GuShiio.com Original title: “Ethereum is ready to explode? Analyst: ETH/BTC has bottomed out, Solana fights meme culture collapses “
Original author: DaFi Weave, Dynamic Trend BlockTempo
After the Trump team released $TRUMP, Trump’s wife’s $MELANIA and the Central African President’s $CAR have also been launched one after another. The most controversial one now is the Argentine President’s $LIBRA, which seems to have become the fuse to crush the hype of memo.
As more and more memocoins become profit-making tools for insiders and rat positions, scandals in the memocoin market continue to intensify. The price trend generally shows up as a surge and then a collapse, and the enthusiasm for market speculation has begun to cool down. This trend is also reflected in the price of Solana (SOL), the home base of memin.
SOL fell to $174
According to Binance spot data, SOL fell from US$186.94 last night to a minimum of US$174.63. It rebounded slightly to US$178.05 before the deadline, down 4.4% in the past 24 hours, making it the worst-performing token among the top 30 currencies by market value.
Trader Tyler tweeted,”The market is releasing anger at Solana.” He cited data from Binance Perpetual Contracts and pointed out that the ratio of short orders to long orders has risen to 4:1, reflecting a significant increase in market bearish sentiment against Solana.
Who has harvested the Solana mein market?
The Solana miniin market has been “squeezed” by billions of dollars by various institutions, trading robots, and insiders.
According to statistics from DeFiLlama founder 0xngmi, the total revenue received by different participants from the Solana minocoin market is as follows:
·Trading robots and apps: $1.09 billion
·Pump.fun platform: US$492 million
· MEV (maximum extractable value): US$1.5 – 2 billion
·Trump insiders: US$500-US$1 billion
·Other insiders: Unknown
· AMMs (automated market makers): US$0 – 2 billion
He said the total was more than $3.6 billion to $6.6 billion. This also reflects the highly speculative nature of the memin market. Many of the gains are not enjoyed by ordinary investors, but are captured by high-frequency traders, arbitrageurs and insiders.
Analysts: ETH/BTC may have bottomed out
As Solana suffered a shock due to memin, the market seems to have begun to turn its attention to Ethereum. Zhu Su, founder of Three Arrow Capital (3AC), tweeted yesterday that it is time to buy all of Ethereum.
Aran Hawker, chief executive of trading automation platform CoinPanel, told CoinDesk that Ethereum’s recent rise is not a real excess performance, but more like a return to its proper level. He further said: Some traders may transfer funds from SOL back to ETH, but the market trend and structure have not changed significantly. If this rise encounters major market changes, it is likely to be quickly erased.
However, Joel Kruger, market strategist at LMAX Group, is more optimistic and believes that this may be a signal that the multi-year depreciation trend of ETH against BTC is coming to an end. He said: The ETH/BTC ratio has continued to fall since 2021, but may be bottoming out now. We should pay close attention to the monthly high of ETH/BTC. A successful breakthrough will strengthen the possibility of a trend reversal.
The ETH/BTC ratio was tentatively reported at 0.0282 before the deadline, down 1.78% in the past 24 hours, at its lowest level since the end of 2020.
In addition, according to CoinGlass data, market interest in ETH increased significantly yesterday (17th). The total number of open futures contracts increased by 12% in 24 hours to approximately US$2.6 billion, mainly from Binance and Gate.io, while open contracts in BTC futures increased by only 1%, indicating that funds flow to ETH.
However, before the deadline, Ethereum had fallen back from yesterday’s US$2,849.7 to US$2,703.91, a cumulative decline of more than 5%. The future price trend of Ethereum still needs to be closely observed.
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