Quick snapshot of token drawdown by narrative Vs. local high:

Layer 1s

$BTC: -5%

$ETH: -15%

$SEI: -42%

$SOL: -18%

$APT: -37%

$AVAX: -29%

$ FTM: -25%

$INJ: -39%

$MINA: -40%

$ NEAR: -23%

$ SUI: -31%

$ RON: -18%

-$NEON: -63%

Modular Blockchains

- TIA: -48%

- DYM: -46%

- CTSI: -41%

- SAGA: -35%

- ZETA: -42%

Layer 2s

- ARB: -40%

- OP: -39%

- STX: -21%

- METIS: -41%

- IMX: -31%

- MANTA: -35%

- MATIC: -33%

- MNT: -18%

- SKL: -16%

- STRK: -31%

Layer 3s

- DEGEN: -45%

AI

- OLAS: -50%

- RNDR: -35%

- AGI: -52%

- TAO: -10%

- FET: -27%

- AI: -41%

Gaming / NFT

- PIXEL: -32%

- PRIME: -23%

- BLUR: -38%

- MANA: -26%

- AXS: -30%

- SAND: -26%

- RLB: -53%

Oracles

- PYTH: -32%

- LINK: -25%

Memes

- WIF: -27%

- DOG: -12%

- SHIB: -40%

- DOGE: -16%

- PEPE: -36%

- MYRO: -51%

DePin

- AR: -35%

- FIL: -32%

RWA

- ONDO: -28%

- MPL: -21%

Liquid Staking

- JTO: -30%

- LDO: -37%

DeFi

- PENDLE: -2%

- ENA: -3%

- AAVE: -23%

- COMP: -32%

- CRV: -32%

- SNX: -27%

- RUNE: -39%

- UNI: -45%

- JUP: -30%

- SUSHI: -33%

- AEVO: -37%

- DYDX: -34%

CEX

- CRO: -21%

- LEO: -5%

- KCS: -35%

- OKB: -23%

Bridges

- W: -56%

- SYN: -36%

Observations

- L1s have been relatively holding better than other infra tokens

- Modular blockchains tokens got rekt

- L2s performance has been pretty average except $METIS and a few outliers that are experiencing the most drawdowns right now

- AI coins like $TAO starting to pump again and we're reminded that it led the run of end October, followed by modular stack

- Possibility that modular tokens and $SEI follow TAO's lead soon for round 2

- Top memecoins will most likely remain in a supercycle and we'll see some quality projects such as $DOG & $NFD playing catchup

- $PENDLE, $ENA & $ONDO will continue leading the DeFi/RWA narratives, others will keep being sluggish unless new proposals are made (e.g. $AAVE fees to token holders, etc.)

- Bullish $SUI & $RON that propose a great R:R for the rest of the cycle

- $PIXEL & $PRIME