In the recent fervor surrounding SOL token fundraises resembling ICOs on the Solana blockchain, Dexter, founder of the decentralized over-the-counter trading platform Whales Market, made waves by swiftly raising over 155,000 SOL in just half an hour, surpassing the cap.
Amidst eager anticipation from presale investors, concerns arose within the community when it was discovered through Solscan data that Dexter had transferred all 159,802 SOL raised to Binance and sold a portion, causing an uproar. Dexter faced questions regarding this move.
In response, Dexter explained on platform X that selling a portion of the raised SOL for stablecoins was to hedge against SOL token depreciation, aiming to prevent capital loss. He clarified:
"Beyond exceeding the fundraising cap and issuing refunds, the remaining funds were transferred to Binance. Some SOL was converted to stablecoins to prevent significant SOL token depreciation. This substantial amount of money requires appropriate allocation to avoid disappointing those who trust us."
Dexter's actions sparked turmoil among investors. Despite Dexter's explanation, the community expressed skepticism and dissatisfaction:
SOL experienced one of the most severe declines among the top ten tokens. Consequently, some attributed Dexter as one of the reasons for the plunge. Whales Market's token, WHALES, also dipped to $1.73, marking a nearly 20% decrease.
In light of the craze surrounding Solana meme tokens, prominent Key Opinion Leaders (KOLs) like @BTCdayu and @BTW0205 cautioned against blindly investing in similar projects, emphasizing the importance of risk assessment and due diligence to distinguish viable projects from potential scams or "reaping machines."
Pumpfun will launch its PUMP token on 12 July, aiming to raise $600 million by selling 15% of its supply across its own site and Gate.com. Despite the hype, the platform’s revenue and user activity have dropped sharply, while rival LetsBonk is gaining ground.
WeatherlyNorth Korea-linked hackers stole $3.2 million in crypto from Solana wallets and moved the funds to Ethereum. They laundered nearly $2 million using Tornado Cash, with over $1 million still sitting in an Ethereum wallet.
AnaisInvesco and Galaxy filed for a Solana ETF, aiming to give investors regulated access to the SOL token. Another filing proposes a new ETF mixing memecoins and NFTs from the Pudgy Penguins collection, marking a first of its kind in the market.
AnaisSol Strategies, a Canadian crypto investment firm, has applied to list on Nasdaq after heavily investing in Solana tokens and staking operations. Despite a recent $3.5 million loss, the company aims to raise more capital and grow its presence in the US market.
AnaisThe SEC has asked Solana ETF issuers to quickly update their filings, speeding up the approval process with decisions possible within weeks. This includes allowing staking features, which could boost investor interest and confidence in Solana.
WeatherlyDubai’s VARA has signed an MoU with the Solana Foundation to advance blockchain innovation and talent development. Despite this, SOL remains over 2% down in the past 24 hours and below its January peak although it saw a slight uptick during the recent Bitcoin-led market pullback.
CatherineThe SEC raised legal concerns about new Ethereum and Solana ETFs that include staking rewards, saying they may not qualify under current investment rules. REX and Osprey must address these issues before the funds can launch.
AnaisNasdaq has filed to list a spot Sui ETF from 21Shares, starting the SEC review process. If approved, it would be one of the first US ETFs to track a layer-1 altcoin beyond Bitcoin and Ethereum.
WeatherlyLedger has launched a special Solana-themed version of its Flex wallet, featuring custom tools and a built-in Soulbound Token to show proof of ownership. The wallet supports many blockchains but gives Solana users extra benefits, including possible future rewards.
AnaisKraken is launching over 50 tokenised U.S. stocks like Apple and Tesla for non-U.S. investors, using the Solana blockchain. These tokens are backed 1:1 by real shares held by Backed Finance, allow 24/7 trading, and can be used in DeFi platforms.
WeatherlyThe main purpose of asynchronous execution is to allow the voting program to run independently of all other programs.
JinseFinanceA story of lies, inflated metrics, and where we go from here.
CharlieXYZMillions of people are using the opportunity of the crypto collapse to buy into projects at lower prices than their all-time highs.
BitcoinistHe said that there were instances of lying about the SOL circulating supply and a “deceptive design to falsely inflate usage.”
BeincryptoCryptocurrency-powered financial systems boast a high throughput, with the capacity to handle thousands of transactions per second.
BitcoinistAccording to The Block Research's Data Dashboard, the number of NFTs minted on Solana surged to a high of 312,000 on Sept. 7.
OthersSet to develop on the Solana Chain, SolMad is an NFT collection in the Solana-verse where nomads travel in search ...
BitcoinistThe new shop entertained about 400 crypto-curious guests on opening day, and hopes to host even more as other stores are opened across the U.S. and the rest of the world.
CointelegraphWith the introduction of platforms like Solana, buyers may now purchase NFTs for a low transaction charge and with minimal congestion.
CointelegraphCoinbase added wallet support for SOL and Solana-based tokens, and said it will also support NFTs and dApps on the blockchain in the future.
Cointelegraph