What’s up everyone! Welcome to Solana Weekly Episode 21. This is Thomas Bahamas and I want to thank you all for joining in. We’ve got Solana breaking out of it’s price range and the community is teaming up to rally against the disinformation campaign against Solana. We love to see it and a lot of these topics are what we’ve been covering here for weeks. Only possible on Solana, the fun chain, combatting the VC chain narrative, as well as the ever looming outage conversation. In addition to that we’re going to cover NFT NYC and it looks like Solana Monkey Business will officially be purchased by Monke Dao. Nothing but bullish price action and narratives if you ask me, and I’m excited to get down to it. I would like to give a shoutout to my unofficial sponsors of both Solana and Bonk. Solana is the network that makes this all happen and Bonk proving out use cases to the masses.
Solana Price Update: A review of the current price of Solana and its performance over the past week. Sitting at $23.70, up a whopping 14% breaking out of it’s range and outperforming the market. It’s freaking glorious. I would say that the narratives are getting more clearly defined and people are catching on to the game that Eth and other news sources have been playing of bashing it. They bash it because Solana has been outperforming on transactions (both volume and tps,) total number of wallets, transaction fees, vc chain narrative, outages. They have all been playing dirty this whole time and now the Solana community is fighting back. The narrative of compressed nfts, only possible on Solana, calling out all the other outages that get swept under the rug, the amount of actual vc capital raised for other chains vs Solana, and having actual devs giving data driven takes like Mert.
Solana vs. Ethereum: Up to .01233with a 12.5% increase on the week. Huge. The crazy part about this is that Eth USD is doing really well It’s sitting at $1900 and all signs point to it looking solid. Even with the current Shanghai upgrade to the protocol which unlocks all the Ethereum which was was locked in their staking contract. We’ll see how this affects the price, but it shouldn’t be bullish and I don’t think it’s going to be as negative as expected.
Solana vs. Bitcoin: Sitting at .0007870 which is an increase of 6%. I’m super bullish on this. BTC has the narrative right now, it broke 30k and isn’t stopping anytime soon. To be outperforming Bitcoin is huge. I see the reversal of the down only on this chart and I get all jacked up. I’m getting more bullish on Bitcoin myself, hate using it, but using it for a store of value and charting against it is going to be valuable in the next few months. I’m a buyer.
NFT Happenings: The big news is that NFT NYC is happening right now. So I’m hoping to hear tons of big drops and people waiting on announcements for today. I think Lily just started their airdrop and I know that Claynosaurs are going to be dropping something, maybe pizza? We can all prepare for the post conference dump after, and with the price of Solana going up we’re seeing the inevitable dumping of floor prices. It’s a little aggravating to see, but I’ve been anticipating this and have lowered my exposure a bit, not as much as I would have liked.
SMB and MonkeDao: we have a resolution! HGE and Nom got on the phone and have negotiated a $2 million buyout price with a down payment of 1 mill fronted by our favorite Solana Big Brain. They did a vote onchain with the Hadeswap Dao and it passed with almost everyone voting yes. Fucking huge. The IP is finally going to be run by the DAO, this is huge and I’m freaking pumped. The sales bot when brrrr and floor price went from 140 to 230. It went crazy. I think this is bullish for all of Solana and proves the value of both a well run DAO and what solid leadership looks like. We will be seeing the OMC mint and that will be paying the bill for both SBB’s loan and HadesDAO’s purchase price. Rise of the Monkeys baby.
The Quek’s are still back. Lot of action in the Discord, worth getting in if you’re not. They burned all the shitty looking tails in the collection and the ducks are looking CLEAN. The memes are back and there’s talks of having a direction of being the protectors of Solana. Meme’s and building up Solana, I’m liking.
Return of the OG Solana NFT projects. I don’t know what’s going on, but the Pesky Penguins were pumping. I flipped one, I don’t know the narrative behind this but it seems like some of these will be getting action. This might be on the back of the Degen Apes pumping? They have been soaring and got to over 75 sol floor price on the conversion to V2 and upgrading the art. The art is goated, I’m pumped for it, not sold on the long term viability and might be looking to sell in another pump.
HadesDAO and some dicey moves. They came out with their Midas stable coin and protocol which is hard to paint in a good light. It kind of seems like a way to get ahold of more SMB’s. Basically the protocol is only open to lending SMB’s, and in return you get 30% of the floor price back in that stable coin. Then you take on risk of the floor price tanking and getting liquidated. The kicker: a 20% move down and you get liquidated. Maybe it’s just early, but this is predatory AF. Don’t use this if you need liquidity, you can just instant sell on Tensor for like 95% of floor price, or borrow on Sharky for like 80% + the value of your SMB? This midas is like the worst option.
In addition to this we saw some funny business with a dump of 275 BILLION Bonk, and they bought somewhere around 33 SMB’s with the proceeds. People calling it insiders that new about the deal, who knows what’s going on, they pumped my bags though.
Still so bullish on the Solana Phone, coming out tomorrow. I’m buying.
Closing Thoughts: Great week so far and I’m expecting it to continue, crypto’s narrative in general is strong and we just got a positive CPI print. When we look at how people that are new to crypto are going to be onboarded I’m still so bullish on Solana. It’s going to be the most useful and user friendly network, and is rapidly getting better. Solana is for the everyday user and the sooner you get on chain the sooner you will figure this out. We’re not the poor chain because you can actually use the chain, we’re the best chain around.
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