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Fundstrat Solana Report

Our partners at Fundstrat, a leading market strategy and sector research fund, have just released their report on the cutting edge technology being developed on the Solana blockchain. They have also been kind enough to make it available to Beluga Brief subscribers for free!

If you’re interested in a deep dive into topics like the slide above, you can download the full report from the link below. You can expect more reports like this from our partners in the future, so be sure to stay tuned if you’re interested in getting ahead of the market!

Weekly Beluga Insights

After causing some traders to panic and spill their bags this week, Bitcoin has once again surged back over $90,000. Interestingly, despite BTC’s strength the alt-coin market is seeing relatively muted gains, definitely indicating alt-season is not yet upon us. While alts aren’t doing too hot, the absolute opposite is true for memecoins; in a massive change of pace, Coinbase continues to list memecoins on its exchange. While memecoins so far account for very few of the total coins on Coinbase, they make up 3 of the top 10 coins by volume on the exchange in the last 24 hours… it’s clear what the people want right now are dog and cat coins, so who are we to argue?

As long as that’s the case, I would expect Solana and its ecosystem to maintain the mindshare it has had for this whole year now. The mindshare has of course been reflected in SOL’s price action so far which has been seriously impressive. Rising from $7 in the depths of the bear market when FTX imploded to over $210 today is no easy feat, and the strength of a community forged in a market like that is something to be reckoned with. I don’t expect that to change any time soon, even as Solana nears a new all-time-high.

Major Movers of the Week

Public Trading Wallet Update

We love seeing the majors continue to crush it as it means the Beluga Trading Wallet keeps rising — one thing I am watching however is how much of our portfolio is allocated to alt-coins. As I mentioned above, this cycle has been defined by memecoins doing multiples in a day and so the larger alt-coin market has remained largely dormant. I still believe we are close to them catching a bid, however it’s hard to argue with the opportunity cost when there are so many things moving these days.

In fact, the top 5 largest movers of the week out of all coins in the top 100 market cap were memecoins — no revenue, no business, just memes. I honestly don’t think I ever remember seeing this before, and it really speaks to where market sentiment is at. I think FTM is potentially an outlier here, mostly due to the increasing mindshare it has gained among traders due to the Sonic upgrade, however interesting things are happening on chain: over the last 24 hours, Fantom actually recorded more deposits bridging over than Solana did. Is this a sign of smart traders trying to front run the masses, or just a fluke?

Catch Up on What You Missed

• Ethereum ETFs record highest weekly trading volume since launch

• Wintermute’s proposal to overhaul Ethena protocol revenue share approved by risk committee

• Two small countries bet on Bitcoin — and it’s paying off big time

• There is a $450 billion behemoth forging BTC’s path to $100k

Tweet of the Week

Litecoin may have pulled off the greatest marketing scheme in recent history.

Recent Beluga Content

Disclaimer

The content on this site is for informational purposes only and should not be construed as investment advice. While Beluga strives to ensure the accuracy and timeliness of information, there may be discrepancies when comparing our data to that of financial institutions, service providers, or specific product websites. Always consult with a professional before making any financial decisions.

Will McKinnon is the Head of Content for Beluga and has spent every day for many years trading coins. For that reason there are too many to name, however his largest holdings by a significant margin are Ethereum and Bitcoin. NFA DYOR