What's up everybody! It's Thomas Bahamas and you are here for another episode of Solana Weekly. Hope you made it through the week and didn't lose any coins or your mind. Insane levels of dipping and doom talk across the board, from stocks to meme coins and everything in between. We will definitely be talking about what went in this crash, talk about how I think about these type of events, and where we are at in the cycle. Before we get to that I’ve gotta give another shout out to the Drip droppers on Drip Haus, I’m still having a ton of fun with it. Shoutout to Early Art who is the biggest contributor of last week, I will like to say that we are still soo early and cheers.
Sol Price: $147.18 Down from 181.84, and a 19% decrease overall. Now this sure doesn't feel like it because we actually bottomed at 110 and almost 40% down from last week alone. Insane volatility on the weekend, with Sol really bouncing back strong from the market nuke.
SOLETH: .06189 - ATH Baby!! Let's gooo! Eth sold off extremely hard and didn't recover well, the ETF was not a good price catalyst and the amount of ETH getting sold is extremely high.
SOLBTC: .00264 - down a small amount. Bitcoin doing it's thing and not moving down as much on a sell off, but still managed to drop 20% and dipped under 50k for the first time since February of this year.
SOLD - 3.58, down a few percent.
Overall, Solana got caught in the sell off, but was one of the strongest recoveries across the board. The volatility is here, the appetite for SOL is still here and it is still in fact fairly early in overall cycle. I didn't actually do much on this dip, I swapped some BTC for SOL and bought some SOL and Bonk with some stables I had. I wasn't planning on doing any short term leveraging, I still remain pretty convinced that we are going higher, I'm comfortable with the risk that I have in the market because I also have taken some out as we've gone up to prep for a potential pullback. As you would say on cryptotwitter, study bankroll management.
Why we sold off:
Bad jobs data.
Bad Japan economy.
Jump selling all their crypto.
Rise of Kamala and anti crypto admin.
War in Israel/Iran.
A lot of potential reasons why, almost seems like an overreaction of the economic data combined with a hot ball of fud. It looks like things have settled, Japan seems to be recovering, Fed will surely cut rates in September if not earlier, the rest was just more fuel. I think we have until September to accumulate before a big run up and I would not be surprised to see BTC over 100k. If that happens, I still think Solana outperforms and we have some insane times ahead of us. As Raoul Pal once said, don’t fuck this up and we can all win.
New Solana meme dropped: the CIA created Solana.
As we do, everyone in Solana has now started shitposting about being in the CIA. It's a beautiful thing.
I think it was Chase that said something about this being his favorite part of the Solana ecosystem is that we flip these ridiculous fud people make up and own it.
Think manlets, vc chain, chain goes down, soylana manlets, sqlana.
Fighting fud with shitposts is hilarious and amazing.
What will it take for our NFT's to go up? The bid isn't there, but the marketplaces are incentivizing transactions so that bots come in and bid down every single collection. I don't know what wins.
Ore is back in play with its V2 product. I don't know too much about this, but you somehow mine Ore super easily through their site, it's proof of work, and people call it the bitcoin of Solana. I'm mining, I bought some, I'm down bad. Seems like a pretty cool idea, I think you mine with transactions, so when you mine you basically just spam the Solana network. I've had more failed transactions in the last few days and hope this isn't the case, but my guess is that it is.
Golfing tomorrow in a Veecon and DeGods golf tournament, I'm absolutely pumped. They are playing at a course I grew up playing and I haven't played in years, so it's giving me an excuse.
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