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GM fellow digital money enthusiasts.
Before we jump in, today marks an exciting milestone for the industry as Monad finally ships mainnet, and there's no better place to trade there than on fomo.
Now, back to the episode.
While the men in suits are losing their hair over the recent dip in equities, on the crypto side, business remains the same, as we’ve now entered the Extreme Fear zone, with the reading dropping below levels seen during FTX's collapse.
But even with the terrible price action, if you’re like me and struggle to resist pressing buttons, it’s essential to understand what you’re doing to avoid getting chopped up.
Here’s how a fellow FOMO trader navigates this environment:
Building on last week’s idea that stablecoin adoption continues to grow despite falling prices and low morale, Polygon announced that the leading EU fintech, Revolut, has already processed over $690 million in stablecoin transactions powered by the L1.
When it comes to on-chain flows, the only outlier is BSC, where CZ somehow managed to attract money into his casino, resulting in 2% of inflows for the week, while the rest are firmly in the red.
Remember NFTs? I’m referring to the glorious days of hyped mints and exuberant gas fees. If you do, the name Tensor probably rings a bell.
This week, the NFT marketplace’s governance token, $TNSR, experienced sharp price movements, surging over 500% in a single day. This happened even before news broke of Coinbase’s acquisition of Vectordotfun (an onchain trading platform built by Tensor Labs), suggesting insider trading.
Next on the list is Edel, a tokenisation platform that hopes to bring the $2.5 trillion stock lending market on-chain. Even though the product isn't even live, the token's market cap rose from 13 to 53 million over the past week, with 440+ buyers on fomo.
The token is currently in a pullback after its recent run-up, offering lucrative entries for the daring.
As always, keep track of the majors in the “most held” section directly inside the fomo app.
The Solomon ICO, which secured over $100 million in commitments on MetaDAO but ultimately raised only $8 million, sparked considerable debate after gamblers on Polymarket lost their bets due to what many called whale collusion or insider trading.
Despite the unfounded FUD, over 500 FOMO traders jumped in during the first days. Since then, the token has traded below its ICO price of $0.80, leaving only the most diamond-handed fomo traders, 120 in particular, holding on.
With hints of a future collaboration with Avici, it will be interesting to see how it performs once Bitcoin finds some footing.
Moving on to the Base ecosystem, we saw Jesse Pollak launch his own coin, which quickly reached a $25 million market cap, prompting 570+ fomo traders to buy at the top. Currently, almost all holders are sitting on negative PnLs. Ouch.
As always, the top trending picks will rotate, so keep your eyes peeled on the fomo trending coins tab:
The top trade of the week goes to 4pfcoyote, who made a huge $84,000 profit on his 67 trade. In this economy? Hats off to this gentleman.
For the second week in a row, Avici has made the leaderboard, this time earning Colby $83,000 in profit. While Coyote’s trade was all about being early, Colby’s success came from betting big and with conviction.
And last but not least, 0xWives secured a 200%+ move on $EDEL, netting him $52,000 in profit. Seeing how early he was to the trade, this guy definitely needs to be watched.
Naturally, the top trade ranks will flip around as the week progresses. If you wish to stay on track, download fomo and keep your eyes peeled 👀
Make sure to join our vibrant community over on Discord or Telegram. After all, there’s nothing worse than being left out of the conversation and missing out on what everyone is buying.
And if you’re curious to learn more about fomo, check out our website.
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