What’s up everybody! This is Thomas Bahamas and you are here for another episode of Solana Weekly. Barry said it’s going to be a big week and is finally right, we are getting legitimized. The crypto space has has been dragged through the mud, attacked by the system from Elizabeth Warren and Gary Gensler for the last few years, but today we celebrate a massive W with the Bitcoin ETF. As the largest cryptocurrency, this is huge and the impacts will be felt across the whole sector. Boomers will,in fact be buying our bags and regardless of any short term price movement this is a massive development and huge narrative moving forward.
Let’s take a look at how a BTC ETF will impact our bags, the btc price, the whole crypto ecosystem, and how we set ourselves up to benefit off of it.
Sol Price - 97.13 and looking like it's ready to pop up. Down about 10% from this time last week but we've been in a volatile little range here. I think we can simply zoom out and plan for 140. I think leverage is going to be punished by the volatility both ways and spot is the way unless you're an extremely active trader.
SolEth - .04 - slight dip here, Eth and Eth beta plays are catching a bid. It's about time and contrary to the twitter timeline, this is a good thing, we want Eth to go up, we just want Sol to keep going up more. Kind of insane the price action on Eth, but like I said it's catching a bid.
SolBTC - .00209 - this is an interesting one because Sol was mimicking BTC's price action on these wild swings.
What were the wild swings you ask? Well the freaking SEC's twitter account was hacked yesterday and they released that the BTC ETF was officially approved. You can't make this up. It's amazing, a disaster, a beautiful disaster. The agency that is supposed to protect citizens from from cybersecurity threats did not use 2 factor authentication on their twitter account and got sim swapped. They originally tried to say that Twitter was hacked, but twitter released that it was from the lack of 2fa. Incompetence at it's finest am i right? But the kicker to this that we will be getting the ETF today and it was already all but approved. The price action was miserable haha. It went directly up to 48k then snap crashed to 45k when it was realized it was fake. Solana pumped then crashed a bit with it. Some beautiful chaos going on and I wouldn't have it any other way. I would expect shenanigans in the first few days or weeks but you are mistaken if this doesn’t send Bitcoin to the moon long term opening up tradfi to our asset class. This opens up the gates to other ETF’s and an appetite for some of our sweet sweet volatility.
Bonk of course is pumping - at .00001503 and I will simply smooth brain hold this longer than
Saga Phone continues to crush. A new nft was dropped and now it pays for the phone in itself. The Saga Monkes is a pixel art project and the floor crossed 10 sol before settling around 8. At current prices that clears the cost of the 2nd wave of phones. This i still only the beginning and 50-100k of airdrops is a reality, PER PHONE. Empire brought up that the crypto ecosystem is the most sought after sector for advertisers because they are the group with the most wealth and willing to spend online. This is going to be almost a case study of this idea, dedicated Solana users that are easily reached. I will simply collect and build on it. I need my second phone to arrive already, but am loving every step of this.
Helium - again, this is seeming more and more like a no brainer to switch over to. I am waiting for a reason to not switch my main line over, but just can't find it. $20/ month and you can make more than that in a week by sharing your location their mapping. I just don't see that going away with the rate they are adding lines and the trajectory of these tokens. They are the main example of the depin narrative and I'm so bullish.
Focus on the majors, as tempting as it is, I think this is the time to sit in spot and sit in majors. Don't get too caught up in other shiny objects, have some commitment and stake your coins. This is also going to be a personal call, but I'm lumping Bonk in with majors because it's something I'm holding now, adding, and will continue to hold.
There will be a time to rotate to altcoins and I'll give my list of top contenders and reasoning.
BLZE - bSOL is the liquid staking token with the best defi farming options right now and it airdrops blze tokens. Market cap comparisons are ridiculous to other similar tokens - think marinade, jito, and the defi farms are all super incentivized. If you use LST's you use them to farm, you go to the LST with the best yield on your LST. Seems like a no brainer.
Next is the Coinbase SPL basket. Any Solana tokens on Coinbase will have their moment. I like MNDE, Honey (hivemapper token) HNT, Jito, Jup will likely get listed, Orca is a beast, Render.
But as a reminder, mainly for myself, these will likely run after Solana and BTC run. If I was a wise man I’d swap a 10-20 percent of my sol into these alts when sol = 140 or slows down around that area. But we’ll see.
TIA - I bridged 2 Solana over, staked the TIA, supposedly there will be tons of airdrops and I want exposure. So the whole thing I said about Cosmos Eco last week about bridging and staking and missing pumps will likely play again.
Coinbase convo - endlessly bullish and we're going above 400. They have found themselves in a position where they are unstoppable. They moved more slow than competition, offered less, tried to follow the law, and even sued when the laws weren't clear, and are being rewarded for doing the right thing. This is a huge win that the regulators basically gave them. 8/10 of the ETF's are going to use Coinbase as a custodian for their coins. It's a nobrainer and my 401k is loving it, but the flipside of this is that it's a shit platform for users. They charge a ton for trades, it's like $2 plus a percent to actually trade crypto on their platform. The only proper way to use it is as an on/offramp for USDC to bank. That is free. Other than that trading on their makes Eth feel cheap. I made a swap on there for the first time in years and it was over $80 and even though I thought i was getting a better rate for the swap than i could onchain, I was not loving it. This is the go to platform that I recommend and it's incredibly clunky, costly, and begging to be disrupted. FTX basically took off because they made their platform easy to use, cheap to use, and offered users what they wanted. Sure there was fraud, but they ate Coinbases lunch on so many fronts. Once a legitimate competitor comes up we ape in. Would be nice if it was Backpack, but it's so hard in the US that I don't see it anytime soon. We deal with what we have.
SMB can't catch a break. Glad to be out with all the drama. The discord is a mess and the loudest members are the dumbest. The silent majority is great, but that doesn't matter if they are inactive. Nom is a goat and CEO, but he's dedicated to running it as a dao which is the most ineffective way to manage a group of degens trading on the 5m mark. Floor down, vibes terrible. But they did just burn the 5000 barrels they said they would, so maybe gen 3 catches a bid? I don't know, the whole punks on solana thing kind of sucks. Stick to reject humanity, return to monke and it would be a banger.
Quekz floor is down, but the vibes haven't left, the whales simply hold, 250k treasury for parties, centered around fun. So I will keep holding.
Airdrop Update:
Jupiter will be the biggest of the year as far as wide distribution and total value.
Margin is being overlooked, once they convert points to tokens we could see massive wealth effects. I've added significantly to my lending after thinking about this.
Drift - contender for coming out with something massive. They are hinting at something, maybe points then token, but Jupiter is going to eat their lunch unless they do something. Jupiter's perps are more expensive but the execution and liquidity is superior. To combat this they need to reward past users and incentivize new users. You do this with a token. LFG.
Kamino is dropping their points system soon, this could be big .
Samo did an airdrop to Saga holders and made a tool to airdrop holders of the Genesis NFT token.
My guess is after the Jup drop we see NFT's catch a raging pump and we unfortunately see a ton more memecoins go to the moon. I hope the usedcar and urmom coin go to the moon and we all make it. There's going to be so much opportunity and so much fun out there I can't wait. Let's get onchain and have some fun out there.
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