Ah, the crypto carnival, where the price of bitcoin (BTC) pirouettes like a dizzy ballerina, now teetering at a mere $93,600. A 2% dip in the last 24 hours, and a staggering 10% tumble over the week—who knew digital coins could be so dramatic?
As the broader crypto market, defined by the illustrious CoinDesk 20 Index, flounders down 4%, our dear solana (SOL) has taken a 16% nosedive. It seems the memecoin market has reached its zenith of absurdity, with Argentine President Javier Milei playing the role of the hapless jester. Solana, once a beacon of hope, now finds itself down 35% over the past month, having relinquished all its post-Trump election gains. What a plot twist!
$500K still in play
Enter Geoff Kendrick of Standard Chartered, the optimistic oracle who predicts bitcoin will soar to $500,000 before Trump bids adieu to the Oval Office. A bold claim, indeed! Kendrick, in his morning missive, clings to the hope that recent 13F filings regarding institutional ownership of spot bitcoin ETFs signal a brighter future.
He muses that the buyer’s profile has evolved from the humble retail investor to hedge funds, and now, banks and sovereigns are joining the fray. With Goldman Sachs boosting their ETF stake and Abu Dhabi making its inaugural bitcoin ETF purchase, the stage is set for a grand performance.
Kendrick quips, “We expect more long-term, long-only money to flood into bitcoin, and the Abu Dhabi position is merely the prologue to a much grander tale of sovereign participation.”
Solana slump
But alas, the native tokens of the Solana ecosystem are not immune to the chaos. Tokens from decentralized exchanges like Raydium (RAY) and Jupiter (JUP) are suffering double-digit losses, while Jito (JTO) has slipped 7% lower, all down over 30% from their Friday highs. A tragic comedy, indeed!
The Solana ecosystem, once a thriving hub for memecoin trading, is now grappling with the fallout from the LIBRA debacle—a scandalous pump-and-dump that has left key figures, including President Milei, in a rather uncomfortable position.
LIBRA, which burst onto the scene with a $4 billion market cap after Milei’s enthusiastic endorsement, has since plummeted as insiders cashed in $100 million. Milei, now facing fraud charges and potential impeachment, has backpedaled faster than a politician at a town hall meeting. Meanwhile, Ben Chow, co-founder of Solana-based DEX Meteora, has resigned, caught in the web of this financial farce.
“This is the latest sordid episode from Solana’s memecoin complex,” quips Alex Thorn, head of research at Galaxy. The report notes that sentiment towards memecoins has been on a downward spiral since the infamous TRUMP token.
As if the situation weren’t dire enough, the impending SOL unlock event threatens to unleash a torrent of tokens into circulation, injecting yet another layer of uncertainty into the market. Estimates suggest that around 15.725 million SOL, valued at approximately $2.5 billion, will be unlocked over the next three months, primarily from the FTX estate holdings.
“If this unlock occurs, it could significantly impact the circulating supply of $SOL and the market dynamics,” warn Tokenomist analysts. “Historical precedents indicate that large token unlocks often lead to wild price fluctuations. However, the exact size and timing of this unlock remain shrouded in mystery.”
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2025-02-18 21:57