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BTC sits at $110K as of this morning, with the vast majority of tokens down – except for Hyperliquid (up 14% from yesterday’s $43 lows) and Solana (up 4% today).
We’ve already covered Hyperliquid twice this week, so I’ll spare the details. Here’s a quick recap:
- Perpetuals volumes are up and to the right.
- Spot volumes are up and to the right.
We’re also finally seeing some relief on Solana after months of underperformance against $ETH. Recent DAT announcements seem to have not been particularly private and were sold into pretty heavily (likely also due to the market downturn). Since then, the wunderkind of 2023-2024 has rebounded. We’ll have to see if the treasury companies will lead to any open market buys, or if they’re mostly in-kind. Even if they are mostly in-kind, given that $SOL’s market cap is much smaller than that of $ETH, we might see some positive price action if:
The $SOL DATs can put forward a figure who can compete with Mr. Thomas Lee.
They are putting in at least a little bit of cash into the vehicles.
Unfortunately, despite being bullish on $SOL throughout most of 2023 and 2024, it is difficult to not feel like the tide has moved against it, especially with memecoin activity increasingly taking the attributes of a euthanasia roller coaster (Trump into Melania into Milei into Kanye West). We’ll have to see who wins:
Ethereum, Thomas Lee and DATs
Solana, memecoins and gambling
Hyperliquid and infinite buybacks