Owning the Casino Stack: SOL, JTO, RAY, BONK (Core Strategy Rebalance)
SOL Outperformance
Last week, we highlighted the explosive activity on Solana as DEX volumes surpassed those on Ethereum, leading us to increase SOL's weighting in our Core Strategy. These elevated DEX volumes have persisted through this week, and SOL has dramatically outperformed, breaking out against ETH and gaining ground against BTC—all amid a sharp bond selloff and a rally in the DXY.
A significant portion of this volume has been driven by rampant speculation on memecoins. Today's note won't pontificate too much on the merits of memecoins, as we've previously expressed our view: the smaller memecoins are akin to a new iteration of casino games, while the more “established” ones serve as perpetual call options on market froth.
To be clear, Solana's traction extends beyond the memecoin frenzy. Our Core Strategy portfolio reflects this broader trend, with HNT being a featured asset. However, it's evident that the speculative aspects of on-chain activity are responsible for the current acceleration of capital flow onto Solana, serving as the primary driver of SOL's recent outperformance.
Given SOL's relative strength and its rising on-chain activity, we believe it's prudent to seek additional beta exposure in projects ...Reports you may have missed
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