Solana Hits New Highs; Meme Coins and Election Derivatives Make Headlines: News of October 28, 2024
SOL hits ATHs for a number of key metrics
Solana’s network is hitting all-time highs (ATHs) across critical blockchain metrics, reflecting robust growth and widespread adoption. With record levels in total value locked (TVL), transaction volume, developer activity, and revenue, Solana’s climb underscores its increasing importance in the blockchain sector. Despite ongoing skepticism from critics, as echoed in a tweet from blockchain analyst @0xMert, Solana’s consistent performance proves its staying power. Net inflows, deduped stable transfer volume, and developer contributions are also climbing, cementing Solana as a notable force in the space.
US Election Outcome to Shape Future of Meme Coins, Experts Weigh In
Meanwhile, experts are analyzing how the U.S. election could affect the future of meme coins. Columbia University professor Omid Malekan points to investor frustration with the venture-backed “unfair tokenomics” of traditional tokens, suggesting that a Trump victory could lead to policies favorable to investors in utility-driven tokens. Such shifts may make meme coins less appealing, as utility-driven tokens might see relaxed regulations and economic benefits, such as token dividends. “Meme coins are popular for their fair initial distribution but lack tangible value,” Malekan explains, arguing that in a more favorable regulatory landscape, meme coin demand might wane.
Nic Carter echoes this sentiment, noting that meme coin interest partially reflects resistance to SEC regulations under Gary Gensler’s leadership. Brendan Malone, Paradigm’s Head of Policy, reports a marked rise in regulatory actions targeting crypto.
Goatseus Maximus (GOAT) Slumps 24%, Sparking Bearish Bets
On the trading front, Goatseus Maximus (GOAT) has seen a sharp 24% decline after its recent all-time high, sparking bearish bets. This downturn comes amid signs of weakening momentum, with GOAT’s funding rate dropping as traders hedge against potential losses. Rising open interest (OI) and increased short positions suggest that market sentiment is shifting bearish. As traders take out more short contracts, GOAT’s price may continue to face downward pressure, potentially accelerating a broader pullback.
Robinhood Launches Presidential Election Derivatives Trading
Adding a new dimension to market speculation, Robinhood has introduced presidential election derivatives trading, allowing U.S. users to bet on the 2024 race between Kamala Harris and Donald Trump. Available to select users, these contracts provide a way to trade on election outcomes without holding underlying assets.
Today’s Hot Coins: ACT, GDOG, SIGMA, LOCKIN, USA, OPUS.
Wishing you a successful trading day ahead!