Two Solana Small Caps With Working Products: $CHATOSHI and $SQUIRE Through the Mycelium Lens

AI-created for a @myceliumfinance bounty. Independent analysis, not affiliated with Chatoshi, Pod the Squire or Mycelium Finance. Nothing here is investment advice, and neither project has been selected by or partnered with Mycelium.

Why I went looking

The Mycelium Strategy pairs $MYC and $ESF liquidity with selected Solana projects, so every pool is a trading route between two communities. More than 84% of tradable $MYC already sits in pools, and the fees they earn fund new connections. At 08:52 UTC on 27 Oct 2026 the Strategy held $31,925.35 across 12 pools covering KNOTS, PRCL, GABLE, SOL, KINS, DREAMS, GUAC, STREAM, JUBJUB and USDC (allocation API).

A useful new connection needs a real product, two-way trading and depth beyond the MYC pool itself. I screened about 1,000 tokens in CoinGecko's Solana list between roughly $1.1M and $110K market cap, checked 316 on DexScreener, and verified the survivors on-chain and with Rugcheck. The usual failure was real software with thin daily trading. All figures are a snapshot from 27 Oct 2026, 08:52 UTC.

Why two picks, not three. A third candidate, Zera Labs ($ZERA, a zero-knowledge private-cash wallet), passed on my first pass two days earlier. At this snapshot its 24h volume was about $2.5K on DexScreener ($2.3K on CoinGecko), roughly $7.5K short of the $10K filter, so I dropped it rather than stretch the rules. Two well-evidenced picks beat three padded ones.

Selection criteria

• On Solana: both are SPL mints (CHATOSHI on Token Program, SQUIRE on Token-2022).
• Circulating market cap under $1M (CoinGecko): CHATOSHI $504,165; SQUIRE $837,959. CoinGecko lists circulating supply equal to total supply for both.
• Working product today: Chatoshi Web3 AI Browser on Google Play; UsePod inference API (usepod.ai, docs) and Level5 credits.
• Not a meme: each token is tied to shipped software. CoinGecko tags CHATOSHI "Meme" as well as "AI"; I include it because the browser and its documented token utility are real. SQUIRE began as a creator coin and now pays for inference credits.
• Trading at least 60 days: oldest pools 652 days (CHATOSHI) and 222 days (SQUIRE) old (DexScreener pairCreatedAt).
• 24h volume at least $10K (DexScreener, all unique pools): CHATOSHI $21,422; SQUIRE $19,689.
• DEX liquidity at least $50K, each pool counted once: CHATOSHI $276,670 (three Raydium pools plus a small PumpSwap pool); SQUIRE $167,684 (PumpSwap $131,803, Meteora $27,547 and $5,603, plus small pools).
• Activity in the last 30 days: Chatoshi browser update on 26 Oct; UsePod docs commits on 21 Oct.
• Not in the Mycelium Strategy, and not SOL, USDC, USDT, MYC or ESF: neither mint appears in the live allocation.

Chatoshi ($CHATOSHI)

Chatoshi is a non-custodial Web3 browser with an AI assistant for token research and risk checks, plus a chatbot app and Chrome extension. It serves retail traders who want research and browsing in one place.

Why it stands out. It has the longer history and deeper liquidity of the two: 652 days of trading and $277K of depth, with 55.65% of its main pool's LP locked or burned. The browser shipped another update on 26 Oct (new sign-in screen, extra name services, memory fixes). The whitepaper describes a fair launch with no team tokens or vesting.

Main risk. Adoption is small: Google Play shows 500+ downloads and the Chrome extension about 40 users. The token is 92.8% below its January 2025 high and down 21.4% over 30 days, and I could not confirm that premium staking is live in the app.

Token link. The whitepaper lists search-to-earn rewards, staking to unlock premium AI modules, and perks in Hero Wallet and Web3.TV.

Best roles: liquidity pair and collaboration. Its depth and record make a MYC/CHATOSHI pool the less fragile option. The trade-off: about $21K of daily volume on $277K of liquidity means modest fees. A practical collaboration would show Strategy pool data from Mycelium's MCP inside Chatoshi's token pages.

Pod the Squire ($SQUIRE)

$SQUIRE is the token behind UsePod, an inference marketplace where GPU owners and API-key holders sell model access, and buyers pay in USDC or per request with x402. It also funds credits on Level5, a billing layer that lets AI agents pay for their own inference.

Why it stands out. Its utility is written into live docs. Level5's SKILL.md says a one-time, non-refundable SQUIRE payment buys a daily inference credit, currently $2 a day per 1M SQUIRE. Its main PumpSwap pool shows 100% of LP locked or burned.

Main risk. At $838K it sits under the $1M cap with limited room, and it is down 36.1% over 30 days and 89% below its May high. It depends heavily on one builder, and the credit rate can change for new payments.

Token link. Payments lock SQUIRE in the contract, so heavier credit use should mean more tokens off the market. That is my reading of the mechanism, not a published figure.

Best roles: holding and collaboration. The holding case rests on that sink. UsePod and Mycelium's MCP both sell to AI agents over x402, so they could list each other's paid endpoints for agent builders.

Comparison (snapshot 27 Oct 2026, 08:52 UTC)

	$CHATOSHI	$SQUIRE
Product	AI Web3 browser	AI inference marketplace credits
Market cap (CoinGecko, circulating)	$504.2K	$838.0K
24h volume (DexScreener)	$21.4K	$19.7K
DEX liquidity (unique pools)	$276.7K	$167.7K
Top-10 holders excl. LP/burn	15.84%	22.34%
Main-pool LP locked/burned	55.65%	100%
Mint / freeze authority	Revoked / revoked	Revoked / revoked
Rugcheck score (normalised)	1, no risks	1, no risks
Best role	Liquidity pair + collaboration	Holding + collaboration

Facts and interpretation

Facts: figures come from the linked APIs at the stated time; product claims come from official sites, docs, app stores and GitHub. Interpretation: the role fits and the SQUIRE supply-sink reading are my judgements. No price targets, no promised returns. If either team cannot show more users soon, a small test pool beats a full allocation.

Evidence: holder concentration and liquidity safety

Supporting evidence, excluded from the word count. Holder percentages are shares of total supply from each token's Rugcheck topHolders list, fetched 27 Oct 2026, 08:52 UTC. I excluded LP and burn accounts using Rugcheck's labels, matched them to DexScreener pool addresses, and checked the owner programs with Solana RPC getMultipleAccounts. Raw data is saved with the submission.

$CHATOSHI

• Mint: Bhu2wBWxfWkRJ6pFn5NodnEvMCqj9DLfCU5qMvt7pump · Solscan · Rugcheck · DexScreener · CoinGecko
• Official: chatoshi.ai · @ChatoshiAi
• Mint authority: revoked. Freeze authority: revoked (Solana RPC getAccountInfo: both null). Metadata immutable. 0% transfer fee.
• Supply: 888,885,910 on-chain (CoinGecko total = circulating) from a stated 999M after LP burns. Whitepaper: fair launch, no team or advisor tokens, no vesting or emissions, so no upcoming unlocks. 8,985 holders (Rugcheck).
• Excluded (33.35% combined): 5Q544fKrFoe6tsEbD7S8EmxGTJYAKtTVhAW5Q5pge4j1 14.03%: Raydium AMM v4 authority, vault of CHATOSHI/SOL pool 9frEnxkurDtvW1eshy116LrwgTtA8kDJyUZ1kengR92t. HQ7YbCer5bBwNpY8NhUsp1g9LgTStrnagKdUp3nYKaTf 11.22%: Raydium CLMM CHATOSHI/USDC pool. Fi4heUrWk3J8S8ekYzqh72CcgXMWT61WVZBSdRPo1ADX 4.77%: account owned by the Raydium CLMM program (Rugcheck label "Raydium Locker"). GpMZbSM2GgvTKHJirzeGfMFoaZ8UR2X7F4v8vHTvxFbL 3.33%: Raydium CPMM authority, vault of pool CB7CeSUwCHFptDg18MeN8NQiP3KRV5HN6L45BPCpv2cp.
• Top 10 after exclusion = 15.84%: 8Tuk1YgeZeHfpKs5W5oLyKTLo5ZctHhyTRPNHp8DWfsK 5.03%, 6fFw5Ty7iaSdLNJPDYzgQVu4EStWZCUUQdtSwreN4kiP 2.43%, 8XbyPkwDu4cmDN375V2qAAohQPSn85KjWAnPTHQw8FBf 1.47%, AJvYyJdHSSYSr1Fnjdg52MAadSYfKEBUYNDWbgUV6i2p 1.22%, LeBeQHUPkDH4qVDHR7DD16LMv3LhnwtnnozhLCgJq49 1.17%, FdmyppwXDnQGyaDKQp7yYUN7cUPZZV18eB48ff6d2Bow 1.14%, Ah3UKHiwn1veo2LNMRf1JfXPB7RqnP5bPFeZ4oKhtwd1 1.05%, 99pXhgbFtehco1MwmfbgYdCj5zyu4omv65BMaGd7KxBe 0.82%, 23dnMWyPNZzooUb9FzAFvUtvx1Key5soMZdLfTiFXdx6 0.76%, 3TmTfHMrDmARcqCuDr2Kpkjw1BA1CcjS3zU93EeviX5R 0.75%.
• Treasury / team / vesting: none identified; the whitepaper says none exist. The 5.03% wallet is unlabelled; Rugcheck flags no insiders.
• Liquidity lock: main Raydium AMM v4 pool 55.65% of LP locked or burned ($78,916; Rugcheck Raydium locker, no expiry reported). The CPMM pool shows 0% locked. The CLMM USDC pool's lock status is unverifiable.

$SQUIRE

• Mint: EN2nnxrg8uUi6x2sJkzNPd2eT6rB9rdSoQNNaENA4RZA (Token-2022, no transfer-fee, hook or permanent-delegate extensions) · Solscan · Rugcheck · DexScreener · CoinGecko
• Official: usepod.ai · level5.cloud · @squire_bot (bio lists this mint)
• Mint authority: revoked. Freeze authority: revoked (Solana RPC getAccountInfo: both null). Metadata immutable (update authority null). Launched on pump.fun, 18 Mar 2026.
• Supply: 999,815,059 (CoinGecko total = circulating). No vesting or unlock schedule published. 15,842 holders (Rugcheck). Creator wallet A9KdXt6crEYztp7c8AaNj8oKJAKxkU1AyUqA3uiCruHc holds 0.
• Excluded (12.89% combined): 4CPVihvjKUUsXq3HFrS8wniUKffbpDqz2h6jHKjeXoYD 7.83%: PumpSwap SQUIRE/SOL pool. 6Lr4QzjxeKZKJ77FRuGcmNENmCnf7zBSr9bNBZqLGdTu 3.23%: Meteora DLMM SQUIRE/USDC pool. 11111111111111111111111111111111 1.83%: token account owned by the System Program address, i.e. burned.
• Top 10 after exclusion = 22.34%: Xxhhfrkj3zSc76m4jaRDSJRE46CiYaP3wNHK2TpELgN 3.16%, A5LpcEoHDXwKkcaA3NNThFzMPUxkCULSr8VLMkNvUNFg 3.04%, 6Su5Qf5Yg3zBPKrJsFQGS7YQxDTKmcMa3vh1BMr3nf3 3.01%, BXE1MFThEDXJorjAySrUF5U84nsSskmaxkkmpZTxhDBc 2.10%, 6ZDMY9vbohUuNcJkGtC88qqFvkDQRP2jpJx3ZN5epZxR 2.00%, ACraNW19FRyv5oPwbgzW2QBA4SQNH6R8tQcKttQNFtmX 2.00%, 6jJw7f4HA3yDWrmmDQLv9LYCwdva2s8GMjU85HUSggqW 1.99%, 911hXXBNGf2MzxvveXrDzigRsmeCB1TwLmmzRaT2kKg7 1.80%, CQecjAw3Spah73MA5y8L5q3LWB2PQukWSKTVTTCyrB62 1.66%, 7UR5xiENtRDqisMKBUCDH1oQ6ibXiGPaxv75FCA3y21k 1.58%.
• Treasury / team / vesting: none identified. I could not locate the Level5 contract's SQUIRE holding among the top accounts; all ten are unlabelled wallets and Rugcheck flags no insiders.
• Liquidity lock: main PumpSwap pool 100% of LP locked or burned ($130,541, Rugcheck). The Meteora DLMM pools are unlocked by design. No expiry applies to the burned PumpSwap LP.

Sources

• Mycelium: myceliumfinance.com · allocations · allocation API
• Market data: CoinGecko markets API · DexScreener token API for CHATOSHI, SQUIRE, ZERA (screened out)
• Rugcheck reports: CHATOSHI · SQUIRE
• Solana RPC: getAccountInfo, getMultipleAccounts via api.mainnet-beta.solana.com
• Chatoshi: site · whitepaper · Google Play browser · Chrome extension
• Pod the Squire / UsePod: usepod.ai · docs · creator coin to marketplace · Level5 SKILL.md · usepod-docs commits

Learn more about the Strategy at myceliumfinance.com.

AI-created for a @myceliumfinance bounty.

Discuss these findings and the Mycelium Strategy: https://discord.gg/5M7FsQcGq