Morning Minute | Solana Beats ETH In Multiple Categories

TylerD's Market Summary

🤯 Solana Is Besting Ethereum

ETH may have the ETF narrative at the moment.

And even some better price action.

But Solana is winning on fundamentals in a trend that's becoming too big to ignore.

What Happened?

Yesterday Solana flipped ETH in several fee categories:

• At chain level, SOL flipped ETH
• At DEX level, Raydium flipped Uniswap
• At staking level, Jito flipped Lido

Analyst 0xBreadGuy called it the "triple crown."

And perhaps most impressive of all, Pump dot fun led all protocols in revenue on the day with $867k.

Pump is now approaching an average of close to $1M/day in revenue and annualizing at $315M.

That puts them at $1B+ in valuation most likely, if they choose to launch a token or equity - the clear winner of this memecoin cycle.

Why It Matters

Solana is trading at just 20% of ETH's market cap ($84B vs $400B).

Yet several of its core fundamentals are on par with ETH.

Of course there is more to ETH's value prop than metrics like daily fees and volumes, but they're still important to understand what's happening on the chain.

And there's clearly a ton of action on the Solana chain right now, which has been up only this year.

While the Solana ETF narrative was likely delayed yesterday after the BlackRock CIO's comments - perhaps it's a good thing. 

Solana can continue to run based on its fundamentals and "pump-amentals" ahead of any real ETF news, and then get the ETF pump next year (if one thinks it's inevitably coming, like I do).

It's a solid set up. 

And harder than ever to fade.

🚚 What else is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

• Polygon led NFT trading volume with $5.1M on the day, then ETH with $3.9M; Solana was next with $2.8M, and then BTC with $2M
• ETH NFT leaders were mixed; Pudgy -1% at 10 ETH, Milady +1% to 5.22, Azuki -4% to 3.72 and BAYC +1% at 8.98; Doodles outperformed up 14% to 1.87
• Checks and rektguy were notable top movers on the day, up 30% each
• BTC NFT leaders were red again; NodeMonkes -4% at 0.13 BTC, Puppets -2% at 0.09 BTC, Quantum Cats -2% at 0.278, OMB -5% at 0.176
• The Runes leaders were also red; DOG -3% at $390M mc, RSIC -5% at $59M mc, PUPS -14% at $37M
• Solana NFTs were mostly red; Mad Lads -3% at 63 SOL, SMB Gen 2 -7% at 23, DeGods -2% at 12.5
• Doodles announced 3 new tracks from its upcoming movie soundtrack featuring Pharrell, Lil Tune Chi, Coi Leray and more; they also opened the bridge from Flow to Base for their assets ahead of today's Season Pass mint

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token or airdrop news from the day:

🌎 Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

• Crypto majors are red this morning; BTC -4.5% at $66,610; ETH -1% at $3,330, SOL -6% at $180
• Memecoin majors are also red with DOGE -4%, PEPE -4%, WIF -7%, BONK -7%, MOG +3%
• The US Government moved $2B worth of BTC leading to fear of potential selling (though there was no evidence of selling)
• A Hong Kong legislator proposed the idea of a Bitcoin strategic reserve for research and consideration
• The SEC wants to change its lawsuit against Binance to table allegations that crypto tokens like SOL, ADA and MATIC are securities
• BlackRock's CIO declared that no other crypto ETFs (i.e. Solana) are needed or ready right now
• The crypto Super Pac has reportedly become the single biggest PAC with over $200M raised, and now Democrat donors are urging Kamala Harris to speak at the upcoming Blockworks crypto conference

🚀 Memecoin Movers 

• $FWOG (+30,400%, $21M market cap, SOL)
• $NEIRO (+240%, $50M market cap, ETH)
• $DUCKY (+100%, $13M market cap, SOL)
• $SCF (+53%, $90M market cap, SOL)
• $GINNAN (+23%, $29M market cap, SOL) 

📈 NFT Floor Price Increase (ETH)

• Alpha Prestige (71%, 6 ETH Floor)
• Kart Party (45%, 0.23 ETH)
• Checks Originals (32%, 0.15 ETH)
• rektguy (30%, 0.3 ETH)
• Tarot (16%, 1.39 ETH)

🗓 Upcoming Mints and Events

Today is a slower day of mints and events.

The highlight is likely dumpy dot fun launching its memecoin shorting protocol.

See the full list and dive in for more details with Swizzy's daily mint monitor. 

• Robokiden (11:00 a.m. ET)
• Web3 Asylum (11:00 a.m. ET)
• Mario Bros (12:00 p.m. ET)
• dumpy dot fun - beta (12:00 p.m. ET)
• WhiteKoala - All That Noise (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.warner@luckytrader.com.