks emotion while you can’t read the explorer on other ecosystems.
Still, not great though.
Token Unlocks
YGG - 3.64% of supply worth $6.62m on Oct 27th
TIA - 81.01% of supply worth $1.02b on Oct 30th
OP - 2.50% of supply worth $53.91m on Oct 31st
There is always a bull market somewhere so be it in crypto or outside of crypto, don’t fight the market.
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