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SOLUSD

Solana / US Dollar

Industry

Digital Currency

Solana is a public, open-source blockchain that supports smart contracts, including non-fungible tokens (NFTs) and a variety of decentralized applications (dApps). Native to Solana's blockchain is the SOL token which provides network security through staking as well as a means of transferring value.

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Pseudonymous cryptocurrency trader Altcoin Sherpa views Bonk (CRYPTO: BONK) as having a better potential upside compared to other meme coins despite its recent 11% monthly loss. Bonk maintains good liquidity and could reclaim its top Solana meme coin position with certain catalysts. However, Dogwifhat (CRYPTO: WIF) has overtaken Bonk as the top meme coin on Solana. Despite the challenges, Bonk has seen a significant yearly gain of 3,539.6% and recently burned 2.5 billion BONK tokens. The future of meme coins and Bitcoin as an institutional asset will be discussed at Benzinga's Future of Digital Assets event.

Portfolio Pulse from Khyathi Dalal

April 02, 2024 | 8:12 pm

Ansem's Cat, a meme coin named after Solana influencer Ansem's cat, Hobbes, reached a $100M valuation in 24 hours. This surge is part of a broader 'cat mania' in the meme coin market, with cat-themed coins gaining traction and closing the valuation gap with dog-themed coins like Dogecoin and Shiba Inu. The market cap of cat coins has hit $1.9 billion, while dog coins are valued at $52 billion. Ansem has been instrumental in promoting Solana meme coins.

Portfolio Pulse from Ivan Crnogatić

April 02, 2024 | 6:58 pm

Bitcoin spot ETFs experienced a net outflow of $85.84 million on April 1, with Grayscale's GBTC seeing a $302 million outflow, while BlackRock's IBIT and Fidelity's FBTC enjoyed inflows of $165 million and $43.99 million, respectively. Despite this, Bitcoin spot ETFs have seen over $12 billion in net inflows year-to-date. A Coinshares report indicates a recovery in investor sentiment with $862 million in inflows last week, despite a slowdown in ETF activity and a regional divergence in investment trends.

Portfolio Pulse from Murtuza Merchant

April 02, 2024 | 2:33 pm

Dogwifhat (WIF), dubbed the 'Shiba Inu Killer', has seen a decline of 11.5% but is still considered 'the best active trade right now' by trader Altcoin Sherpa, despite the recent dip in cryptocurrency prices. WIF's advantages include being a market leader in volume, a leading Solana meme, great liquidity, and being in price discovery. However, risks include the unpredictability of the uptrend's end, the volatile nature of meme coin trading, potential unit bias, and less favorable risk-to-return for new investors. Dogwifhat's recent performance has placed it in the top 40 cryptocurrencies, with a significant 129% increase over the past month, outperforming Shiba Inu's 19% gain.

Portfolio Pulse from Ivan Crnogatić

April 02, 2024 | 1:40 pm

Chris Burniske, former ARK Invest crypto lead, predicts Solana (SOL) could surpass Binance Coin (BNB) to become the third largest crypto asset, excluding stablecoins, after Bitcoin (BTC) and Ethereum (ETH). Despite a recent 10.5% drop in Solana's price to $180.63, Burniske remains bullish but advises realistic expectations. Solana's price has been on a downward trend, and Solana Labs co-founder Anatoly Yakovenko expressed skepticism about meme coins' public good contributions.

Portfolio Pulse from Benzinga Neuro

April 02, 2024 | 1:13 pm

Anatoly Yakovenko, CEO of Solana, announced a fictitious cryptocurrency named 'BunkerCoin' as an April Fool's joke, which led to the creation of a real token on the Solana blockchain, soaring 4000% in value within 24 hours. Despite being a prank, the event highlights the volatility and risk of new cryptocurrencies. Meanwhile, Dogecoin's price rose 6.56% in the last 24 hours.

Portfolio Pulse from Mehab Qureshi

April 02, 2024 | 7:58 am

Solana (CRYPTO: SOL) has experienced a 4.3% decrease in price over the past 24 hours, continuing a weekly downtrend of -2.0%. The trading volume has decreased by 4.0%, and the circulating supply has slightly reduced by 0.17%. Currently, Solana's market cap ranks it as the 5th largest, valued at $84.19 billion.

Portfolio Pulse from Benzinga Insights

April 01, 2024 | 7:01 pm

Anatoly Yakovenko, co-founder of Solana Labs, criticized the notion that meme coins like Dogwifhat and Bonk can contribute to public good, calling it nihilistic. He emphasized personal behavior change over financial contributions to good causes. His comments come as meme coins, including Dogwifhat and Bonk, see significant market traction, with Dogwifhat notably gaining on Dogecoin and Shiba Inu.

Portfolio Pulse from Benzinga Neuro

April 01, 2024 | 2:17 am

Vitalik Buterin, Ethereum co-founder, criticizes the current trend of meme coins for lacking innovation and containing offensive content. He advocates for meme coins that support public goods and highlights the potential of 'Robin Hood games' like Axie Infinity, which may benefit low-income users. Buterin emphasizes the need for high-quality, positive projects in the crypto space.

Portfolio Pulse from Chris Katje

March 29, 2024 | 7:38 pm

Dogwifhat (CRYPTO: WIF) has become the third-largest meme coin by market capitalization, surpassing Pepe Coin (CRYPTO: PEPE) with a market cap of $3.65 billion. It has seen a 16% rally in the last 24 hours and a 61% increase over the last seven days. Dogwifhat's rise has also positively impacted Solana (CRYPTO: SOL), as investors need to purchase SOL to trade for WIF. Despite its rapid growth, Dogwifhat still trails behind Shiba Inu (CRYPTO: SHIB), the second-largest meme coin, by a significant margin.

Portfolio Pulse from Rounak Jain

March 29, 2024 | 1:11 pm

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