What’s up everybody, it’s Thomas Bahamas and you are here for another episode of Solana Weekly where I will be breaking down the last week in Solana and the long term implications. Happy Valentine's day to all those that celebrate and what a week it has been, we're pumping and I'm just not seeing it stopping anytime soon. We are finally seeing the correlation between the trad markets and crypto markets and this is just the beginning.
Prices:
Sol Price: 118.10 - pumping and up over $20 from last week. Look at that beauty of a chart. Seems like it's consensus we're going to 140 and we just might get there today. Looking like a small dump here down to 115, hoping its just a slight pullback.
Sol Eth: .04261 - fairly flat, Eth has actually been moving and it's healthy.
Sol BTC: .00226 Flat as well, we love to see this. The flows from the ETF are proving to be insane and holding our precious bitcoins up. Trad market sell off? BTC don't care, we've got consistent flows into the BTC ETF which won't allow this to trickle into crypto now.
Sol Per BTC: 441
Bonk Market Cap: 1.28 billion and growing. We got the Bonkdragon released for the year of the dragon and we got bonkrewards which is an awesome form of staking. Lock your Bonk up for 1-6 months and you can get some of the revenue from all the protocols that Bonk is running. It's like an advertisement of all that they are doing, rewarding the users, and it also has the effect of making me feel like I'm underexposed.
Bonk/BTC: 3.8 Billion
Overall take on market: Looking great. Woke up this morning to green candles everywhere and couldn't be happier. BTC leading the charge, but ETH and SOL also following along and SOL still outperforming. It's going to be so hard to outperform Staked SOL this market. But with Sol also pumping we're seeing the whole SOL ecosystem show strength. Bonk outperforming, Helium crushing, Jito catching a bid, Honey crushing, Render, Pyth, the only coin that's really still sitting there waiting to do something is Jupiter. I for one am loving it and think we have a lot of upside for all of these. Jup will catch a bid.
To the market:
Depin: HNT up over 9.30 and they just released a big partnership with Google where they are giving yearly plans away with the purchase of a new phone, or discounted plans and hotspots. Honey from Hivemapper also crushing up over 22% and I still think it's undervalued. It still hasn’t hit it’s coinbase pump.
Defi: Great opportunities are still out there. I'm still in the Jup/Bonk and Jup/bSOL triple farming op from Kamino. Tons of smart contract risk, but farms Kamino, Meteora and Blaze. I think that the Drift airdrop is going to be massive and is worth farming with as little leverage as possible. Also we can't go on without talking about the Wormhole W airdrop, it seems like this is getting priced over $1/token and will be another multibillion dollar airdrop. Let's go, my body is ready for another, it's been over a week since my last airdrop and I need it haha. I think this is huge, Wormhole is breaking away from Jump and they are incredibly important with all their bridges and just looking at all the different protocols they support it will be a massive airdrop.
NFT's: Nothing crazy, SMB's down bad, my old Gen 2 is on the floor and I just can't find a reason to buy it back. Looking at going to NFT NYC in April and seems like there should be some good parties, I know the Solana Wine Snobs are gearing up for a wine filled dinner and Quekz will be queking. Not sure what it will take for the jpegs to pump, but it seems like it's majors season, so I will simply acquire more Quekz if the price goes down. I think finding the teams that are building for the long term and are fun will be the key.
Protocol of the week: Bonkrewards.com - locked up over a billion Bonk here with most being at a 6 month lock up for 2x the rewards.
Token of the week: Bonk - I'm so bullish on bonk. It's available on Coinbase, it's got a proposal up for some learn and earn program with a retail Euro bank, I've seen speculation that it's Revolut, but the scope and reach of the program is something like 38 million users. We are talking about a fun dog coin on the surface, but a full blown business empowering the entire ecosystem on the backend.
Other news: Taxes coming up, our man Crypto Tax Sucks is running out of time to get things done in time, reach out sooner than later.
Closing thoughts: The importance of figuring out what type of market participant you are. Everyone thinks they are a trader or nft flipper, but take a look back and look where you made the most money, or where you spent the most time. I've been doing some soul searching and trying to figure this out and I'm not a trader or nft flipper. I think that I've gained the most by being early and holding. Holding SOL and Bonk and trading other coins, but maintaining my main positions. How do i use this moving forward? I'm not sure, but staying involved with the ecosystem and figuring out fun new protocols is what I like doing and I plan on continuing to hold my core positions.
That does it for this week, I’m hoping to see Sol over 140 and Jup over $1 next week, thanks for joining, this is Thomas Bahamas.
Share this post