What’s up everyone, it’s Thomas Bahamas and you are here for another episode of Solana Weekly!
We got another banger of a week with so much going on it's going to be hard to condense it all. We had a rapper named lil pump tattoo Solana on his head and the phantom logo on his arm, we had Andrew Tate launch a coin, Dillon Danis ready to rug his fans again, Biden trying to accept crypto, and Trump continuing his pro crypto rhetoric. I would like to finish this intro with a little GCR knowledge bomb, the market won't top until everyone stops trying to look for top signals. When we're actually at the top, people will believe tops are now mathematically impossible; your only job is to not get liquidated and remain bullish.
Sol price - 148.48 with a 13% drop on the week and the dreading feeling that it's all over. It's not. It's a dip, it's normal, we don't like it, but we hold and stick to the long game. The amount of attention that Solana has right now is insane. Solana is the crypto market right now, and anyone interested probably can't avoid it. From Bonk ETF mentioned on Cramer's show, to Iggy's 12 million followers, to Lil Pump's 14 million followers, Solana is winning. Do we like that? Not necessarily, but this is crypto and people can do what they want with it.
SolEth - .04225- down 6%
Solbtc - .00221 - down 8%, honestly I thought this was going to be worse.
Sol d - 2.85
Solflate pod - listened on drip, it’s sick, Vibhu I want in and had a call with their team to see what it takes get onboarded. Basically you can subscribe through drip and get dropped NFTs. Drip.haus is the site and it’s worth checking out.
Sphere - based in the payment space.
Fuse - early beta released to the public and slick af. Smart wallet, literally stop keeping your funds in hot wallets and get this wallet.
Solana 1.18.15 released and updated - transactions be landing, and increasing the priority fee is now increasing your odds of landing a transactions. Fees are rolling.
As prices go down I decided to give some financial advice in the spirit of Charlie Munger.
Let’s invert the good advice for the bad and see what we should avoid.
To have a miserable time in this market and
Hilarious psychology of us going from 170 to 160 in a week but it feels euphoric because we hit 145 and it seemed like it was over.
Thinking about this Jonah post, and maybe i'm too into into solana, but it seems wrong.
This take would’ve made sense in a 2021-type environment when everything in crypto was up-only.
In 2024, crypto is no longer a viable customer acquisition mechanism because there aren’t enough solvent morons around to swap fiat for the Nth token.
https://x.com/jvb_xyz/status/1800635379931910146
Celebs - thinking about a naval quote where you want to be rich and unknown, not known and not rich. Is memecoins the solution that a lot of these c list celebrities see?
Could it actually be the solution?
Think about what followers on instagram get you, you become an influencer, advertise, and dump on your followers. How different is that than a memecoin? Is this the better method to monetize your audience? Is it the more honest version where you're not shilling AG-1 or some other nonsense?
Maybe. The problem is that it sure doesn't act that way yet.
Iggy is likely 1 in a million in that she is working for her freaking bags every day non stop. The hustle is real, she's building use cases, and the attention is non stop. She brought over her only fans simps
I haven't seen another one that is that compelling, but it brings forward an example of showing what can be done.
And Ansem has turned into a Celebrity himself at this point, he's basically advising/dunking with these new guys launching coins.
Going to finish it off with a little Charlie Munger style thought.
A what not to do at this point in the cycle.
Premise: I don't think the cycle is over and this is a pullback, if you think otherwise, stop here.
At this point, we've corrected down 25+% and a lot of meme coins have been hit. A recipe for disaster is to sell all your coins to dollars to buy back lower. Watching charts 24/7, waiting for the right support to buy back on. Trying to leverage trade this either way right now will chop you up. Not paying attention to your health will hurt you. Not having a few Limit orders at lower prices in case we do hit a lower price. Not having conviction in your big bags for the long term. Not having some money on the side and depending on the income you make from short term moves is a sure way to misery. Following the trend of stimulants and tobacco will take years off your life. Losing sleep will make you miserable. Not eating well will take its toll. Not having a stable home life will make it much harder. We need a solid base, we need to keep our minds clear, out of the 5 minute chart, and have confidence in your analysis. Have big bets, if the big market structure changes and we go to 0 have a plan.
Solana Weekly #73 - Top Signs or Signs of Adoption?