Crypto Weekly Update: Meme Coins, Solana, and Bitcoin
This week’s crypto market saw a mixed bag of performance, with some meme coins struggling while others found their footing.
Meme Coin Mayhem
- Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) all started their recovery on Sunday, but Dogwifhat (WIF) and Bonk (BONK) continued to extend their losses.
- Solana meme coins like Book of Meme (BOME) and Ponke (PONKE) also saw a recovery after experiencing a sharp correction.
Solana’s Rise
Solana (SOL) showed strong performance, potentially driven by Ether ETF approvals last week. Traders seem to be turning to Solana as an alternative to Ethereum. The technical indicators suggest a positive momentum for SOL.
Ethereum’s Inflation
Ethereum became inflationary in Q2 2024, which may have contributed to selling pressure on Ether. This is something to watch closely as it could impact Ether’s price in the coming weeks.
Bitcoin’s Steadiness
Bitcoin (BTC) remained above key support at $67,000. US-listed Spot ETFs now hold over $61.37 billion in BTC, demonstrating institutional interest in the asset.
Stablecoin Update
USDC Treasury minted an additional 250 million USDC on the Solana chain on July 28. This shows continued growth and adoption of stablecoins within the Solana ecosystem.
Other News
- Donald Trump promised to build a stockpile of Bitcoin at a conference in Nashville.
- The Jersey City pension fund announced plans to invest in Bitcoin.
- Solend rebranded to Save and launched a stablecoin SUSD.
- Injective launched Mountain Protocol, a yield-generating stablecoin issuer.
- TON blockchain implemented a new smart wallet standard, enabling gasless transactions.
This week’s crypto news highlights the ever-changing landscape of the digital asset market. While meme coins remain volatile, Solana’s potential continues to attract attention, and Bitcoin’s strength persists. It’s crucial to stay informed and conduct thorough research before making any investment decisions.
