Now, after Bitcoin broke through $99,000, it failed to maintain the high point and has not been able to break through $100,000, which has doused cold water on global investors.
Now, excluding some meme coins, the only cryptocurrencies that have effectively broken through their previous highs are Bitcoin, Solana, and Sui.
Breaking through the previous high means that there are no longer any trapped positions, opening up upward space and establishing its status as a value coin in the cryptocurrency market.
Bitcoin was the first to break through the high point of the previous bull market. In November 2021, Bitcoin set the peak price of $69,000 in the previous bull market. On March 12, 2024, it broke through to $73,760, starting a small bull market in the coin circle. On November 6, 2024, it broke through again to $75,380, marking the formal start of the bull market.
Sui is the second new public chain to break through its yearly high. On October 12, 2024, the new public chain token Sui broke through the previous high of $2.18 set on March 18, 2024, establishing its leading position among altcoins and marking the beginning of a major bull market in the crypto space for 2025.
Solana is the third value coin to break through its previous high. Solana reached its previous cycle's peak price of $259.8 in November 2021. On November 22, 2024, Solana broke through to $264.3, establishing its status as a value coin. The lowest point of this bear market is $8. If anyone has the courage to buy and hold now, it is a 30-fold return; true diamond hands hold firmly and win effortlessly.
The current market of the imitation leader Ethereum is really disappointing for many people, and many feel that Ethereum has completely declined this time, allowing the newly emerged public chains like sol, sui, and layer 2 chains to take away its funds and traffic. This only indicates that the entire market is still in the early stages. Whenever Ethereum starts to surge, it usually means that the market has already entered a climax.
Of course, the rise of Bitcoin, Solana, and Sui is closely related to Wall Street institutions. Bitcoin is Wall Street's favorite, Solana is Wall Street's favored child, and Sui is Wall Street's darling.
Sui is very likely to be the leading coin in 2025. First, Wall Street institutions are very optimistic about it; second, it’s a public chain; third, it’s a new coin. Sui now resembles the early days of Solana, with many opportunities. Moreover, Sui's Move language is also very well utilized, and the technology is quite solid. Sui's technical reputation is significantly better than APT, with better experiences and evaluations from both ecosystem users and the developer community.
Previous strong technical chains or projects with strong technical genes often tend to overlook or are not good at building communities, and they did not pay attention to the importance of memes. ICP was also very strong technically and had a high profile, but it did not focus enough on community and memes, resulting in no breakout projects in the ecosystem. To this day, no one remembers any memorable projects or images from ICP at that time, leading to a slow death of the entire ecosystem.
Sui has clearly overcome this issue and timely followed the meme trend. If the official can support one or two star projects with visual anchor meme coin images, it will further attract investments from various sources in the market.
Compared to Solana, Sui is actually more decentralized. It has been proven that the price of coins and the profitability of projects have no relationship at all. Solana has been losing money every quarter, with a loss of $1.8 billion just in the first half of this year, and the rate of loss is accelerating. DYDX has been reporting over $100 million in profits every year. The price performance of these two is indeed worlds apart. The rise of the Solana ecosystem is already a foregone conclusion. It is definitely impossible to surpass Ethereum. However, the chances of making money from meme coin airdrops in the Solana ecosystem will be higher than those in the Ethereum ecosystem.
Bitcoin has slow transaction speeds and high fees. Ethereum's transaction fees are also not cheap. Solana often experiences outages. Sui sometimes also has outages. Investors who want to get in but don’t know where to start can first consider meme coins on the Solana chain and Sui chain, such as BOME and PNUT. PNUT, as a meme coin on Solana, gained the top spot on the growth list solely relying on the big IPs of Musk and Trump.
Looking at the tokens in the Ethereum system, including OP, ARB, ETHFI, SSV, they have been weak and lackluster. But the coins in the Solana sector are all rising, including JTO, JUP, TNSR, PYTH, etc., almost all made it to the growth list. Coinbase also announced the launch of perpetual futures for Solana-related coins.
The new public chain will ignite the entire crypto market, and the launch of the second half of the major bull market will be led by new public chains. Bitcoin's growth will lag behind mainstream coins, and the recent rises of new public chains Sui and Sei are very eye-catching.
It’s no longer called the altcoin season, but rather the altcoin supplementary rise. The first wave of this altcoin season was from the Spring Festival to late March, and the second wave is from now until around New Year. Thus, the outcome remains uncertain, and all altcoins are dark horses. To break into the top ten by market cap, dark horses need to have the ability to absorb large amounts of capital. Therefore, the tracks where dark horses emerge will either be meme-related or public chains. For example, Pepe and Sui both have the potential to increase tenfold.
On-chain low-quality coins like SPX, GOAT, MINI, RETARDIO, and HARRYPOTTERBITCOIN have all surged to new highs. SPX is the leading concept of Murad, with a market cap close to $1 billion. MINI is part of the meme culture, RETARDIO belongs to the Milady community. GOAT is an AI-generated meme similar to Turbo, with investment from A16Z, achieving a 10-fold increase in one day and reaching a market cap of $100 million in two days.
Public chains Sui, FTM, Saga, and Sei have surged. The Sui ecosystem's BLUB has surged, with a market cap of $30 million. BLUB is a meme coin of Sui, similar to Pepe, which has increased a hundredfold this month. The on-chain meme MOODENG has surged. MOODENG is the Thai Hippo Baby, which increased a hundredfold in a week, with a market cap of $30 million. The activation of small-cap meme coins on Binance has stimulated the on-chain low-quality dog coin market.
Among the top six hottest projects, Neiro, Sats, Pepe, Wif, and Doge belong to the meme coin concept. Regardless of which ones, among the top ten hottest projects, there are definitely 4 to 6 meme concept coins. Musk mentioned squirrels, Pepe, and bananas again on Twitter, essentially meaning that PNUT and Doge will rise and fall together in the long run.
The public chains Solana and Sui are extremely popular, and even the smaller projects like Ray and Drift in the Solana ecosystem are benefiting from this. The exchange rate of Solana to Ethereum has also reached new highs, making it feel like Sui now stands in the same position in the DeFi field as Ethereum did during the 2020 bull market, with everyone eager to enter the market.
All meme coins on Solana are low-quality, none have a vision, and the probability of them going to zero is very high; all profits go to the project parties, leaving no opportunities for retail investors. To play meme coins, you still need Ethereum; only aristocratic chains can produce projects like Pepe and Shiba.
When the market comes, it is inevitable for high-quality altcoin projects and popular meme coins to take off first. The season for altcoins now cannot blow to every coin; once this wind passes, it will be clear who is harvesting profits and who is doing the work.
