Solana Hits ATH Against ETH
Solana Hits ATH Against ETH
Plus Uniswap makes it easier than ever to trade tokens across chains with new integration.
TylerD's Market Summary
GM!
Today's top news:
Crypto majors mixed, SOL leads +5% to $174
SOL / ETH hits ATH amidst ETH fud
GOAT soars to $880M on Binance perps listing
Uniswap integrates native bridging along side swap
ACK fetches 209 ETH in Tempted In The Garden sale, including 26.9 ETH for 1/1
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💰 Solana Hits ATH Against ETH
ETH fud has been consistent on the timeline this year, and it's getting louder.
Meanwhile Solana is the shiny new L1 in the spotlight, largely thanks to the memecoin cycle.
And now the narrative is showing up in the charts.
What Happened?
The SOL/ETH ratio hit a new ATH at 0.06848 as SOL hit $173 and ETH held at $2,520.
The ratio is up 25% this month and +54% over the past 6 months.
This comes as the ETH ETFs have been largely a disappointment, seeing a net outflow of $475M across their existence so far (compared to $21B+ in net inflows for the BTC ETFs).
Drivers of this trend seem to include:
Fragmentation of the Ethereum ecosystem across its L2s, many of which have their own tokens
Solana's role as the foundational home for the memecoin cycle
Solana as this cycle's L1 vs ETH as last cycle's (and a value correction)
And the latest but perhaps most important trend of all - AI builders are choosing Solana over ETH.
The recent boom of the AI meta spawned by GOAT and now a slew of AI agents with tokens has risen almost exclusively on Solana.
That's an important signal, especially if the crypto x AI arc is the next major development for the broader crypto sector.
Why It Matters
Crypto investors have to evaluate existing positions and/or new entries with the information at hand.
The ETH sales pitch simply isn't as strong as it was a few years ago (ultra-sound money? digital oil? the home for tokenization?)
Meanwhile the Solana pitch is as good, and easy to understand, as ever (fast, cheap, user-friendly and now the home of AI).
One of the biggest impact factors for me personally is seeing apps that folks thought would be on Ethereum spin up on Solana.
There's not much moat.
Now, with all that said, there's a good chance the Solana will face a similar challenger from the "next man up" L1 in the next few years, so be on the lookout for that.
But for now - Solana looks like the winning horse in the L1 race (behind Bitcoin of course).
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
Ethereum led NFT trading volume with $5.4M on the day; Solana was next with $2.5M, and then Bitcoin with $2M
ETH NFT leaders were mostly red; Punks -4% at 26.5 ETH, Pudgy -2% at 9.13, BAYC -5% at 11.7, Azuki -1% at 5.1
Karma (+55%) and Smowls (+30%) led notable top movers
BTC NFT leaders were slightly green; NodeMonkes +2% at 0.139 BTC, Puppets +1% at 0.142 BTC, OMB even at 0.175, Quantum Cats even at 0.223
The Runes leaders were mostly red; DOG -5% at $456M mc, PUPS -10% at $98M, RSIC -1% at $74M mc, BDC even at $77M
Casey Rodarmor etched a new rune MEMENTO MORI, with speculation that 50% of the premine will go to his podcast Patreon supporters
Solana NFT leaders were very red with Mad Lads -10% at 38 SOL, SMB -8% at 17, DeGods -5% at 14 and RCs -9% at 27
Pudgy Penguins announced their toys are now live in 2,000 Walgreens across the nation
ACK sold out his 30 piece "Tempted In The Garden" edition in a ranked auction which saw the #1 sell for 26.9 ETH with the remainder moving for 3.4
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token, protocol and airdrop news from the day:
Uniswap integrated Across Protocol to make bridging as simple as swapping
Abstract introduced its Builder-In-Residence program, aiming to bring together top builders across crypto and give them the resources needed to succeed
Abstract saw its latest app partnership with Create Layer, which will bring its suite of creator products and [REDACTED] to Abstract mainnet soon
Shape announced Shapecraft as a 4-week hackathon for builders and creators starting Nov 18
Variational raised $10.3M in a seed round for its Arbitrum-based p2p crypto derivatives trading protocol
Party Icons raised $9M for its mobile crypto gaming platform
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
Crypto majors are mixed with ETH lagging; BTC +1% at $66,950; ETH -2% at $2,520, SOL +4% at $173
Memecoin majors were mostly green; DOGE even, SHIBA -1%, PEPE -1%, WIF +3%, BONK even, POPCAT +10%, and MOG +2%
GOAT hit a new ATH at $800M this morning, reaching that number in just 2 weeks
Solana hit a record price compared with ETH on Wednesday on the back of its run to $172
Gordon Goner began an ApeChain memecoin buying spree starting with PAPE, which briefly soared past $5M before falling
Coinbase set its Q3 earnings call for Oct 30th at 5:30 pm ET, meanwhile...
Coinbase CEO Brian Armstrong asked Truth Terminal if it would like its own wallet, that it can control
Maker founder Rune Christen said he made a "typical DeFi mistake" in the rebrand to Sky after its token has fallen 50% since the rebrand
🚀 Memecoin Movers
$MEMESAI (+1600% to $16M market cap, SOL)
$ACT (+200% to $64M market cap, SOL)
$FART (+72% to $77M market cap, SOL)
$FOREST (+90% to $27M market cap, SOL)
$GOAT (+30% to $880M market cap, SOL)
📈 NFT Floor Price Increase (ETH)
Cryptomnesia (90%, 0.25 ETH Floor)
Karma (55%, 0.09 ETH)
Smowl (32%, 0.37 ETH)
QBX Founder's Key (19%, 0.58 ETH)
Sam Spratt - Luci (11%, 11 ETH)
🗓 Upcoming Mints and Events
Today is a slower day of mints and events.
The highlight is from Bryan Brinkman with his Ephemeral Embers drop on Iconic.
The collection of 100 is priced to $350 with physical prints for $250.
See the full list and dive in for more details with Swizzy's daily mint monitor.
Ordzaar - $ZAAR launch (4:00 a.m. ET)
Olga.f x fxhash - Intuit (11:00 a.m. ET)
Bryan Brinkman x Iconic - Ephemeral Embers (12:00 p.m. ET)
Emergence (12:00 p.m. ET)
Petra Cortright x Verse (1:00 p.m. ET)
Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.d.warner@gmail.com.