Catching Narratives, 27th of July 2024
It is becoming increasingly clear that the market is gradually pricing Solana as an absolute top 3 token and the successor to Bitcoin and Ethereum ETFs. Meanwhile, market participants are on the lookout for possible beta plays.
dogwifhat, bonk, or popcat are popular bets nowadays and could get considered as THE midcurve trade in the solana ecosystem. A sector that had not been as loud as memes until recently were the defi coins on solana, which could gain market share in the coming months, if the market stays interested in solana itself.
One coin that falls into this category is Jito ($JTO): a low float, high FDV coin that could create fast moves to the upside and then, in the long term, disappear back into irrelevance in terms of price action as 88% of the token supply are set to be distributed over the next few years (source: cmc).
Solana’s largest decentralized exchange, Jupiter, would benefit from new highs in daily volume on Solana, and it is precisely this eventuality that is leading the market to reassess the valuation of $JUP. From its low on July 8, the token has seen a price increase of over 60%.
TL;DR: It might be worth keeping an eye on Solana and possible ‘betas’.
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