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DeFi

Solend Rebrands to Save and Launches New Financial Products

by Ouess
written by Ouess

Solana’s lending and borrowing platform, Solend, is rebranding to Save. With this change, the platform plans to launch several new financial products to regain market share. These include a native stablecoin, a liquid staking token, and a protocol for shorting memecoins.

Launching New Tokens

Save will introduce a stablecoin called sUSD and a liquid staking token named saveSOL. Additionally, it will launch Dumpy.Fun, a platform designed for shorting memecoins. These new products aim to enhance the platform’s offerings and attract more users.

Market Reaction

Following the announcement, Solend’s token, SLND, surged by 35%, while Solana’s SOL rallied by 3.3%. The rebranding and new product launches are seen as strategic moves to strengthen the platform’s position in the market.

Competitive Liquid Staking Market

Liquid staking is highly competitive in DeFi. The top five liquid staking protocols on Solana hold over $4 billion in total value locked (TVL). Jito leads the market with over 50% share of the Solana LST market.

Stablecoin Market on Solana

The Solana stablecoin market is dominated by Circle’s USDC, which accounts for nearly 70% of the $3.27 billion market cap. USDC’s main competitors are USDT and PayPal’s pyUSD, collectively holding $966 million.

Solend’s Market Share Challenges

In March 2022, Solend was the first Solana lending platform to surpass $1 billion in TVL. However, the collapse of FTX led to massive liquidations, wiping out many assets. Throughout 2023 and 2024, Solend lost market share to competitors like Kamino Finance and MarginFi.

Shorting Memecoins with Dumpy.Fun

Dumpy.Fun is a platform for shorting memecoins with leverage, named after the memecoin launchpad Pump.Fun. Users can short coins deposited into Dumpy.Fun, with depositors incentivized by high annual percentage rates (APR). The entire process occurs on-chain with verifiable liquidation prices displayed on their “short squeeze explorer,” squeezy.lol.

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Memecoin

KAMA Meme Coin Surges: Impact of Biden’s Announcement

by Ouess
written by Ouess

Crypto traders are once again delving into the intersection of presidential politics and meme coins, with KAMA coin skyrocketing after President Biden’s withdrawal announcement.

KAMA Meme Coin Hits All-Time High

Crypto Traders Engage in Presidential Politics

Cryptocurrency traders have redirected their attention to the realm of presidential politics, albeit through the playful avenue of meme coins. Recently, KAMA coin saw a remarkable surge, doubling in value to reach an all-time high of 2.4 cents immediately following President Joe Biden’s announcement of his withdrawal from the re-election campaign. This unexpected turn catapulted KAMA’s market cap to $24 million, positioning it as a prominent player among meme coins.

KAMALA Daily chart Source : DexScreener

Impact on Political and Crypto Landscape

Political Shake-Up Spurs Meme Coin Creation

President Biden’s decision to step back from the re-election race stirred a flurry of activity among traders, leading to the rapid creation of new tokens caricaturing Vice President Kamala Harris and Biden on platforms like Pump.fun. Notably, BODEN, a previously influential Biden-inspired coin in the PolitiFi sphere, experienced a sharp decline of nearly 50% in value following this announcement. This reflects the volatile nature of meme coins traded primarily on the Solana (SOL) blockchain.

Market Speculation and Future Outlook

Speculation Amidst Political Endorsements

Despite endorsements from prominent figures like former President Bill Clinton, former Secretary of State Hillary Clinton, and Senator Elizabeth Warren, the landscape remains unpredictable. Harris, commenting on Biden’s endorsement, expressed determination to unify the Democratic Party and the nation against projected challenges from Donald Trump’s agenda in Project 2025.

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Memecoin

Popcat Hits $1 Billion Market Cap in Historic Milestone

by Ouess
written by Ouess

Popcat has made headlines as the first cat-themed meme coin to achieve a $1 billion market capitalization, confirmed through a resolved Polymarket bet.

Surge of Cat-Themed Meme Coins

Over the weekend, meme coins Popcat (POPCAT) and Mog (MOG) saw significant gains driven by their cat-themed narrative and as speculative bets among traders. Popcat briefly surpassed the $1 billion market cap threshold, emerging victorious in a highly active Polymarket trading scenario.

Market Movement of Major Cryptocurrencies

In parallel, Ether (ETH) has seen a 5% increase over the past week in anticipation of the launch of Ether exchange-traded funds (ETFs) starting July 23. Solana’s SOL also surged by 15% during the same period, buoyed by heightened transaction volumes.

Relationship with Leading Cryptocurrencies

Throughout this year, cat-themed tokens like Popcat and Mog have tended to rally alongside the prices of major cryptocurrencies like Solana’s SOL and Ethereum (ETH). This trend mirrors the performance of dog-themed tokens such as Bonk (BONK) and Dogecoin (DOGE), often viewed as speculative “beta bets.”

Beta Betting on Blockchain Growth

Meme tokens are increasingly perceived as leveraged bets on the growth of their underlying blockchains, commonly referred to by crypto traders as beta bets.

Market Dynamics and Popcat’s Rise

Popcat, which operates on the Solana blockchain, experienced a surge following a single $630,000 token purchase late Sunday, propelling its market cap beyond $1 billion.

MOG’s Momentum and Market Sentiment

Meanwhile, Ethereum-based MOG also saw an 8% rise, reaching a $960 million market cap and setting a new all-time high, bolstered by its growing community on the social platform X.

Polymarket Bet and Market Reaction

A Polymarket bet on the market capitalization of cat-themed tokens, including expectations of surpassing dog-themed counterparts in the next bull cycle, amassed $4.6 million in trading volumes since its launch in March.

Resolution and Market Response

The market bet was resolved on Monday as Popcat crossed the $1 billion milestone before retracting gains. Initially considered a long shot with odds as low as 2% in early April, Popcat’s surge marked a significant development in the cat-themed token market.

Market Manipulation Concerns

Despite its resolution, some Polymarket users voiced concerns over possible market manipulation favoring Popcat’s odds, highlighting the impact of speculative trading dynamics within the crypto space.

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Memecoin

Dogecoin Influence: FLOKI Poised for Growth Amid Memecoin Surge

by Ouess
written by Ouess

Dogecoin’s recent rally is making waves across the memecoin market, according to Elon Musk, who views this uptrend as transformative for other dog-themed cryptocurrencies like FLOKI.

Exploring FLOKI’s Potential

Historically, FLOKI has mirrored Dogecoin’s movements, and analysts expect this trend to continue. Currently, a quarter of FLOKI’s circulating supply (2.39 trillion FLOKI) is locked, effectively reducing available tokens for trading.

FLOKI’s ecosystem includes a fee-collecting bot that buys and burns tokens, further limiting supply and potentially supporting price levels.

FLOKI USD Hourly chart

The correlation between Dogecoin and FLOKI is well-established, with FLOKI typically following Dogecoin’s price spikes.

Broader Market Dynamics and FLOKI’s Position

Investors often seek opportunities in related assets, creating a ripple effect. FLOKI, with its distinctive features and active community, emerges as a strong contender for growth.

Elon Musk’s endorsement significantly bolsters this sentiment, given his track record of influencing cryptocurrency markets through social media.

His recent endorsement underscores potential gains in FLOKI, reigniting investor interest. The combination of locked supply and the buy-and-burn mechanism could propel FLOKI’s valuation upward.

DOGE USD Hourly chart

Implications and Market Outlook

Reducing token circulation increases the scarcity and value of remaining tokens. Coupled with heightened demand fueled by Dogecoin’s rally, FLOKI appears poised for a positive trajectory.

Dogecoin’s surge sets the stage for a bullish phase in FLOKI and other memecoins. With historical correlations, reduced supply dynamics, and influential endorsements, FLOKI shows promising prospects.

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Story

Elon Musk Boosts NPC Meme Coin by 40%

by Ouess
written by Ouess

Elon Musk shared a video related to the non-player character (NPC) meme, causing a related meme coin to pump over 40% in the last 24 hours. The video, originally posted by Mario Nawfal, host of Mario Nawfal’s Roundtable, led to a sudden rally in the NPC meme coin.

Unintentional Impact on NPC Meme Coin

On Saturday, Elon Musk posted a video about the non-player character meme. This post unintentionally triggered a rally in Non-Playable Coin (NPC), a meme coin based on one of the internet’s most recognizable memes. The NPC coin, which exists on the Ethereum and Base networks, was created last year after Musk appreciated a post about the NPC meme.

Video’s Content and Spread

The video highlights the idea that many people act like non-player characters in real life, merely repeating what they are programmed to say. The video is an old edit from Joe Rogan’s podcast, The Joe Rogan Experience. Originally shared by Mario Nawfal, it was reshared multiple times on X, gaining widespread attention after Musk shared it.

NPC Coin’s Price Surge

Following Musk’s post, the price of NPC continued to rally, trading at $0.02463. It had a 24-hour low and high of $0.0165 and $0.02482, respectively. The trading volume also increased by 70% in the last 24 hours, indicating a rise in interest among

traders.

Historical Context and Caution

Meme coins often experience price jumps after Musk shares related content on X. This has happened with other cryptocurrencies like Dogecoin, Pepe Coin, and Shiba Inu. However, traders should exercise caution and do their due diligence before investing, as these pumps can lead to significant volatility.

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Altcoin

Solana Price Rally: Breakout to $200 Imminent?

by Ouess
written by Ouess

With immediate resistance at $175, a breakout could push Solana’s price to $200 and beyond. The ongoing rally is fueled by ETF speculations. Over the past week, Solana, the Ethereum Layer-1 competitor, has surged by nearly 25%, soaring past $170. Analysts are optimistic about SOL’s price movement, expecting it to continue rising into the weekend.

On-Chain Data and Investor Sentiment

According to on-chain data provider Santiment, Solana’s price has increased by 33% since July 4th. This upward trend is due to the prevailing skepticism among investors towards SOL. Despite the rally, Santiment notes that investor sentiment hasn’t reached the FOMO level yet. Until the current FOMO replaces the FUD, the SOL price rally to $200 can continue.

Technical Analysis and ETF Speculations

The recent SOL gains come after a double-bottom formation. The immediate resistance for the altcoin is at $175. A breakout above this level would set the stage for the next Solana rally to $200 and beyond. This rally has been fueled by ETF speculations and a significant boost in the DeFi total-value-locked (TVL).

DeFi Growth and Network Metrics

According to DeFiLlama, SOL’s total value locked has reached $5.10 billion. Additionally, the total market cap of all stablecoins on the Solana blockchain is currently at $3.268 billion. In the last 24 hours, network fees reached $1.7 million, and revenue crossed $838,973. These metrics highlight the increasing utility and economic activity within the ecosystem.

Potential for Long-Term Gains

Solana’s price sets up a flag and bull pattern for a multi-year charge. If SOL manages a breakout to $200, it could pave the way for a mega rally to $1400, a staggering 600% gain from the current level.

Solana Foundation’s New Grant Program

The Solana Foundation has announced a new grant program for SOL Actions and Blinks Tooling, targeting developers. The grant, now open for proposals, offers up to $400,000 in total funding for innovative developer projects.

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Memecoin

MOG Memecoin Sees Huge Growth Among Top Tokens

by Ouess
written by Ouess

The Ethereum-based memecoin MOG has seen remarkable growth, becoming the biggest 24-hour gainer among the top 100 tokens by market cap.

MOG’s Impressive Market Cap

MOG, now the 8th largest memecoin, has reached a market cap of $735 million. This surge has led to new all-time highs, with the MOG community describing themselves as a “tight-knit tribe of meme warriors.”

Dramatic Price Increase

The price of MOG has soared, with one trade yielding a staggering 16940x profit. The coin moved from a call price of $0.0[9]29 to a high of $0.0[5]2170, showcasing its rapid rise in value.

MOG 7 day chart

MOG’s Ranking Among Memecoins

Currently, MOG ranks just behind Brett (Pepe’s Best Friend) and ahead of Book of Meme. Its market cap ranges from $50k to $847m, placing it among the top contenders in the memecoin market.

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Memecoin

Solana-Based Memecoins: $WIF, $BONK, and $MAGA Growth

by Ouess
written by Ouess

In 2024, Solana-based memecoins have experienced an incredible run, establishing the blockchain as a popular platform for memecoin development. Solana is home to major players like Dogwifhat ($WIF) and Bonk ($BONK), along with promising newcomers such as TRUMP ($MAGA).

Go-To Platform for Memecoin Development

Solana’s memecoins have thrived during the recent bull run, solidifying its status as a prime choice for memecoin projects. The blockchain’s impressive capabilities, such as handling high transactions per second (TPS) at low costs, make it ideal for efficient trade execution. This ensures that transactions are processed quickly, benefiting both developers and users.

Dogwifhat ($WIF): Hot Ticket for Growth

Dogwifhat ($WIF) emerged as one of the hottest memecoins, witnessing significant gains recently. Despite a recent price downturn from its $4.83 high, $WIF has stabilized and is poised for another upward trend.

WIF USD Daily chart Source : TradingView

Trump ($MAGA) Pre-Election Growth

Trump ($MAGA) is a niche Solana-based memecoin, gaining popularity due to its namesake and the upcoming US elections in November 2024. With a market cap exceeding $266 million, $MAGA trades at $6.06, reflecting its strong market presence.

MAGA USDT Daily chart Source : TradingView

Bonk ($BONK) Gains 16%

Bonk ($BONK) stands out as one of Solana’s most popular memecoins, boasting a market cap over $1.5 billion. Known as the first dog-themed token on Solana “for the people, by the people,” 50% of its total supply was airdropped to the Solana community. Recently, $BONK gained about 16% in value and is currently trading at $0.00002266.

BONK USD Daily chart Source : TradingView

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Memecoin

Iggy Azalea Partners with DWF Labs, Boosting MOTHER Token

by Ouess
written by Ouess

Iggy Azalea is diving deeper into the crypto world through a partnership with DWF Labs, as announced in a recent social media post. Although the post on X didn’t provide specifics, it caused the MOTHER token to skyrocket.

Impact on MOTHER Token

Following the announcement, the MOTHER token surged by 50%, reaching over 4 cents. This sharp increase highlights the significant impact of Iggy Azalea’s involvement in the crypto space.

MOTHER 7day chart

MOTHER Token’s Journey

Launched in late May, the MOTHER token initially garnered moderate attention. However, it quickly rose in value, turning early investors into millionaires. Despite its success, many in the crypto community have questioned its legitimacy.

Future Prospects

Last month, Iggy Azalea hinted that MOTHER token holders might soon use their tokens to purchase cell phones and telecom plans from her upcoming telecommunications company. This potential development could further enhance the token’s utility and value.

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Memecoin

Dogwifhat Price Consolidation: Analyzing Current Trends

by Ouess
written by Ouess

Dogwifhat (WIF) broke below its ascending channel on July 3 and has since been trending within a horizontal range. This break marked a price decline below a resistance level it had maintained since late June.

Horizontal Channel Formation

Since July 3, WIF has been consolidating within a horizontal channel. A horizontal channel forms when an asset’s price fluctuates within a specific range for an extended period. The upper line of the channel acts as resistance, while the lower line serves as support.

WIF now faces resistance at $2.06 and has established support at $1.59. This range-bound behavior occurs due to a balance between buying and selling pressures, preventing a strong price trend in either direction.

Market Indicators and Sentiment

The Moving Average Convergence Divergence (MACD) indicator reflects this consolidation. Since July 7, WIF’s MACD (blue) and signal lines (orange) have crossed back and forth. This indicates that the meme coin’s shorter-term and longer-term moving averages are staying close together, suggesting a lack of strong directional movement.

Bearish Sentiment Remains High

Despite this consolidation, bearish sentiment surrounding WIF remains high. The meme coin’s weighted sentiment is currently -0.74, indicating that social media discussions are predominantly negative. When an asset’s weighted sentiment is below zero, it often reflects fear, uncertainty, and doubt within the market.

Future Price Predictions

If the bearish sentiment persists, WIF’s price might fall below its support level of $1.59. However, a shift to positive market sentiment could push the token’s price above the upper resistance line of the horizontal channel.

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