What’s up everybody, it’s Thomas Bahamas and you are here for another episode of Solana Weekly where I will be breaking down what has been going down on Solana in the last week and diving in. We saw a bit of a pullback today in light of the Coinbase lawsuit not being dropped, but this is just a short term bump in the way up. We've got everything set up for a glorious Solana Summer with BTC inflows, interest rates about to be cut, a presidential election on the way, and Solana being THE chain for users. The L2 narratives are crumbling as they are getting hacked and being proven centralized, slow, more costly, and if you get hacked they can just roll back the chain!
Prices:
Sol Price: 188.79 - Pretty flat, but I bet we finish this week strong. We've seen a ton of use to continue on Solana, but not overwhelming the network at all. The presales were slowing down, but it looks like a massive one just went out again today to Machi big brother to the tune of almost 30 mill, come on guys. Memecoins continue to show product market fit as well as defi protocols gaining popularity.
Sol Eth: .0522 - Down just a bit overall, not bad considering that blackrock just sent 100 mill on chain for investments. Talks of an Eth ETF are still strong and even though we had a recent rejection, it will come. L2's are getting destroyed right now. Blast an L2 had a protocol on it called Munchables that hired a dev posing as 4 different devs. (Hilarious right?) He was North Korean and exploited it for all that it had and something like 62 million dollars. To address this they had to roll back the chain and shut the centralized bridge down with the funds in it. This is something you can't do on a decentralized network, but here we are.
Sol BTC: .0026578 - Down a bit and I'm not bothered by it. I expect this number to change by end of the week and we move forward. Bitcoin has been fickle in it's pricing, it crosses previous ath, then dumps. It's just waiting for the next leg up and as soon as we get Greyscale out of the way or they continue to lower their fees on their ETF we will see this number go up as they say.
Overall take on market: Expecting a full recovery, while Coinbase didn't get their case thrown out, it still looks like they will ultimately win this. The SEC has just been taking L after L and Coinbase is a behemoth at this point. The case could take until 2025 so we will see some back and forth and I'm sure at some point during the next year the news cycle will say it's over then we're back many, many times. I expect them to crush them, but I'm also not a lawyer.
The long term we are going up so much higher that I even included the DFTU in here because it resonates with how I'm feeling. Hold spot bags until the cycle is at it's peak. We are nowhere near the peak, just don't f it up. My plan is to play around with small parts of the portfolio and keep the spot bags hidden in hardware devices that make it a pain in the ass to get to. I have some numbers to take profit and percentages that I will sell at, that's the plan. Stick to it, prosper, make it through the next bear, then another bull.
To the market:
CCTP has been launched through Circle - This allows USDC to seamlessly flow between the different chains that Circle supports. It does a burn and mint, so think of sending Eth USDC to Solana, you send it, it burns the Eth USDC (as it should) and then it mints USDC directly on Solana and gets send to you. This is massive as it's generally pretty sloppy to bridge between chains and because of that there are middle men taking their cut. This basically makes holding USDC on chain holding USDC on any chain you choose. We simply believe that you choose Solana after the better user experience.
From meme coins to actual protocols - We're seeing the good side of these memecoins through funding based devs. From this we have SolPhone that allows you to make wallet to wallet calls, facetimes, Sol Email also coming out relatively.
Doge ETF - the case is made, the stage is set, all our dog coins will go to Vahalla. There was a case made for other ETF's and one of coins mentioned was Litecoin. We don't care about Litecoin and haven't for many many years, but this is bullish for our bags because Litecoin mining was merged with Dogecoin mining. So if you are going to allow ltc, you simply allow an etf for a doge. On one hand it gets dog coins in the IRA, but maybe it's bearish because people won't have to buy on Coinbase or Robinhood.
Robinhood - actually shipping. They have been crushing in stock price, but also in features. They have a sick platform these days. 5% yield on cash, 3% cashback on spending with their credit card, 1% match in rollovers, and something like 3% match on IRA. It's kind of like the dream platform at this point. They also have crypto and you can send USDC on Solana their and hold crypto on it, seems like the best way to buy and hold Doge these days. The downside is that they have a terrible history as a platform based off of the GME scandals where they shut off the buy button for GME and worked against users. So I don't know where i put this, bullish on the stock, kind of bullish on the platform as a whole, bearish on their team and ethics maybe?
Depin: Helium doing several in person meet ups.
Defi: Season 1 of Kamino has been completed and I think we see a token soon. Margin has yet to release a token, but we saw a memecoin launch in the name of MargEnfi haha. So we wait on that and watch them and the Solend team continue to fight and make each other look terrible. Just release the tokens and let's get this on.
If you staked your Jupiter and voted, you get a drop of Zeus it looks like. From their LFG platform that launches coins, this will be a new release, and they are dropping stakeholders of Jup. Pretty sick, and this makes me wish I staked more.
Parcl Also just ended their season of points I believe and I'm ready for the drop, haven't seen a date yet on this one.
It's Wednesday and that's right I'm thinking about Wormhole Wednesday. They keep flirting with a date and my body is ready for this drop. I had a funny joke about this and I'm going to go ahead and say it but make sure you know it's not serious. That tragic bridge was taken down in Maryland yesterday, and now that some time has passed Wormhole will move fast af to drop their token. Why? Because they had a bridge that was hacked for 300 Million and they instantly backfilled it. This brings up memories of this and this token is for sure going to make them whole on that.
Gotta give another shout out to the homies at Sujiko Warriors for their Airdrop Checker, it's the original one and it's the freaking best. You get a lifetime subscription for holding one of their NFT's and it seems like a nobrainer right now for sub 2 Solana. You can get setup with Notifications to get notified when there is an airdrop that you qualify for, it gives you all the correct addresses, it shows you the amount of tokens that you're getting and even has a price feed that shows you how much in $ that is. It's unbelievably based, and you can preload in your address and have it updated super quick. It's hard to keep track of this, but having a warrior and checking this weekly is a good habit.
NFT's:
Wallets: We gotta stay safe out there, get your coins on a hardware wallet and watch out for scams. Several people in Solana have mentioned that Apple has called and they have been getting 2 factor authentication notices from Apple with people trying to login to their accounts. Well they are hacking you. Degen Haole, a former quek and long time Solana NFT guy until he went bored ape had this happen and they got him for all he had on his solana wallet, and eth wallet. So don't be like that, hide your private keys on a device, don't keep a ton of money on your phone either.
Token of the week: Nick - I'm choosing rich this week my friends. I have been cracking up nonstop at this content and frankly don't think it's going away. I think it's the theme of this cycle and has legs. I think over then next several months this is a hold and will pay off well. They've been crushing the content game for a while, and what they are doing is genius, it's kind of uplifting, and I'm here for it. I was going to buy a bodoggo, but I think the play is actually just stick with the coin.
As always, thanks for showing up and let’s have a great week.
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