What's up everybody, it's Thomas Bahamas and you are here for another episode of Solana Weekly where we break down the last week and predict the future. We've got doom and gloom all over the timeline, but we got that 1% pump back and hot damn it feels good. Shout out to the Joker on Driphaus.
Solana: 133.40 and We're down $10 from last week and I'm hoping we're turning this ship around.
SOLETH: .054 Down just a tiny bit from last week.
SOLBTC: .0022 - down a good chunk, we're seeing daddy bitcoin do his thing and not move as much as the rest of the market.
Overall take on the market: Down bad, but not down too bad but a great spot for adding on.
UPdates:
Jupiter just released that they are giving out all the unclaimed Jup as ASR which is active staking rewards. This is something like $162 million dollars, so I would recommend staking some JUP, seems like an easy play right now. Also they are burning billions worth of the coin, kind of seems like a no brainer.
Another play I'm interested in is Tensorians, I know they are down bad, but you can stake them and get a ton of Tensor points and likely hit another airdrop. Plus the floor will likely go up as it's gets closer. Worked last time.
The manly urge to buy a Madlad is real, but the reasons aren't there. I like them as a PFP, but I want a wine coin airdrop which is probably like $200 and a bottle of wine from Dvin. Also some sort of Monad exposure, and my conspiracy theory is that they drop another collection on Monad. All of these are ways that they will provide value and likely increase in floor price, but NFT's are not back, the r/r of 8500 for like $500 or something is like that is not there. I love Armani and Tristan though, so it's not a bad way to go, just not the best way to make money right now i think.
NFA part. So where does that lead us? Where do we make money? The conservative answer is undervalued coins that have a bright future. Staked Sol is a freaking cheat code. A free 9% yield on the most useful chain in crypto that is undervalued is insane. Short term might be sideways and maybe even down a little bit, but the mid to long term future is ridiculously bullish. Even BTC or Eth could fall into that, but none of us are thinking about getting rich that slow. Other coins that have a lot of strength and good use cases are Jup, Jito, Bonk, Moutai, even the Iggy coin has some potential. There are tons of gems that got hit from the dip in the whole market and are being held down, I actually even think a lot of meme coins are undervalued too. I don't have an edge in memecoins, but I don't think they are done yet, and I think there are several that are differentiating themeselves from the pump fun pump and dump and those are worth eyeing. Did I just list out my bags? Yes i listed out my bags, the hard part about this is I put my money on what I believe in. I likely will never buy the stone cold bottom, or sell the stone cold tops, but I will indeed buy dips and sell rips.
I like to think of this as trading the edges of my positions. I hold 90% of my coins in cold storage I don't touch. But that 10% I will definitely trade, and I think it's actually super important. It both keeps me busy, and also has some sort of psychological effect where I'm not beholden to the market, I have agency and can buy a dip, or sell a pump and have some stables set aside.
Just saw the legend Zachxbt post that Jason Derulo just posted another scam coin on Tron and it’s just sad. These guys are ruthless. The celebrity coin meta is basically launch a coin on your fans, dump on them, then delete the tweets and carry on like nothing happened. Pretty much across the board it’s 95% plus draw downs. I think Iggy is still the only one working for her bags and I hope she does. But I don’t have a good explanation for why people come to crypto and dump on their fans. I think it has something to do with crypto being in a grey area legally, and most people that got dumped on are afraid to call them out and they are less likely to get in legal trouble because of it. But part of it is just the blind worship of both money and celebrity. These celebs post pictures with money, or on vacation, or in their super expensive cars so that they look rich, but in essence they are begging for money on the internet with a crypto coin. People are such NPC’s and are just so used to doing what celebs do that they send their hard earned money to support them. It’s all insane, I only bought a couple but as quick flips because it’s clear as day that they are all going to zero. How does this change? I’m not sure, some sort of Zachxbt on steroids that reminds people all day long of the previous scams, or maybe there’s some sort of change in society where we value people with morals and decency? Probably not, but here’s to hoping.
It’s Korean Blockchain Week and seems like the events are pumpin leading into Breakpoint in a couple weeks. Hope we get to enjoy a solid pump leading into it and will catch you all next week!
Solana Weekly #82- Buyin Dips And Sellin Rips