🐋 Whales bought the dip

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Good Morning!

After Monday’s market mayhem, Crypto prices have rebounded, with SOL and the Solana ecosystem showing clear strength.

Let’s get into it. 👇️ 

Markets

Solana Price Rallies to All-Time High Against Ethereum (3 minute read)
The aftermath of Monday’s market collapse has ushered in interesting things; this time, Solana led the bounce and the price hit a new all-time high against Ethereum.

After the markets dropped on Monday, SOL dropped to $110.23, its lowest in months, but then jumped over 30%. ETH, however, only rose by 9.68%.

This repricing might not surprise some, with Solana’s impressive user metrics suggesting that it could still be undervalued in comparison to ETH. Some traders have even speculated that SOL could overtake ETH in market cap.

Japan’s Carry Trade Chaos Brings FTX-Level Losses To Short-term Bitcoin Holders (2 minute read) 
Entities holding less than 1 BTC are offloaded their tokens amid the chaos from Japan’s recent carry trade unwinding. Short-term holders “puked out so many coins, they locked in losses at a similar scale to when FTX collapsed,” said onchain data analyst James Check.

Yesterday, $560 million was sold by short-term holders, while larger Bitcoin holders increased their holdings by 200,000 BTC. This trend shows how large holders take advantage of price declines to accumulate more Bitcoin. Whales have ramped up their Bitcoin holdings since late May, buying aggressively as financial markets went into a tailspin.

Solana-Based Memecoins Surge as SOL Jumps 38% From Monday's Lows (3 minute read)
Memecoins on the Solana ecosystem surged more than 30% in the past 24 hours. Cat-themed popcat and dog-themed WIF surged up to 25% before slightly retreating, while smaller tokens MUMU and catdog rose 30%.

In contrast, major memecoins on other blockchains, like dogecoin and pepe, lost up to 5%, showing a preference for Solana-based tokens. Solana network volumes more than doubled to over $3.3 billion.

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Misc

Investors Sell BlackRock’s BUIDL Fund After a Volatile Weekend (2 minute read)
BlackRock, the world's largest asset manager with over $10 trillion in assets, sent $8 million to Ondo Finance on Monday to process redemption requests.

BUIDL, the BlackRock USD Institutional Digital Liquidity Fund, is an onchain money market fund for institutional investors. It currently has a market cap of $522 million, accounting for over 25% of tokenized U.S. treasuries.

Ethereum Layer 2 Turbo claims to process 400,000 transactions per second (2 minute read)
Ethereum scaling solution Turbo Protocol has launched a new blockchain reportedly capable of processing 400,000 transactions per second, making it about 4,000 times faster than high-throughput chains like Solana. The announcement was made at the Blockchain Application Stanford Summit on Tuesday.

Turbo Protocol is experimenting with “parallel transaction processing,” allowing multiple transactions to be recorded concurrently, unlike Ethereum’s current sequential process. For comparison, Ethereum processes about 20 to 30 transactions per second, Solana a little over 1,000, while global payments company Visa settles about 24,000 in a similar time frame.

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