Cryptocurrency
Solana Price Rebounds 9% After Network Outage, While Meme Kombat Presale Nears Conclusion
![](https://letizo.com/wp-content/uploads/2024/02/solana-price-rebounds-9-after-network-outage-while-memekombat-presale-nears-conclusion_65c52b175a263.jpeg)
Solana’s (SOL) price has rebounded over 9% in the past day, recovering from the network outage earlier this week.
The outage, which lasted almost five hours, highlighted concerns about the network’s stability and centralization.
In other news, the Meme Kombat (MK) presale is nearing its conclusion, with early investors having one final chance to acquire tokens before their Uniswap listing.
Solana Outage Causes Brief Turbulence, But SOL Quickly Recovers
Despite the outage on February 6, Solana has shown remarkable resilience in the days after.
Within hours of the network returning online, the SOL token erased all the losses that had been sustained.
This quick recovery highlights the crypto community’s faith in Solana’s long-term viability as a leading layer-1 blockchain.
The outage was linked to complications with the “Berkeley Packet Filter,” a vital component for smooth upgrades and program execution.
This marked Solana’s first major incident of 2024, but it’s the 11th outage overall since the network first launched – with one occurring every two months on average.
While frustrating for developers and network users, the Solana Foundation is conducting a complete post-mortem analysis to uncover the root technical issues and enhance error handling.
However, SOL traders seem undeterred, with spot trading volumes remaining relatively stable in the past 48 hours.
Massive SOL Transfers Suggest Growing Whale Bullishness
In other news, two mammoth SOL token transfers occurred last week that may signal growing institutional interest.
The first, a transfer of 659,283 SOL, worth over $67 million at the time, went from one unknown wallet to another.
However, the second batch has sparked more intrigue, with 150,000 SOL being moved from the cryptocurrency exchange Bybit to an unidentified wallet.
This transfer was valued at around $15.2 million when it was made.
While the recipient’s identity remains unknown, the fact that such a vast amount was transferred off of the exchange has been viewed as a bullish signal.
This is because crypto whales often move their assets off exchanges when they plan to hold them for an extended period rather than engage in short-term trading.
As a result, investor confidence is often buoyed by this type of behavior since it reduces the likelihood of a large SOL sale.
Overall, if these transfers are any indication, high-net-worth players are betting on Solana to be a dominant blockchain for years to come – which could be playing into SOL’s recent price action.
Meme Kombat Enters Final Presale Round Before Much-Anticipated Uniswap Debut
While the spotlight is on Solana once again, some crypto traders are opting to focus on tokens that are outside the blue-chip projects.
Meme Kombat is one of these tokens and has been attracting massive attention during its presale phase.
Capitalizing on the exploding popularity of GameFi, Meme Kombat allows users to bet MK tokens on fights between some of the most iconic meme coin mascots.
Featuring hilarious animated battles, Meme Kombat offers a fun and community-driven experience for new and seasoned investors.
With the presale now in its final stage before MK lists on Uniswap, the token has already amassed a vast online community.
More than $8.3 million in funding has also been raised, which will be used to develop the battle arena and launch viral marketing campaigns for MK.
Several YouTube influencers have also hopped on the bandwagon, touting MK for exponential growth once publicly listed.
For example, analyst Michael Wrubel, who has over 310,000 subscribers on YouTube, stated that it could be the “next 100x gaming meme crypto.”
Whether Wrubel’s bullish forecast proves accurate remains to be seen, but Meme Kombat is undoubtedly ticking all the boxes as a potential hidden gem in the altcoin market.
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Cryptocurrency
Top 10 Solana (SOL) Ecosystem Projects by Development Activity
![](https://letizo.com/wp-content/uploads/2024/09/top-10-solana-sol-ecosystem-projects-by-developmentactivity_66dc47b18afea.jpeg)
TL;DR
- Due to recent growth, Solana and its projects have gained popularity.
- Ecosystem meme coins like Dogewifhat (WIF) and Bonk Inu (BONK) have seen significant declines after a substantial surge earlier this year.
The Unsurprising Leader
Solana and numerous projects built on it have brimming in popularity in 2024. Some factors that could have contributed to this might be SOL’s bull run at the end of 2023 and the beginning of 2024, the growing community, and innovations in the ecosystem.
The crypto analytics platform Santiment recently outlined the top 10 Solana-based projects in terms of development activity in the past 30 days.
Somewhat expected, the first spot belongs to Solana itself, which collected a score of 186.33. It is worth noting that the protocol’s native token – SOL – has been experiencing a downfall since the end of July, plunging by approximately 30% and currently trading at around $127 (per Coingecko’s data).
Wormhole holds the second position with a ratio of 90.5. It acts as a bridge connecting various blockchain networks, such as Solana, Ethereum, BNB Smart Chain, and others. It enables users to transfer digital assets and data across these blockchains without a centralized intermediary.
Pyth Network is third, with a score of 68. It operates as a decentralized oracle network where multiple providers contribute to a collective data feed.
JITO and Neon round up the top 5 list. The other Solana-based projects down the line include Drift, Orca, Helium IOT, Helium Mobile, and Metaplex.
The Missing Ones
It is interesting to note that meme coins, which are part of Solana’s ecosystem, did not make the list. Such tokens, including dogwifhat (WIF), Bonk Inu (BONK), and many more, were among the top-trending topics in the crypto space at the start of the year due to their skyrocketing prices.
However, their progress has stalled as of late. WIF – the biggest Solana-based meme coin in terms of market capitalization – currently trades at around $1.52, representing more than a 70% decline from the ATH registered in April.
BONK (the second-largest) is worth approximately $0.00001666 as of the moment, or 60% less than the peak in May.
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Cryptocurrency
These Altcoins Bleed Out as Bitcoin (BTC) Price Fell by $4K in Hours (Weekend Watch)
![](https://letizo.com/wp-content/uploads/2024/09/these-altcoins-bleed-out-as-bitcoin-btc-price-fell-by-4kin-hours-weekend-watch_66dc47b73b311.jpeg)
Bitcoin’s nosedives continued in the past 24 hours as the asset slumped from an intraday high of $57,000 to under $53,000 within hours.
The altcoins are also in the red, and the total crypto market cap has dumped to $2 trillion for the first time in over a month.
BTC’s Troubles Keep Coming
The primary cryptocurrency lost the coveted $60,000 level last week, and the true downfall followed suit. Aside from a brief attempt to overcome that line on September 3, the bears have been predominantly in control, which culminated yesterday.
Before that, it was rejected a couple of times and marked lower daily highs. A relief rally came on Friday when the US released the job report for August, which showed that there was a slight decline in the unemployment rates.
BTC reacted quickly with a price increase from $55,500 to $57,000. However, that turned out to be a false breakout, and the cryptocurrency headed south immediately after. In a matter of minutes, it plummeted to $54,000 before the bears initiated another leg down that pushed it to a monthly low of $52,700 (on Bitstamp).
Despite recovering to just over $54,000 now, it is still 4% down on the day and more than 8% in the past seven days. Its market cap has plunged to $1.070 trillion, while its dominance over the alts is down to 53.5%.
Alts in Red Yet Again
The bearish scenario repeated once again, and the altcoins are back in red. Ethereum is among the leaders in this adverse trend, having lost over 4% of value. As a result, it now struggles at $2,250. BNB is down by 3%, XRP by 3%, and SOL by 2.5%.
DOGE has dumped the most from the larger-cap alts. The OG meme coin has seen 5% of its value evaporate over the past day and is below $0.1.
Further losses come from the likes of TON, BCH, SHIB, LTC, OKB, XMR, and many others.
The total crypto market cap has declined by another $50 billion and is down to $2 trillion on CG.
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Cryptocurrency
Vitalik Buterin Pledges L2 Tokens to Support Public Goods in the Ethereum Ecosystem
![](https://letizo.com/wp-content/uploads/2024/09/vitalik-buterin-pledges-l2-tokens-to-support-public-goods-inthe-ethereum-ecosystem_66dc47bce1201.jpeg)
Ethereum co-founder Vitalik Buterin has pledged to donate all Layer 2 (L2) tokens he holds to support public goods within the Ethereum ecosystem or broader charitable causes.
This announcement comes a few days after accusations that he had sold millions in Ether (ETH) for personal gain.
Vitalik Buterin Denies Profit Motive
Buterin was quick to respond to the allegations, emphasizing that he has not sold any ETH for personal profit since 2018. Instead, he clarified that any proceeds from his ETH sales have been directed toward projects that contribute to the Ethereum ecosystem or other charitable initiatives.
In a September 5 update, he expanded on his stance, pledging to donate all L2 tokens he holds, including not-yet-liquid assets, to support similar causes.
He wrote, “All proceeds will be donated, again either to support public goods within the Ethereum ecosystem or broader charity (e.g., biomedical R&D). I also do not intend to invest into L2s or other token projects in the foreseeable future.”
He explained that his aim in funding projects is to support initiatives he believes are important, particularly in situations where other parts of the ecosystem may not fully recognize their value.
The Allegations
On August 30, an X user accused him of selling over $2 million worth of ETH shortly after posting a positive update about Ethereum’s future.
Later on, Lookonchain also revealed that Vitalik had transferred 800 ETH, worth around $2 million, to a multi-signature wallet. Shortly after, the wallet swapped 190 ETH for 477,000 USDC.
Further analysis from Lookonchain indicated that on August 9, he had moved an additional 3,000 ETH, valued at over $8 million, to the same multi-sig wallet.
These transfers fueled speculation that the Ethereum co-founder was liquidating his Ether holdings to realize profits.
Buterin had previously disclosed that his entire Ether holdings came from the Ethereum pre-mining period, which allocated 11.9 million ETH (about 10% of the total supply) to early contributors. As one of them, he received 700,000 ETH for his role in the network’s creation.
According to blockchain tracker Arkham Intelligence, his current holdings amount to approximately 240,000 ETH. This is a reduction of around 460,000 ETH from his initial stash.
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