KOIN News | Episode 10 - Bull Run Insights and Solana's NFT Surge
Good morning everyone! Welcome back to Episode 10 of KOIN News, where we update you with the latest web3 activities. Before diving into today’s updates, make sure to visit koinect.com for all your NFT needs. Don’t forget to follow us on Twitter @koinect_now and subscribe to our YouTube channel for more updates.
Solana Surges in DEX and NFT Activity
The headline news today is all about Solana's outstanding performance over the past month. Solana has outperformed all other blockchains by a significant margin in DEX activity, boasting:
-
210 million transactions
-
$47.75 billion in volume
-
11 million unique traders
This surge doesn't stop there. Solana also surpassed all other chains combined in weekly NFT users, clinching a total of 130,000, which is 55% of the total users across all blockchains.
Signs of an Emerging Bull Market
Despite three months of sideways price action and consolidation, there are at least five significant on-chain indicators suggesting that the bull market might just be getting started.
1. Bitcoin Dominance
Historically, bull markets start with a high level of Bitcoin dominance since most traders have sold their altcoins during bearish periods. As the bull cycle progresses, Bitcoin dominance drops, indicating the onset of the “alt season.” Currently, Bitcoin's dominance remains high at 56%.
2. MVRV Z-Score
The Market Value to Realized Value Z-score (MVRV Z), which compares the market value to realized value, usually peaks around six during market cycle zeniths. Presently, it sits below three, suggesting there’s room for growth.
3. Puell Multiple
Calculated by dividing the daily value of Bitcoin mined by the yearly moving average, the Puell Multiple usually exceeds three during market tops. Currently, it’s below one.
4. HODL Waves
The HODL Waves chart, which segments Bitcoin in circulation into age bands (days, months, years), shows reduced selling pressure. Younger bands have tapered off, implying that selling pressures may have been exhausted, paving the way for potential gains.
5. Miner Revenue Per Hash
This metric measures how much money miners are earning per hash. Current figures indicate that the market has not yet peaked.
Note: Some on-chain metrics, such as the Realized HODL Ratio and Cumulative Value Days Destroyed, have peaked, suggesting that markets might be near the top.
Phantom Wallet Hits the Top Charts
The Phantom Wallet app, which supports Solana, Ethereum, and Polygon, has catapulted into the top three utility apps on the App Store in the US.
Fantasy Top Game Falls from Grace
The Fantasy Top trading card game, centered on Twitter influencers, has seen a significant decline with:
-
89% of heroes down in price
-
55% of heroes dropped more than 20% in value
Only seven heroes have seen their prices rise recently.
Security Breach at Pump.fun
Pump.fun, a project on Solana lauded for its simple and secure token creation, experienced notable traction recently with its daily revenues exceeding $1.2 million last week. However, the platform faced turmoil when a former employee gained admin privileges and stole approximately 12,300 SOL (~$1.9 million).
Response to the Breach
The Pump.fun team took immediate action:
-
Paused trading and upgraded contracts to halt further damage.
-
Promised to replenish the liquidity pools of each affected coin with an amount of SOL equal to or greater than what was stolen.
-
The exploiter, identified as
@STACCoverflow, was later arrested by British law enforcement in London.
Pudgy Toys Now Available at GameStop
Lastly, Pudgy Toys are now available for purchase at GameStop. This announcement coincided with the return of Roaring Kitty, the infamous Redditor credited with causing the substantial rise in GameStop's stock back in late 2020.
That's all for today's episode. Thank you for tuning in to KOIN News. Make sure to follow us on Twitter @koinect_now and subscribe to our YouTube channel for the latest updates.
Hope you all have a great day!
By keeping a pulse on the market trends, from Solana's dominance to the emerging bull indicators, KOIN News ensures you're always ahead of the curve in the dynamic world of web3. Stay tuned for more insightful updates, and don't forget to consume loads of visuals to enhance your learning experience!
---
#KoinDisclaimer:
At KOIN News, we connect the dots so you can see the bigger picture. Remember, we're here to inform and entertain, not to advise. Our content is for informational purposes only and should not be taken as financial advice. Always do your own research and consult with a professional before making any financial decisions. Stay curious, stay informed, and as always, #JustKoinectIt!
Ep. 10 Sources:
https://x.com/Coin98Analytics/status/1792437360984256764
https://x.com/SolanaFloor/status/1792451391442632802
https://cointelegraph.com/news/5-on-chain-indicators-suggest-bull-run-just-beginning
https://x.com/DegenerateNews/status/1791933403979206991
https://x.com/Zeneca/status/1791785235652259890
https://www.theblock.co/post/295029/pump-fun-post-mortem
https://x.com/therollupco/status/1791882174213259434
https://x.com/pudgypenguins/status/1790149987545797060
https://www.mandominutes.com/