Solana Weekly: #12 - Ready for a Move

Feels like a little bit of a more normal week, nothing exploded, no major rug or hack, price went up and down. It does seem like we’re ready for a big move. FOMC just dropped and we only got a 25 basis point raise so we’re seeing a little bit of a pump. Couple new mints happening and NFT market seems like it’s slowing down a bit. Solana Price - currently at $24.46. Not bad. We dipped down to 22, and shot up to almost 27. Seems to me like there is still a good demand for Solana even if markets are looking scary. I still think we have more upside on the token because of what’s being built out on the protocol side and the crazy use cases that are being built out. Sol/Eth - sitting at .015, steady. Bonk - kind of slowing down on the meme coin, I still have hope. We saw a launch of the Solana Bonk Business NFT and it caught legs, topping out at around 7 Sol. They were pixelated and kind of fun. Not as hyped up as the Bonkz NFT, but they were fun.Bonkz had their magic reveal. You burn your placeholder NFT and get your Bonk NFT. There were a bunch of sick 1/1’s by top artists so everyone wanted one. But they revealed and TANKED. They are under 3 Sol and pre reveal was at 16. So not a good look. When I did the burn process it errored for me, so it was a bad look. There are 15k of these and a lot of the attributes weren’t that well done with floating arms and the like. Shouldn’t have done 15k, should have just done the 1/1’s. Kind of a flop, cute PFP’s but meh. Pirate Squad minted today and is doing really well. I had a presale and it was 3 Sol, currently over 7.5 Sol. The idea of play to earn with actual games is pretty cool and I’ll probably hold for a while. Overall outlook on NFT’s: kind of bearish short term. The royalties thing is coming back up again with the different royalty enforcement contracts and marketplaces only allowing certain ones on their platform. Kind of bs, just figure it out. Magic Eden has too much power. The other part is while Solana is either pumping or dumping in value NFT’s will take a dip in floor price. It’s kind of BS, but it’s true. So I kind of want to derisk some NFT’s at this point, but will also be looking for some long term plays if the floors do dip far enough. One NFT project that fits this bill is the Degenerate Ape Academy. No idea why they aren’t higher and I don’t keep track of them. But they just released a game, they are releasing V2 with upgradable traits, I’m just kind of bullish on them long term. They are one of the first projects on Solana, hilarious, they do a bunch of crazy s**t and their floor price has been down only. Worth keeping an eye on. Meme coin update - Smol seems to have calmed down. Dabloons is an interesting one. they are only releasing their token to stakers of their NFT’s. I think it was a free mint, I bought couple and staked them. You get like 200,000 tokens/day/NFT for the next 7-10 days, and it’s a couple bucks a day. We’ll see how it goes, I’ve got a couple staked. Good listen: Benny Bitcoins on Logan Jastremski Pod - talking BD on Solana and their BD strategy. Love it, it’s to help facilitate projects and help them thrive. Not bankroll them like Polygon. Seems like a super reasonable guy, not very pushy an dnot shoving Solana/crypto at you. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thomasbahamas.substack.com