Web3 🌘 Thursday Focus: 2023's Crypto Rollercoaster - Ups, Downs, and Everything in Between
1/ 📉 Solana Meme Coin Plunges 56%.
2/ 🧐 Ethereum on Notice as Solana Gains Ground.
3/ 🖼️ Elon Musk's Vision for NFTs Technology.
4/ 💵 Crypto Market's Unequal Gains.
For further details, let's keep reading! 👇
Welcome, crypto enthusiasts! Today, let's dive into news related to Solana's BONK, SOL roar back, Elon Musk's Vision for NFTs Technology, and Bitcoin's golden year.
Stay turned for more details!
1/ Solana Meme Coin Plunges 56%. 📉
Solana's meme token, Bonk, has lost its roar. After a meteoric rise and a 17,196% gain since launch, the dog-themed coin is now down over 50% from its peak. It's now trading significantly below $1 billion in market cap and has fallen from the coveted 69th spot to the less meme-friendly 84th. Investor interest seems to have evaporated, with the price dropping 22% in just a week. Bonk's rapid rise and fall highlight the volatile nature of meme coins. They often lack real-world utility and can vanish as quickly as they appear.
Mat Di Salvo
2/ Ethereum on Notice as Solana Gains Ground. 🧐
Solana (SOL) has roared back, soaring above $100 now for the first time since early 2022 and, at $47 billion, it's the fifth-biggest crypto – and it was briefly fourth-biggest earlier this week. Fueled by meme coins, airdrops, and surging on-chain activity, Solana's blockchain is nearing Ethereum's trading volumes, raising the stakes in the smart contract race.
Nick Baker
3/ Elon Musk's Vision for NFTs Technology. 🖼️
Elon Musk reignites the NFT debate, highlighting the importance of on-chain storage for true ownership. He criticizes relying on centralized databases and praises Bitcoin Ordinals for embedding JPEGs directly onto the blockchain, offering a more secure and decentralized alternative. This shift towards Ordinals suggests a growing desire for robust and transparent NFT ownership, potentially marking a new era in the digital asset landscape.
Jimmy Aki
4/ Crypto Market's Unequal Gains. 💵
2023's crypto market boom saw bitcoin reign supreme, surging 153% and reclaiming market dominance. While Ethereum and BNB faltered against BTC, Solana soared over 800%, hinting at an approaching "Altcoin Season." Though altcoins like AVAX and ADA performed decently, DOGE and DOT tumbled, painting a varied picture within the year's crypto rally.
Jamie Redman
Conclusion:
Today's crypto news paints a picture of a dynamic and volatile market. So, whether you're a seasoned investor or just dipping your toes in, stay informed, and navigate the ups and downs with a healthy dose of caution. The crypto market promises an exciting ride ahead!
Disclaimer: The information provided in this blog post is based on external sources. Please do your own research and due diligence before making any investment or financial decisions based on the content shared here.
