Welcome, welcome to the 17th edition of Solana Weekly, this is Thomas Bahamas and as always, thanks for joining.
Solana price: $18.85 - Hitting a low of $16.13 and a high of 22, we’re seeing some volatility! Right now it seems to be in a bad way lets hope we can turn this around.
Sol/Eth: Sitting at .01157 - tanking a little. We’ll see how Eth holds up with the Shanghai upgrade. Bob Loukas calling for 30k Eth, so I’m ready for the supercycle.
BTC: Catching a bid, sitting at 24k, I’m adding in SOL BTC at .000778 because it’s leading the charge now and I’ll dig into why.
Primary news: So much. Silicon Valley Bank goes under, starting Friday morning while holding 3.3 billion of Circle's treasury. The problem with that is our trusted boomer stablecoin USDC was depegged and got down to $.90 because of it. Panic in the streets. They ended up bailing out all depositors and the peg is back. I wasn’t even watching the price of Sol dipping because I was watching my stables slowly die.
Bitcoin on a tear ever since. value prop has never been higher. I’m long.
The banking system is showing its cracks and our current financial system is being challenged. It’s not going down, but it’s going to open the door for crypto. Crypto is just better at a lot of things.
Regulators - coming for crypto, on ramps and off ramps are what they can control. Get on chain and they can’t. This is backlash from SBF making them look like a joke, he exposed their vulnerability of greed and did it with a full on ponzu scheme.
CPI print came in as expected on 3/14 and we're looking to go up for a while, it seems like Sol Price is moving with BTC and ETH.
Big mints - Papu, and Bastards today, with Wolf Capital coming at you tomorrow.
NFT LA coming up next week, hoping for big news.
Expecting big news from Clayno’s, Degen Trash Pandas, MonkeDao always puts on a sick show, bonk hosting an axe throwing party.
I shilled Degen Trash Panda’s and swept a few, think they are a play.
Bonk is so f ing back.
Small shill for Crypto Duck Punks.
Holding onto support here and I’m hoping we can see us push through some highs.
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