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This is Cheatsheet, a primer on whats happening in crypto today.

Bitcoin is doing well but it smells like altcoin season out there with a hint of wet dog.

Dog coins dogecoin (DOGE), bonk (BONK) and shiba inu (SHIB) lead the top end of the market with gains between 32% and 25% over the past day.

Bitcoin (BTC) and ether (ETH) had managed about 6.5% as of 7 am ET, still a sizable gain considering their scale.

Arweave (AR), the permaweb blockchain geared for decentralized file storage, continues to enjoy a moment, also climbing by a quarter.

AR is the second-best performing top-100 crypto after PEPE over the past week. Arweave has tapped into AI hype, having just launched a testnet for an adjacent blockchain built to power decentralized computing.

Ethereum holders on the whole continue to stake their ETH as prices reach nearly two-year highs.

There are now almost 1 million validators on the network. About half are either managed by liquid staking protocol Lido or Coinbase on behalf of their users.

Barring this Tuesday, there has been more ETH queued to be staked than unlocked every day this month. Another 13.4% of the supply (16.1 million ETH worth $54.4 billion) is kept in the networks DeFi apps after dropping half a percent overnight.

Newly-launched re-staking platform EigenLayer just surpassed Maker the protocol behind major stablecoin DAI now with 2.85 million ETH ($9.7 billion), a figure that tripled this month.

Read more: EigenLayers $100M haul ignites series of adjacent investments

Volatility came for crypto stocks yesterday, with only four rising across Wednesdays session and into after hours trade.

Despite its retracement, CleanSpark is still the best performing crypto stock this year, having added two-thirds to its share price (MicroStrategy and Marathon are second and third).

Nevada-headquartered CleanSpark is on an acquisition spree, buying up three Mississippi data centers with aims to boost its hashrate by more than 15 EH/s, the equivalent of around 2.8% to bitcoins total right now.

Hut 8 however has lost 34% year-to-date amid leadership changes and a merger of equals with US Bitcoin Corp. The dip especially hurts considering bitcoin has climbed more than 40% and threatens new all-time highs.

Read more: New Hut 8 CEO prepared to make hard decisions to nix inefficiencies

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Cheatsheet: Ethereum staking at record high, exchange balances at 6-year lows - Blockworks