Solana "Presale" Clowns 🤡🇯🇵📈

Valko

Solana "Presale" Clowns 🤡🇯🇵📈 Valko

Specs’ Insights

$123M raised by 27 “presales” on Solana in the last week

⌐◪-◪ → Our favorite on-chain sleuth ZachXBT decided to do a little digging to answer the question → “How much SOL has been sent as a result of the presale meta?”

Turns out over 655,000 SOL ($122.5M) was raised across 27 different “presales” in the last 7 days alone.

Note: This is only presales on Solana and excludes other chains (Ethereum, BSC, Base, etc).

I put “presale” in quotations because most of these are either complete rug pulls or just some random memecoin with absolutely zero business plan/purpose/roadmap.

The two most ridiculous presales I’ve seen are:

Slerf, where the dev accidentally burned $10M presale funds
JaredFromSubway impersonator, who raised $250k

It’s amazing how dumb and desperate people get when chasing quick profits — they are literally sending money to strangers.

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Japan’s $1.43T pension fund considers buying Bitcoin

⌐◪-◪ → Japan’s Government Pension Investment Fund (GPIF) is looking into Bitcoin to diversify.

According to Bloomberg, GPIF is the world’s largest pension fund with nearly 1.5T in assets under management.

The move is part of a broader strategic exploration into “illiquid” assets like precious metals, so there’s no guarantee they actually invest in Bitcoin.

Nonetheless, the headline fits into the growing narrative of municipalities, states, and entire nations looking to purchase Bitcoin.

Meanwhile, El Salvador is still buying 1 BTC/day, and Qatar is possibly buying 100 BTC/day in secret.

Like Michael Saylor famously said, “Everybody gets Bitcoin at the price they deserve”.

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Solana DEXs dominate decentralized trading volumes

⌐◪-◪ → Solana DEXs dominated total decentralized crypto trading volumes over the last 24 hours.

This of course is driven by the surge in degenerate memecoin activity, which is worse than usual thanks to the “presale” meta.

In the last 24 hours, the top three DEXs by volume were Raydium, Jupiter, and Orca. In terms of market share, Raydium and Jupiter held 20.8% and 16.2% respectively.

For context: Raydium’s volume alone reached $2.2B which was 2x Ethereum’s Uniswap volume of $1.1B.

This just goes to show how greed-fueled and speculative crypto can be most of the time — most “traders” are just gamblers larping as investors.

As I always say, crypto isn’t about making money, it’s about redefining money. I just wish other people would see it that way.

Don’t get lost in the greed sauce.

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Everything Else

⛓️ Crypto & DeFi

BTC drops under $63k in major 8% correction
Bitcoin flash crashed to $8.9k on BitMEX due to large sell orders
Adam Back wants “prodigal son” Roger Ver to return to Bitcoin
Polymarket nears $100M wagered on US Presidential Election
Libre tokenization platform goes live for Brevan Howard fund
Aavegotchi to launch L3 rollup using Base for settlement Q2 2024
Slerf hits $2B in volume despite devs burning $10M in presale funds

🏦 Wallstreet & VC

10T Holdings predicts Bitcoin could easily hit $200k amid halving
Standard Chartered analyst says BTC will hit $150k this year
Fidelity’s BTC ETF becomes 5th most popular ETF in 2024
MicroStrategy buys another $623M Bitcoin
Bitwise CIO thinks 1st wirehouse will support BTC ETF soon
Grayscale CEO believes BTC ETF fees will drop over time
Fidelity amends spot Ethereum ETF to include staking
Bakkt names Andy Main as new CEO
Keyring raises $6M for on-chain DeFi compliance platform
Mantra raises $11M to expand tokenization platform to Middle East

🏛️ Legal & Regulatory

FTX creditors speak of despair as SBF’s sentencing looms
Utah judge sanctions SEC for acting in bad faith in DEBT Box Case
Pro-crypto Rep. French Hill looks to lead House Financial Committee

🌎 Rest of the World

UK FCA to deliver market abuse regime for crypto this year
OKX to pull USDT trading pairs in Europe
Grab users in Singapore can now pay with crypto
Binance crypto exchange users surpass $100B in holdings
Binance asks prime brokers to enhance KYC to avoid US nationals
El Salvador moves Bitcoin reserves to cold storage vault

🖼️ NFTs & Metaverse

RTFKT founder denies rumor of shutdown
Legendary rapper Ghostface Killah inscribed newest song on Bitcoin
Square Enix brings Symbiogensis game to HyperPlay game launcher
CZ unveils educational project involving NFTs called Giggle Academy

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Specs Chat is more than just a group chat, it’s a community designed to help you become a better crypto investor and operator.

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