BONK Leads to Solana Saga Phone Sales Spike, Arbitrum Outage
Equities are mixed today but on track for the seventh straight week of gains, the longest winning streak since 2017. The Nasdaq gained .38% while the S&P fell .49%. Both indices are in striking distance of all-time highs following comments from Fed officials about inflation coming down and potential rate cuts in 2024. BTC has pulled back to $41.8k, down 3.3% after facing resistance at $43.4k. ETH is performing in line with BTC, falling 3.2% to $2.2k. Solanaâs top memecoin BONK has outperformed the top 100 on both daily (+79.2%) and weekly timeframes (136.9%). Momentum that started on chain continued with major CEX listings, after an initial sell-off the rally continued following a listing on Coinbase. Three of the top five weekly performers were Cosmos based assets, driven by investors buying network tokens to stake for potential airdrops. Decentralized exchange OSMO and layer-ones INJ and KUJI were the top beneficiaries. The run was preceded by TIA climbing over 6x from its airdrop price, also due to anticipation of potential airdrops for stakers.
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