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 try to figure out the long term implications. Ups and downs this week are crazy. We hit BTC ath then absolutely nuked 10k. Bonk hit ATH then basically halved, euphoric to it's over in no time.
Prices:
Sol Price: 128.72 - pumping and yes we fill that wick above 140 today.
Sol Eth: .0335 - fairly flat
Sol BTC: .0019185 - down a bit
Sol Per BTC: I like this number - 521 - going up a bit, think we see a SOLbtc rally soon.
Bonk Market Cap: 2.1 billion!
Bonk/BTC: 2 billion - will continue to go down.
Overall take on market: Up, this was a speed bump and a massive leverage flush with over 1.1 billion being liquidated. We hate to see that and hope you didn't get caught up in it. Bigger picture is we crossed a massive psychological barrier and we got the ETF inflows combined with the BTC halvening. The BTC rewards for mining go down by 50% and there will be less BTC out there. The supply gets lower while the demand get's higher. We don't need an economics PHD to know that this equals up.
We also hit over 140 on Solana, there was some OTC deals going down with the FTX estate that was holding Solana down while BTC raged. Crazy thing is once the BTC pump ended, Solana seemed to have pumped and that's when we saw it hit over 140. Selling exhausted? Hopefully,
To the market:
Bonk!!! - Memecoin of the year on Coin Market Cap. That's right, we hit ath and I can only see it going higher.
Dog coin wars? Bonk and Wif to the moon, Wif hit $2 it’s insanse.
Depin: Hilarious tweet from Toly and Raj about a balloon that takes C02 out of the atmosphere and puts it above to remove pollution. Maybe Depin will save us? Put a massive 5g helium miner on their and have it make people rich somehow.
Financial Nihilism - Travis Kling put out a massive thread on this and it comes from Hidden Forces with Demetri Kofinas, one of the two podcasts that I pay for. This is the idea that mainly Gen Z and even some millenials can’t afford a house or anything great so they will gamble it all on dog coins. The idea of a middle class American dream is so far out of reality that in order to make it they are willing to gamble it all away for a chance at driving a lambo. It’s a depressing thing. I hope this is not all crypto is, but more that it is an answer to this problem. The crushing financial economy combined with legislation that is designed on a welfare state rather than stimulating economic development is hopefully coming to an end. New business models where middlemen like Google, Facebook don’t get the lions share of rewards, but everyone can join in. The E/Acc movement is catching steam because it’s at direct odds with the current decel administrative state that we are seeing. This is most drastically shown in my home state of California. A leader in so many different parts of the American economy, with a dreary outlook. Up comes a new hope through effective acceleration, AI, and crypto economies and we have ourselves the next boom. Only this time, we all can join in and the boomers can’t hold us back.
Quick Coinbase rant: it has gone down consistently and is a trash exchange. If you don’t view it as an exchange it’s a behemoth of a business. With Custodial services for most the ETF’s, onramp and offramp of USDC, partnership with USDC, debit card, even it’s L2 Base is bullish. But it’s function of an exchange is terrible, anytime it’s a top or bottom of the market it goes down. It’s performance can be compared with Eth, terrible. They literally had years to scale their platforms and have failed to. I will continue to hold their stock but will dump it for the BTC etf after a pump.
Speaking of USDC, the demand for stables is insane right now. There are literally yields of 50% that are easily accessible. I couldn’t pass it up and have put some in Flexlend.fi, one that aggregates different lenders and allocates your funds to the best yielding one.
NFT's: Down on my SMB purchase, ahh the old feeling of being underwater on my monkey jpeg. The nodemonkes are crushing on BTC and are terrible haha. Maybe that helps our bags? Seems like the vibes are back at Monkedao, sure would be nice if the price reflected that.
Quekz - removed points from Tensor and the floor price has only been flat or up. The bots have been on notice and the quekz are flying. We love to see it and hopefully this chapter is over. When looking at other NFT's i still don't see a better opportunity out there than the Quekz. Adding some potential benefits to the Serfs holding less than 20, but I still think that holding 20 Quekz in the nobles chat has been the best move I've made. Never selling.
Wallets: Magic Eden's wallet is coming out as the best way to bridge between Sol, Eth, and BTC. More and more bullish Magic Eden even though I don't use it.
Protocol of the week: Still Moonwalk, we got a Bonk game going on and i'm loving the 10k steps. Check the latest Drive Podcast with Peter Attia to hear about rucking and let's get some rucksacks and hit the mountains.
Been diving into Access Protocol as well, pretty unique way to reward content creators. I think crypto in general will crush it in this area and there are a few different solutions, but this could be massive. They did a Saga airdrop and most people probably dumped, but you can stake your tokens and help out content creators directly.
Also interested in Solarplex, Discover, Farcaster and think Friendtech will come to Solana.
Token of the week: Bonk - does it even change?
The power of Mert - such a unique power in that he has all the technical background in Solana, Eth, and L2's and can hold everyone accountable. There's a memecoin Mertd even after him now haha. But the power of calling all these other protocols and L2's out for what they are has been a huge addition to the Solana mindshare. It's crazy because I wouldn't be able to dive into much of them, but from using them I can tell you they aren't anywhere near Solana. He consistently and hilariously drags anyone talking trash down and it has undoubtedly been such an unlock for Solana.
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