In this article, we look at the latest (bullish) news from the crypto world involving the Solana blockchain and the SOL token.
Today the TVL of the chain has increased by over 600 million dollars while SOL has grown by about 10%.
All the details below.
Crypto news: new brilliant advertisement to promote Solana’s blockchain ecosystem
Among the most interesting news regarding the Solana blockchain, we find the release of a “teasing” video by the crypto project team.
Let’s talk about an advertisement, shared through its X profile, in which a very delicate topic for the VC investments sector is addressed.
Inside, two young developers are shown entering a pseudo-blockchain event satirically called “BlockPain Summit 2024”.
Walking through the conference, they come across a conversation with the representative of a fiction project, who begins to explain to them the potential of their product.
The guy talks to the kids about a so-called “AI enabled platform” that aims to achieve high scalability to revolutionize a series of blockchain infrastructures.
It then continues to talk about phantom partnerships, bridges for the mainnet, activities of restaking etc., without ever mentioning the fundamental “consumer dapps”.
The two guys have had enough of the usual spiel: they harshly criticize the way these crypto projects try to do business.
The underlying problem, which represents the heart of Solana’s advertisement, is that everyone is focused exclusively on Venture funding without thinking about the users.
The video aims to raise awareness among the blockchain audience about a now widespread phenomenon, which sees many new products being built ad hoc for institutional investors.
Nobody cares about the user and their final experience anymore.
https://twitter.com/solana/status/1853567281630150859
Nowadays, hundreds of emerging projects are launched with high FDV, yet they have nothing concrete for the community.
The objective, as mentioned, is solely to monetize the VC funds at the expense of their own supporters, sometimes managing everything through centralized structures.
Solana takes it easy by claiming to be a blockchain with a variety of consumer dapps, with purposes dedicated to the network’s users.
Finally, it invites developers to build successful applications on its own chain, with a direct focus on the end user.
https://twitter.com/solana/status/1853895238198218981
US Presidential Elections: the latest news boosts SOL and the crypto market
Beyond the brilliant marketing strategies, there is another crypto news that is driving Solana and its blockchain crazy: Trump’s victory in the US Presidential elections.
After a long night of counting, the Republican was finally elected the 47th President of the United States of America.
The impact of the news on the crypto world has been strongly bullish, with prices across the entire market skyrocketing.
Trump is indeed considered favorable to the crypto topic, having repeatedly expressed his support for Bitcoin and the world of digital assets.
His victory in the United States elections is considered a victory for the entire crypto industry.
After the news, SOL increased by 9.8% moving from 166 to 183 dollars, accompanied by excellent trading volumes. The open interest increased by 23.5% reflecting the current interest towards a bull price action, while the funding rate rose to 0.022%.
The Solana coin surpassed the resistance of 180 dollars and now seems projected towards the 200-dollar area, where another bear awaits.
The news of Trump’s victory also highlights the possibility of future approval of a crypto spot ETF for Solana.
A few days ago, Canary Capital submitted a request for approval to the SEC, inviting the Commission to accept the regulated investment product.
If until yesterday the chances of seeing a SOL ETF were very low, now everything changes with the entry of Trump. The same entrepreneur had promised during the election campaign to restructure the components of the SEC, starting with the dismissal of Gary Gensler.
Before long, a new federal Commission could therefore be established that would open the doors to new ETFs for Solana and other crypto.
We couldn’t be more bullish than this!
https://twitter.com/Altcoin_Hero_/status/1852357146693759022
Solana Blockchain: the network’s TVL grows
In the midst of the latest news at the White House, even the TVL of the Solana blockchain has recorded strong growth.
Compared to yesterday, the sum of tokens locked within the platform is greater by about 600 million dollars, bringing the total to 6.5 billion dollars.
This variation reflects both the appreciation of the crypto SOL and the influx of new capital into the chain. Transaction volumes are also high, with nearly 2 billion dollars transacted in just 24 hours.
In all this, Trump’s victory will likely fuel another phase of hype that encourages speculations and bring the blockchain to record new highs.
We expect a bull trend for the TVL of Solana from now until the end of the year.
The bullish news of the Solana ecosystem also impacts the memecoin, with extremely positive performances in the last 24 hours.
Various meme coins like WIF, POPCAT, GOAT, PONKE have recorded significant price increases, reviving the hype of Q1 2024.
A coin, known as GIGA, has reached a new all-time high at 700 million in marketcap and attracting many trading volumes.
The memecoins inspired by Trump, on the other hand, behaved unusually. MAGA (the largest in the category) after an initial pump sank, leaving behind a -7%.
Other similar crypto have had different performances based on their own capitalization.
It is clear that from now until the coming months, it will be necessary to keep an eye on the memecoins on Solana, or risk missing out on some astronomical pumps!
https://twitter.com/DegenerateNews/status/1853993454239350854
