🪂 #1 way to make it this bull market

Together With:

Advertise with us | Our Newsletters

Good Morning!

It was a fiery weekend of gains, with Solana leading the pack. We jump into why this may be the case, and also share the opposing view from a recent report at JPMorgan.

We also take a dive into one of the best methods to make money in the present market, which you don’t want to miss. Hit reply and let us know what you thought of this edition!

Let’s dive in 👇️ 

Markets

Why is Solana price up this week? (5 minute read)
Solana experienced a remarkable surge of over 40% in its price last week, marking its most impressive weekly performance since January 2023. This upswing can be attributed to various factors, including the overarching positive trend in the crypto market fueled by the excitement surrounding Bitcoin ETFs and a growing appetite for risk among investors.

Notably, Solana's ascent aligns with the daily sale of 250,000-750,000 SOL tokens by the FTX bankruptcy estate in the preceding two weeks. With many investors feeling optimistic that FTX selling hasn’t had much negative impact on price. While Bitcoin's climb toward $38,000 is a key driver of the overall crypto uptrend, Solana has emerged as the top performer over the last 30 days.

📈 Our take: Solana hit rock bottom when FTX collapsed, and with devs on the chain working hard throughout the bear market, it was clearly undervalued. Whilst Solana has a lot of room to run in the coming year, any price pull back could still be pretty big.

Bitcoin Fund Holdings Hit All-Time High (2 minute read)
The holdings of Bitcoin investment funds have reached an all-time high. According to investment advisory firm ByteTree, the token holdings have recently climbed to 863,434, surpassing the previous record set in April 2022. In the last month alone, these funds have increased by approximately 22,100 bitcoins.

ByteTree founder Charlie Morris noted the significance of this development, stating, "Little wonder the price has been so strong of late." Notably, broader crypto funds have also experienced a rise in new investments, with digital asset management firm CoinShares reporting a substantial $767 million in net inflows over the past six weeks, marking the highest influx since the 2021 bull market.

The Crypto Market Rally Looks Overdone, JPMorgan Says (2 minute read)
JPMorgan conveyed in a recent research report that the recent surge in digital assets, fueled by optimism surrounding the potential approval of spot bitcoin ETF, might be excessive. The bullish sentiment, driven by expectations of attracting fresh capital and establishing a victory for the crypto industry, faces skepticism from the bank.

JPMorgan analysts, led by Nikolaos Panigirtzoglou, argued that rather than new capital entering the crypto sector, a more plausible scenario involves the migration of existing capital from current bitcoin products like the Grayscale Bitcoin Trust (GBTC), bitcoin futures ETFs, and listed mining companies to the newly approved spot ETFs.

🪂 Free Money With Airdrops?

In previous bull markets (2017 and 2021), we’ve seen an abundance of 4 and 5-figure airdrops.

Receiving tens of thousands of dollars for very little work seems impossible, but it’s something that we’ve seen time and time again in the crypto markets.

If you’re unfamiliar with airdrops, it’s when a small startup or crypto company distributes a coin for free, either for marketing or to reward early adopters of their platform.

If you have a small portfolio, airdrops, in my opinion, are the number one way to make money in this bull market. Today we’ll take a quick look at the Solana ecosystem and various platforms that will likely launch successful tokens in the future.

If you want to buy Solana, check out our sponsor Kraken.

Anyway, some of the main DeFi protocols that I think could potentially airdrop free tokens to users in the next year on SOL are as follows.

🌌 Jupiter - This one is pretty much guaranteed.
🍯 Marinade (ref link) - You can stake your SOL or MSOL here.
🎨 Tensor - Popular SOL NFT marketplace.
🥷 Jito Sol - Liquid Staking Protocol

Of course, this isn’t financial advice and these are all Defi protocols so do your own research. You’ll need to use a wallet (I’d recommend Phantom) and if you want to be safe, a hardware wallet like Ledger will work with Phantom.

Tech

Uniswap's cumulative front-end fees exceed $1 million within a month (2 minute read)
Uniswap Labs, the development firm responsible for the Uniswap protocol, has achieved a milestone as its cumulative front-end fees surpassed the $1 million mark within a month of their introduction.

The protocol implemented a 0.15% fee on October 17, impacting transactions conducted by users on its web interface and wallet app involving assets such as ether, wrapped bitcoin, and various stablecoins like USDC and DAI. Notably, this new fee structure is distinct from the longstanding 0.3% protocol fee traditionally charged by Uniswap, which serves as an incentive distributed among liquidity providers.

In contrast, the recently accumulated front-end fees constitute a separate revenue stream directed solely to Uniswap Labs.

Web3 Watch: Friend.tech sign-ups falter (2 minute read)
The future of Friend.tech seems uncertain, with perspectives varying depending on who you ask. Although usage statistics for the SocialFi app indicate a plateau in dollar inflows and a significant slowdown in new user acquisition, existing platform users remain optimistic, anticipating a monetization route for the airdropped Friend.tech "points." Following consecutive days of record outflows in late October, Friend.tech's cumulative dollar inflows stabilized at approximately $35 million, suggesting capital is holding steady amid a broader market rally.

According to DeFiLlama, the platform saw a decrease in daily sign-ups to fewer than 400 users this week, a notable decline compared to the consistent addition of over 5,000 users daily throughout much of October. Thursday marked the lowest number of new users since the platform's launch in August, with only 189 sign-ups.

🐥 Best of Twitter

Thanks for reading, if you enjoyed, tell your friends!

P.S: If you're interested in the wider investing world. Check out our flagship publication.