The Solana Memecoin Supercycle
Memecoins speed run to billion-dollar market caps as Solana becomes the new casino. Meanwhile, the crypto market experiences a sea of red while Blackrock and Microstrategy accumulate BTC
I’ll use a decade of traditional finance/corporate experience to refine the chaos into bite-sized chunks for you to digest.
This newsletter consists of four parts:
Market Overview
Snippet Partner (Modern Market)
Headline News
Weekly Airdrop Guide (Pike Finance)
Enjoy the journey.
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The BlackRock and Fidelity Bitcoin ETFs have now entered the top five of all ETFs in terms of year-to-date flows.
Bitcoin fell 11% this week to $64k but is still noted to be on a record-breaking streak with seven consecutive months of up-only since September:
Standard Chartered revised their 2024 BTC price prediction to $150k (up from $100k) and predicts $100bn (1.5bn BTC) to be accumulated by ETFs this year:
If the ETF inflows continue then there could be a liquidity crisis in six months, meaning there will not be enough supply to meet institutional demand.
Bullish for its price; the ETFs now have more than 800k bitcoin ($53.6bn) under management:
Solana Memecoin Supercycle
The top 10 Solana memecoins (by pre-sale raise) took 609,337 in SOL; This equates to $108 million at the current spot rate.
Solana flips BNB to become the top 4 in market cap, breaks $200 (before retracing with the wider market) and surpasses $4B DEFI in total value locked (TVL):
Google search trends for “Solana” hit new highs this week as memecoins on the chain create fresh millionaires:
The most notable this week was $BOME which speed ran the fastest memecoin to a billion dollar market cap and a Binance listing within 48 hours.
$BOME pumped to almost $0.03 ($2bn market cap):
Sunday Funday was one of the biggest winners with $BOME where he held $30m of the token towards its highs — if he sold on a DEX he may have tanked the price of the token by 68% given that he held 2% of the supply
The $SLERF token caught attention as the developer accidentally burned the entire $10m pre-sale. Was this a 200 IQ marketing play or a genuine mistake?
It drove the market cap up to $700m within a few hours and then back to $200m, with over $2bn in volume traded within the first day:
But not everyone won, this trader lost 3.7k SOL ($775k):
They bought 790,236 SLERF using 5,004 SOL when SLERF fomo intensifies
He then spent another 2,500 SOL to buy more SLERF
SLERF started dumping after that and the trader sold his position in panic for 3,774 SOL, resulting in a loss of 3,731 SOL ($775k)
Despite this, there are persons with influence rallying behind the cause:
Meow (Jupiter Exchange founder) will be donating current and ongoing SLERF limit order & DCA fees to the Slerfsol presale participants.
Frank (DeGods) shows empathy towards the project.
Beeple pulls together a Slerf honorary to capture the narrative on the timeline
Meanwhile, the market is poised for 0xDekadente’s token who gathered (170k SOL) $31.3m for the $SMOLE memecoin launch — he’s top spot in funds raised:
NFT Market Volume
Bitcoin ordinal volume rebounded this week with $135m:
As the hype for Runestones ramps up, OG ordinal collections are being accumulated in the hopes of future airdrops. E.g. Bitcoin Puppets have received $PUP allocations
ETH Trading Volume:
(A) 16th March: Pandora leads ETH NFT Market volume as the NFTs decline by 20%. Meanwhile, a new DN-404 project goes live (Asterix), pumping before dropping 10% in value; now sitting around the 0.9 ETH mark
Other Activity (Mintify Heatmap):
(B): Parallel Avatars pump on the latest AI gaming announcement
(C): SMOWLs (DarkFarms1 project and founder of $BOME) pumped to 0.7 ETH, returning to 0.2 ETH with the success of $BOME
(D): BlockGames increased 8% on the week with the $BLOCK farming going live
(E): Pixels farmland increased 11% as the Guilds go live in-game; benefits are available for land owners
Bitcoin Ordinal Volume:
OMB saw a sharp decline in price as the Orange Eyes were minted and the collection grew to 5k total, volume spiked 230% as new holders bought in from the old guard:
Nodemonkes and Bitcoin Puppets rebounded this week as the Runestone narrative picks up with expectations around airdrops of Runes to OG collections
SOL NFT Trading Volume
SOL dips to the 50k SOL mark ($10m) daily as SOL rips to $200:
The pump in the fungible token and memecoins has led the NFT collections on Solana to bleed out slightly
It could be a prime opportunity to buy back into certain collections. I’m personally eyeing up HOA (Parcl), Pikes (Pike Finance) and Sharx (Sharky-Fi)
Notable NFT Sales
The big sale this week was the Achi ($WIF) 1/1 piece which fetched (excuse the pun) 1.21k ETH ($4m)
“Achi, Dog Wif Hat” racked up quickly with a bidding war between 9GAG and GTC. 9GAG outlined the rationale for the lofty price, stating there could be a fractionalized version that trades at a significant multiple
Active Wallets
No significant change in the number of active wallets interacting with ETH NFTs this week, but Solana saw a huge increase as the Solana memecoin super cycle emerged:
Airdrop Tracker —> Link
(A cut of this tracker will be taken weekly and an updated version will be included each week for you to view — so tune in weekly for further opportunities!)
WARNING: Ensure you use a burner wallet that is NOT your main wallet for this.
Weekly Insight
Pike Finance
News
Polyhedra airdrop goes live, the community is underwhelmed
Starbucks discontinues its NFT business segment
Rumours surface that Nike may be sunsetting its RTFKT business
Bitcoin Flash Crashed to $8.9K on BitMEX
ETH’s Dencun (EIP-4844) upgrade goes live — Layer 2 fees drop significantly
MiladyMaker333 loses 110 NFTs after treasury drain
LeonidasNFT's Runestone surpasses 500 BTC in trading volume in under 3 days
Michael Saylor's MicroStrategy Acquired Another 9,245 BTC For $623M
Airdrop Tracker Link
If there’s appetite I’ll continue to include a weekly walkthrough on a selected airdrop.
This Week: Pike Finance
Pike Finance Airdrop Farming Guide
Pike Finance only received a grant for $50k but raised at a $25m valuation with Circle and Wormhole as backers.
It could be flying under the radar, particularly given there are caps on amounts liquidity providers can add and earn.
Its whitelisting process is underway at the moment; for the top tier, you need 1m $PIU in your wallet which currently costs about 0.05 ETH to buy:
What is Pike Finance?
Pike is a Universal Liquidity Protocol; it is designed to unleash utility for native assets by aggregating liquidity across blockchain networks.
It’s the cross-blockchain piece that piques my interest! Lend on Arbitrum then us this as collateral to borrow on Base… it uses Wormhole to send the messages.
There are several activities to undertake to earn $PIU which will be used to determine the token allocation down the line:
Supply liquidity and borrow funds to earn
Buy $PIU on the open market - this is the approach I’ve taken
Hold certain NFTs to claim
Hold certain Discord roles
1) Supply Liquidity
Using $10k as an example and borrowing $6k there is a forecast earning 6.8m $PIU in a 31 day period, which is then used to establish the pre-sale allocation:
There are caps on how much you can borrow/lend though meaning that whales cannot dilute you as easily, benefiting the little man:
2) Buy $PIU
Alternatively, you can simply buy $PIU to obtain the relevant tiers to get into the community pre-sale:
3) Claim $PIU with NFTs held
You’ll need to grab your Discord role by the pre-determined date ASAP as these are being rolled out now — it’s probably not worth buying some of these for the allocation as 1m $PIU currently costs about 0.05 ETH ($167):
4) Discord Roles
You can obtain Discord XP and roles for being active — This is for those valued community members with low liquidity.
Have $PIU? Now what?
Holders who obtained Whitelist Tiers must burn $PIU in exchange to participate in the Pike Community Presale
This leaves it open to the speculators — could you buy up the $PIU ahead of the burn to redeem your governance token allocation? I’ll personally give it a dabble but not financial advice and always DYOR, as usual.
That’s a wrap for issue 64 of S4mmy’s Snippets. I hope you enjoyed it.
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Disclaimer: The content covered in this newsletter is not to be considered investment or financial advice. It is for informational and educational purposes only.
I hold some of the assets mentioned in this newsletter.
Keep the airdrop guides coming, like the step by step explanations!