What’s up everybody, it’s Thomas Bahamas and you are here for another episode of Solana Weekly where we will be entering the trenches this week and trying to make sense of them. You can’t avoid it, the memecoin warfare is in the trenches. Join us anon and let’s figure this out.
First a shoutout to the Drip.Haus users for tuning in, and shout out to Papa Bearded for the recent note. Let’s grow a beard and hit the trenches harder than ever hit before. Now a quick note to everyone on Drip.Haus, I’ve airdopped you some coins. I used airship. Go to airship.helius.dev and go to “view your compressed tokens.” Here you will see some Bonk, some BBQ tokens, and some Cali tokens I got sent, and likely some more. You need to decompress and boom, they are yours.
I got the Cali tokens for mentioning them on the show, so quick shout out to them. Still early days with them on Moonshot and sitting at a whopping $5k marketplace, but seems like they are building something out and it’s not a short term project. Check acceleratecali on twitter if you want to know more and hold the tokens.
Also a quick sponsor note, I want to give a shout out to the Solana Wall team. They have a presale going on right now and you can join in at solwall_token. I think it’s a pretty cool project that reminds me of the early days of Facebook and how social media started. One wall to rule them, a place where you can use their token to put a message on the wall and have it be there for eternity. No algorithms, liking your own posts, or bookmarking necessary. They are also running some airdrop campaigns and will be rewarding early users. Worth checking out, and I’ll see you on the wall.
Alright, let’s get to the market:
Solana is at $155.30 - sitting at resistance and we are ready for this shit to break. Come on Solana you can do it! it feels good though because we had a bottom down at $133 and have had a great recovery. Feels like we’re heading to 200 soon.
SolEth - .0592 - up endlessly and will continue until a Vitalik blog is readable. Metrics for Solana are unreal and it seems like it’s at the expense of Eth.
SolBTC - .00228 - not too far off, and Bitcoin is set to blow a new ATH sitting at 68k.
BONK - sitting at .00002423, 2.25 billion market cap and pumping. Loving the energy of the Bonkers on Twitter and they just got their ETP passed and it already has over $48 million dollars worth purchased. Great start, and this is going so much higher.
Overall the market is pumping and we are setup for some fireworks. We’re seeing those fireworks happen mostly on memecoins and we are going to dig right in.
Murad - We’ve got ourselves a memecoin Jesus and he actually makes a lot of sense. A lot of what he’s talking about is the useless VC coins that get launched and have allocations before that people inevitably dump. The memecoin thesis is a lot more pure because there are usually only a few insiders and it’s a lot more clear that there is no utility. I think there was something like over $8 Billion in activity with memecoins so this is a massive sector and just can’t be ignored. Ansem still going heavy with the coins, and all your favorite NFT ruggers have joined in the party. So it’s a full war.
Memecoins are not a vampire attack against crypto tech. They are a vampire attack against crypto tech tokens.
Rise of memecoins is a sign that industry is maturing. Crypto tech coins are the fake ones. Value is memetic anyways.
4 types of coins BTC - store of value, stable coins, coins that produce revenues that produce cash flows, tokenized mini religions.
Pumpfun - where tokens get launched, once they hit 50 or 60k, they get released and graduate to raydium.
Moonshot - newer token launcher, similar but seems to have some rewarding for the top holders of a coin with Airlock.
The software stack: Telegram, telegram bots, group chats.
Bonkbot - great bot, interacts directly with contracts and super user friendly. Also going non custodial.
Bullx - telegram bot also, but connects to a webpage that you can see graphs, set limit orders and research really clearly. This has been my favorite.
MEV - bonkbot does this automatically and jupiter does, but Bullx you need to turn this on. This is because people are sandwich attacking like crazy. I submitted a transaction for 3.5 sol, got sandwiched by a 10sol buy, then I only received 3 sol, and they sold the 10.5 sol worth. The buy adjusted my price because it essentially front ran my transaction and triggered a higher price. It sucked. But I’m seeing this all over, if you see a massive spike in a chart, this is likely it.
Chart by market cap - we don’t look at the token price anymore, it’s all by the market cap. Graduates from pump.fun at 50k, it’s going to 100k, I guess it’s science.
These coins act like leverage. Hard to go to sleep in a low cap or high cap. The information about each coin is super low. So it’s a pvp game with incomplete information that relies heavily on momentum.
That momentum can shift in an instant. Insiders can stop buying, top holders can sell, or the death move of the dev selling. Bullx has an indicator that shows dev selling and it can be the kiss of death. People work around this though, but it’s worth noting.
Knowledge part is the hardest for me. You can go to Pump Vision in bullx and see tokens that have recently launched, about to graduate, and have graduated along with what they have going on for them with socials, etc. But it seems like nothing beats the word of mouth from some trench warriors. Finding the trench warriors is probably not to hard, every nft chat has one or has turned into one haha. The Quekz have a solid shitter cabal chat that I’ve been frequenting, but worth checking all your old discords from NFT’s to see who is printing and what they are up to. Careful because some of these can be dumping on you, that’s why you gotta find ones that you can trust. Quekz is gated by nobles, so you have to have 20 ducks to get in, so it’s more trustworthy.
Anyways, let’s see where this is going, find some cult tokens and take a stab. They are all super risky, so have some bankroll management, none of this is financial advice, and have some fun. Don’t get caught up in the gamble.
I’ve been thinking a lot after my last interview with Daria and I want more! That was a lot of fun, got out of my comfort zone and learned a lot from it. If you have any interest in joining, reach out at info@solanaweekly.io or shoot me a dm. I’ve started reaching out to a few different protocols/ people that I think are awesome in the space and want to keep it going. I’ve upped the marketing efforts from 0 to 1, so let me know if you like this direction and if it starts sucking let me know. I opened an instagram account, a tiktok account (still don’t know how that works) and I started a telegram channel t.me/solanaweekly where I’ll be posting some of my research and shownotes.
Thank you all for joining in, this is Thomas Bahamas wishing you another great week.
Solana Weekly #87 - Into The Trenches