Solana Summer in November?

Weekly Beluga Insights

This week Solana once again topped the headlines, ripping up to $68 before pulling back. Other majors Bitcoin and Ethereum have taken a step back yet still remain within their new range as of now, potentially meaning the move was to wipe out late longs. Interestingly, the NFT market seems to be picking up in the last few weeks bringing a surge in volume not just on ETH, but also Solana with the Mad Lads collection. Are we starting to see the trickle down effects of Bitcoin and Ethereum pumping, or is this just a fleeting move?

This week we want to take a look at a piece of the Solana ecosystem that has been getting a lot of attention recently, the Jupiter DEX aggregator. Jupiter has been around for a long time now, but has been brought to the forefront of attention due to their upcoming airdrop set to go live this coming week.

Source: Jupiter

While Solana’s price has seen over 400% upside this year so far, the ecosystem tokens have yet to prove themselves. In the crypto world, the best products are those that make people money, and if the Jupiter airdrop can create enough wealth on chain there will be a massive ripple effect throughout Solana. The champion of Solana memes, $BONK, among a few other names would likely see large inflows off the back of a huge airdrop. Definitely keep an eye on how this performs next week!

Quick Quips: Catch Up on What You Missed

Source: Taproot Wizards

Chart of the Week

As Bitcoin and Ethereum to a lesser extent are so large, looking at charts of the total crypto market cap can be misleading sometimes. Below is a chart of all of crypto not including BTC and ETH, which is ticking up towards more local highs.

Market Cap of Alt Coins, Source: TradingView

Did you know?

A 2022 NASDAQ survey revealed 72% of financial advisors would be more likely allocate investor funds to crypto if a spot ETF were available.