What’s up everybody! This is Thomas Bahamas and you are here for episode number 34 of Solana Weekly. Here to drop some alpha on what's going on and where we're going. I messed up the audio a bit and apologize if you got the previous week’s audio. I did fix it and hope it was in time, sorry for the mix up. Last week I was talking about how we can go up only, and that is what we did! But We topped out at over 30 and the timeline has been electric. Defi narrative is popping, and we are still feeling the heat from the XRP is mostly not a security ruling over the SEC’s attack calling all of our token’s securities. I’m looking forward to unpacking just what this means and pumped to dig into it.
To the market:
Sol Price: $26.72 with an overall increase of 19.29% on the week! This is the second week in a row we are seeing a 20% increase in the base token of our favorite blockchain. The crazy part about this is that we ticked up to $32 for a second. The narratives are all here, and it just seems like a matter of time. This was on the back of our XRP friends mostly winning their lawsuit or at least getting a favorable ruling regarding XRP sales on secondary as being selling of securities. This was what the SEC had called out a number of Tokens including Solana of being unregistered securities causing delisting of a lot of assets off exchanges and ultimately it forced the sale of Solana on Robinhood around $14. (They forced you to sell the bottom.) Outlook is great for Solana right now, we’re riding the back of the XRP news as well as the BTC ETF news.
SolEth- .01401 - with an overall increase of 17.73%. That’s right, we’re moving against the market and breaking out against Eth Still. Showing strength against Eth is huge and I’m thriving in it. We’re seeing the price catch up with the non evm narrative for our next gen chain.
SolBTC - up 24%! Looking to me like we hit that bottom and looking to keep this going. Very pumped about this.
With the increase in Sol Price, we have to unfortunately AGAIN talk about the underperformance of NFT’s. I’m in deep with Solana Monkey Business right now with their Gen 3 at 15.2 I’m probably down around 50% on my bag. The gen 2 at 111, and I’m also down around 50%. This comes on an important anniversary of me buying my gen 2 almost a year ago. My thinking at the time was mostly wrong. My thoughts were that I was going to hold Sol anyways, this would be a good way to get inside the best community, not focus on flipping smaller projects, and the value would hold. Well not the case. I think especially right now with the price of Solana looking like it’s going to rip I don’t see it recovering anytime soon. But all is not lost, they are still the best community with a ton more coming down the horizon. (Spoken like a true bagholder.) SMB released a new logo that’s just a smile and it looks like a tail and is just overall pretty bad. Will likely change. Fun part about SMB is that it all gets put to a vote and of course there’s already a vote to redo.
But this is across the board, all nft’s are down and I don’t think it’s a time to dump them all at a loss. I think you could still find some gems, but it’s a time to sit and wait it out.
One NFT that’s catching some steam is our good old friends over at the Crypto Duck Punkz. We got some sweepers sweeping, we got Dudas tweeting, we got memes, are we back? Maybe. Still like the idea of a project that has no utility and is super fun. When the shoe’s come around it’s a blast, otherwise it's kind of a ghost town.
Release of Neon and Solang bring solidity and evm to Solana! Pretty huge, not sure of the implications of this but I saw that someone or team formed Uniswap and safemoon to run on Solana.
There’s also move programming language on solana that everyone was excited about Sui for. So it looks like the best L1 is becoming a vacuum, all the languages are slowly coming to solana. Huge.
Defi Continues to crush.
Superstake - clean easy financial products on top of defi. Think this is the future, keep the dirty stuff on the back end.
Marginfi crushing - over 20 million lent
Trying to find the perfect long term portfolio plays. Lst’s remain high.
My favorite story in the crypto news lately is the Ben McKenzie anti crypto arc. It’s amazing. Yes the guy from the OC, yes he has a book, yes the story is absurd and he looks like an idiot. So what happened is he got high one day and with the power of his economics degree shorted the bottom of the crypto market and lost $250k. He then proceeded to call it a scam, testify at a congressional hearing, write a book about it, and make his rounds on any crypto or financial show he can. I’m loving it. He is making a fool of himself for everyone to see.
Taxes - no one wants to talk about them in crypto because they are a pain in the dick. There are a bunch of good platforms out there and they will make you realize that the small stuff doesn’t matter and maybe bitcoiners had it right with stacking sats and not selling?
President debates are heating up and crypto is on their mind. Rfk jr looking at both holding btc reserves to back dollar and remove the cap gains tax. Desantis rages against CBDC’s, and I’m expecting a lot more of this.
Lightspeed has been released, just listened to a great episode of the Cove with Austin on, the podcasts are so back and I'm glad that I can get the alpha from them.
I’m also reading a book titled “You Will Own Nothing,” by Carol Roth which is fantastic. It comes form the World Economic Forum’s horrible ad that you will own nothing and be happy. I think it captures all the BS that we have seen and what started the crypto narrative. We are hitting absurd spending and overreach of govt, the lockdowns, the fed, inflation, all of it together in one book. It kind of seems like I’m rereading something, but I think it’s just because I’ve been reading this content for years on Twitter in one way or another. Don’t become this guy is the tldr:
Anyways that will do it for this episode of Solana Weekly. Looking forward to what else we can drum up this week and hope you are all enjoying yourselves as much as I am.
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