Crypto Costs Pump Regardless of Bearish Information, Solana Up 14%, Thug Life Presale Hits $100,000

Historically, buyers anticipate a big decline in cryptocurrency costs when adverse press emerges within the blockchain or finance trade. Nonetheless, the current market response deviated from this expectation. Surprisingly, as a substitute of witnessing an enormous worth dump, the market skilled a wholesome pump in some outstanding altcoins akin to Solana.

Ongoing presales of fashionable meme tokens like Thug Life additionally managed to attain outstanding success by elevating a formidable quantity of $100,000, regardless of the market turmoil attributable to this adverse press. This has apparently left the investing citizenry in good spirits, with many anticipating chunk of funding to hit the markets very shortly.

Bearish Information within the Crypto Trade

There’s a fixed concern of fast worth dumps each time main companies resolve to announce main modifications. One such improvement was the favored dealer Robinhood’s resolution to delist three of the most well-liked cryptocurrencies- Matic, Cardano and Solana.

Robinhood made an announcement on its platform stating that it might be discontinuing assist for Cardano (ADA), Polygon (MATIC), and Solana (SOL) ranging from June twenty seventh, 2023. Switch assist for these three cryptocurrencies already ceased on June twenty sixth, 2023. Nonetheless, Robinhood reassured its customers that none of their different cryptocurrencies could be affected by this variation, implying that buying and selling and assist for different digital belongings on the platform would stay unaffected.

A number of Twitter customers, together with the favored crypto influencer @Tristan0x, expressed issues concerning Robinhood’s actions, suggesting that the platform was promoting substantial reserves of SOL. Based on @Tristan0x, inside a 12-hour timeframe, Bounce, the cryptocurrency division of Robinhood, transferred roughly $3.9 million price of SOL tokens to the Binance and Coinbase crypto exchanges.

Robinhood liquidating about 1M of $SOL ($15M USD) deposits by way of Bounce.

During the last 12hrs Bounce have been sending in mixture:
– 162k to Coinbase ($2.6M)
– 84k to Binance ($1.3M)

Remaining 692k $SOL ($11M) ready on the sidelines to be unwinded. Put together accordingly 🙂 pic.twitter.com/RpJoV07ddn

— Tristan (@Tristan0x) June 28, 2023

The influencer additional claimed that there have been plans to switch round $15 million price of SOL tokens between these prime crypto exchanges. These observations and statements had already raised suspicions amongst Twitter customers about Robinhood’s actions and the potential impression on SOL’s market dynamics. The trade, nevertheless, later justified its actions by stating that the Securities and Trade Fee (SEC) had unilaterally categorized the belongings (ADA, MATIC, SOL) as securities after which it couldn’t legally assist the belongings on its platform.

Moreover, there are expectations of a sell-off from Celsius, which may additional pressure the general trade because it entails the fixed promoting of serious quantities of crypto. Regardless of these developments, the costs of cryptocurrencies, significantly the highest ones, managed to both keep their earlier vary and even expertise worth positive aspects.

Solana Pumps Amidst the Robinhood Incident

Opposite to expectations, Robinhood’s switch of crypto didn’t lead to a downward pattern for Solana’s worth. As a substitute, the undertaking skilled a notable pump, and at a speedy tempo. Inside a single day, Solana’s worth surged by greater than 15%, which was fairly spectacular, particularly for buyers who had beforehand made substantial investments in SOL. This surprising worth enhance caught the eye of the net group, additional highlighting the unpredictable nature of cryptocurrency markets.

Inside a quick span of some hours, the token’s worth escalated from $16.2 to over $18, prompting additional shopping for exercise earlier than a subsequent correction passed off. On the time of writing, SOL is being traded round $18, with a market capitalization surpassing $7 billion. Apparently, a number of different DeFi tasks additionally skilled important worth will increase. The absence of speedy opposed repercussions following Robinhood’s resolution means that the information might not impression SOL as negatively as one would sometimes anticipate.

Thug Life Presale Hits $100,000

Thug Life has entered the cryptocurrency market with a novel method that capitalizes on the viral reputation of meme cash. The meme undertaking has managed to align itself as a novel providing by aligning its design with the timeless Thug Life motion, which gained fame via hip-hop legends. This naturally struck a chord with a number of music lovers and meme coin lovers, which propelled the token presale to boost a whopping $100k inside only a few days.

The token goals to mix nostalgia and humour whereas providing a platform for resilience, catering to people who’re uninterested in being lured into nugatory tasks by paid influencers. Satirically, this too was picked up by some fashionable people within the crypto area and endorsed as a high-potential undertaking. Thug Life’s web site and Twitter account prominently function Snoop Dogg’s imagery, resulting in hypothesis a few potential collaboration with the famend rapper.

Regardless of no official announcement of a partnership, the door appears to stay open for potential collaboration between Snoop Dogg and Thug Life resulting from his earlier involvement within the crypto market. Snoop Dogg has proven curiosity and engagement in varied NFT and metaverse tasks, making him a sexy candidate for a partnership that might deliver heightened visibility and credibility to Thug Life.

At present, Thug Life’s native token, THUG, is obtainable for buy at a reduced worth of $0.0007. Given the present market situations and the current enthusiasm surrounding fashionable meme cash, investing in THUG might be a profitable alternative for these seeking to capitalize on the meme coin pattern and probably generate substantial income.

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