- Build in Bear Newsletter
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- 🐻 Is this the end for Solana? 📉
GMGM, we hope you’re ready for a new year of new goals and new opportunities. If you didn’t hit your targets this year, don’t worry. We’re going to keep bringing you the latest web3 news every week so that you'll always be on top of your game. WAGMI 🙌.
In this issue:
📉 Is Solana dead? Since its peak last November, the price of SOL has dropped over 96%. From inflated metrics to frequent crashes to criminal association, could this be the end for Solana?
🗞️ In other news - Suspicious Alameda wallet activity, 3Commas API hack and Microstrategy Bitcoin update.
💪 Alpha tweets - Future of the economy, 2023 predictions and password protection.
📉 Is Solana dead?
It hasn’t been a very merry Christmas for Solana. In fact, it hasn’t been a very good year for them whatsoever. Since its peak last November, the price of SOL has dropped over 96% and fell below $10 for the first time in two years.
Merry Christmas to #Solana
What a beautiful X-mas tree. 🤣
— Duo Nine ⚡ discord.gg/ycc (@DU09BTC)
1:45 AM • Dec 25, 2022
What happened to this promising L1 blockchain that was once dubbed as the “Ethereum killer”?
Keep in mind that the whole crypto market is down, but Solana, in particular, took a big hit. When leaked documents showed that Sam Bankman-fried (SBF) was a large bag holder of the coin, investors fled at the sight of it.
It’s usually pretty bullish for the coin when a public figure is a large supporter of it. But when the person is a criminal, you probably want to keep a 10-foot distance from whatever they touch. In this case, it was Solana.
I'll buy as much SOL has you have, right now, at $3.
Sell me all you want.
Then go fuck off.
— SBF (@SBF_FTX)
5:51 PM • Jan 9, 2021
Aside from its association to SBF, Solana had other issues as well. For one, the Solana network is no stranger to technical issues and has shut down multiple times in the past year. In fact, it has happened so often that people started comparing the network to McDonald’s always out-of-order ice cream machine.
breaking news: @solana has broken down.
Breaks down more often than the McDonalds's ice cream machine.
— JonnyB (@jonnybNFT)
6:40 PM • Jun 1, 2022
To add to the list of concerns, Solana’s reporting metrics have raised a lot of questions in the past. In 2021, Solana was caught in a scandal when Saber Protocol (Solana’s main DeFi project) was revealed to be fake.
Long story short, two brothers faked multiple identities to create a fake DeFi ecosystem on Solana that pumped the total value locked (TVL) of SOL. Back then, TVL was an important metric and it was how Solana was able to secure over $300 million of investments.
1/24 The rise and fall of Solana $SOL.
A story of lies, inflated metrics, and where we go from here.
I might get some heat 🔥 for this thread, but here we go ⬇️
— CharlieX | DeFi (@CharlieXDeFi)
12:59 PM • Dec 28, 2022
From inflated metrics to frequent crashes to criminal association, it’s no wonder SOL is down bad. To put the cherry on top, Solana’s two largest NFT projects just announced that they will be moving off of Solana in the new year. DeGods and y00ts, which accounted for 70% of Solana’s NFT trading volume, will be migrating to Polygon and Ethereum. Ouch.
24 hour volume of @DeGodsNFT and @y00tsNFT is 300,100 SOL = 2768 ETH
24 hour volume of BAYC and MAYC is 1379.26 ETH
DeGods + Y00ts have done over 2x the volume of the #1 ETH project in ETH value....
— Baer (@BaerEvo_)
10:03 PM • Dec 26, 2022
Will Solana survive this FUD? Well, it will all come down to the fundamentals. Does Solana truly have a solid infrastructure and technology that sets it aside from other chains? We’re not so sure.What we do know is that VC insiders were allocated 48% of its initial token distribution. Take it as you will.
Oh you know, just a bunch of billionaire capital allocators joking about pump dumping #Solana. Nah.
— $goose (@GooseOfCrypto)
8:57 PM • Nov 3, 2021
🗞️ In other news
Microstrategy continues to gobble up Bitcoin.
MicroStrategy has increased its #Bitcoin Holdings by ~2,500 #BTC. As of 12/27/22 @MicroStrategy holds ~132,500 bitcoin acquired for ~$4.03 billion at an average price of ~$30,397 per bitcoin. $MSTR
— Michael Saylor⚡️ (@saylor)
1:05 PM • Dec 28, 2022
3Commas customers lose $22 million worth of crypto due to a platform API hack.
4/ 3Commas finally acknowledged the leak but the damage had already been done. For weeks they have been blaming its users and accepting zero responsibility.
Make sure to never give incompetent clowns like @3commas_io your business ever again.
— ZachXBT (@zachxbt)
11:46 PM • Dec 28, 2022
Alameda-associated wallets moved over $1.7 million through anon crypto-mixers. What's going on over there?
1/ Lots of activity going on among Alameda wallets in the past 6-7 hours
Various tokens on ETH being consolidated into 2 main wallets
Swapped to ETH/USDT (USDC to USDT too)
USDT thn swapped to ETH
Sent to multiple wallets and thn to FixedFloat/Changenow
Source: @nansen_ai
— Martin Lee | Nansen 🧭 (@themlpx)
3:12 AM • Dec 28, 2022
💪 Alpha tweets
2023 predictions from the biggest VCs and institutions.
2022 is ending. This is the time where many VC’s / institutions come up with a YoY reviews or insights on what they’re looking at in the space for 2023.
If you want to know what they’re looking at, I summarized some reports from key players in the industry.
Part 1 🧵 below:
— CJ (@CJCJCJCJ_)
2:15 PM • Dec 21, 2022
World-renowned investor reflects on the future of the economy.
Legendary investor Howard Marks just released a new memo.
“In my 53 years in the investment world, I’ve seen economic cycles, manias and panics, bubbles and crashes, but I remember only two real sea changes. I think we may be in the midst of a third one today.”
My Notes…
— Austin Lieberman (@LiebermanAustin)
10:40 AM • Dec 20, 2022
Stay safe and refresh your passwords.
Time it takes a hacker to brute force your password
— bishara.eth 🦇🔊 (@BisharaDOTeth)
6:34 AM • Dec 25, 2022