This Week Onchain 5/19

5/19/23

Below you will find the latest developments in the onchain world, high level smart money movements + positioning + anything else that I think is interesting over the past week.

Memecoins Losing Steam

As we talked about in last week’s issue, people sending millions of dollars to Ben.eth’s wallet for a presale marked the end of this short little memecoin run. PEPE was down ~23% vs. last week, with most other memes down even more. Smart money swaps have been primarily into stables and ETH over the week, with the only outliers being MKR, FXS, BNB and GALA (gaming tokens picking up steam ahead of Apple’s Developer Conference on 6/5(. In terms of outflows, CRV, CVX, PEPE and GRAIL were the largest net swap losers.

Source: chainEDGE

Smart money stablecoin holdings actually declined week over week by 1%. So while some riskier positions are being taken off (memes, alts), smart money is still accumulating/holding core ETH and other positions.

Source: Nansen

The PSYOP launch is going as well as expected (lol) with presale buyers down 90%+ on their original cost. Poor souls like 0xf4ae4026f3e9f31bd830b5093122dc38cc04616a sent 29 ETH to Ben.eth, and now their “investment” is worth less than 3 ETH.

You can’t make this up → Ben.eth himself holds 95% of the PSYOP token, which is valued at $557mm currently (based on the token’s $587mm market cap). Currently there is ~$30mm of liquidity, so who knows how long until Ben.eth starts to sell down some of this free money.

Bitboy Selling BEN

After “committing” to not selling any of the memecoin for 6 months, the influencer has already sold all of his tokens. His address is 0xf89e0b9fb3F419d5982386B5923e2F7C2e73f3a2.

Source: https://twitter.com/AmirOrmu/status/1658843088142344194

Alameda Wallet Receives STG

LVL is Coming to Arbitrum

The popular perp DEX on BSC had a proposal pass to expand to the Arbitrum chain this week. Likely a tailwind for TVL + fees.

Source: https://snapshot.org/#/level-finance.eth/proposal/0x635261f7c4495111a96c8d9af49a9e54363493fd2487ea75ab9d7f65a716b807

ETH Staking Hits ATH

Deposits this month broke records, with RPL leading the way

Source: https://dune.com/hildobby/eth2-staking

Other Interesting Stuff

• Smart money trader 0xc72aed14386158960d0e93fecb83642e68482e4b with over 4k followers on Debank bought $1mm worth of FXS this week

• 0xSisyphus (0x4dbe965abcb9ebc4c6e9d95aeb631e5b58e70d5b) buys $2mm of ETH, now almost entire portfolio is spot ETH

Feel free to drop anything interesting you came across, deep dive requests, questions, etc.

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.