Crypto Prices Pump Despite Bearish News, Solana Up 14%, Thug Life Presale Hits $100,000

Traditionally, investors anticipate a significant decline in cryptocurrency prices when negative press emerges in the blockchain or finance industry. However, the recent market response deviated from this expectation. Surprisingly, instead of witnessing a massive price dump, the market experienced a healthy pump in some prominent altcoins such as Solana.

Ongoing presales of popular meme tokens like Thug Life also managed to achieve remarkable success by raising an impressive amount of $100,000, despite the market turmoil caused by this negative press. This has apparently left the investing citizenry in good spirits, with many expecting a good chunk of investment to hit the markets very shortly.

Bearish News in the Crypto Industry

There is a constant fear of quick price dumps whenever major corporations decide to announce major changes. One such development was the popular broker Robinhood’s decision to delist three of the most popular cryptocurrencies- Matic, Cardano and Solana.

Robinhood made an announcement on its platform stating that it would be discontinuing support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) starting from June 27th, 2023. Transfer support for these three cryptocurrencies already ceased on June 26th, 2023. However, Robinhood reassured its users that none of their other cryptocurrencies would be affected by this change, implying that trading and support for other digital assets on the platform would remain unaffected.

Several Twitter users, including the popular crypto influencer @Tristan0x, expressed concerns regarding Robinhood’s actions, suggesting that the platform was selling substantial reserves of SOL. According to @Tristan0x, within a 12-hour timeframe, Jump, the cryptocurrency division of Robinhood, transferred approximately $3.9 million worth of SOL tokens to the Binance and Coinbase crypto exchanges.

Robinhood liquidating about 1M of $SOL ($15M USD) deposits via Jump.

Over the last 12hrs Jump have been sending in aggregate:
– 162k to Coinbase ($2.6M)
– 84k to Binance ($1.3M)

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

— Tristan (@Tristan0x) June 28, 2023

The influencer further claimed that there were plans to transfer around $15 million worth of SOL tokens between these top crypto exchanges. These observations and statements had already raised suspicions among Twitter users about Robinhood’s actions and the potential impact on SOL’s market dynamics. The exchange, however, later justified its actions by stating that the Securities and Exchange Commission (SEC) had unilaterally categorized the assets (ADA, MATIC, SOL) as securities after which it couldn’t legally support the assets on its platform.

Additionally, there are expectations of a sell-off from Celsius, which could further strain the overall industry as it involves the constant selling of significant amounts of crypto. Despite these developments, the prices of cryptocurrencies, particularly the top ones, managed to either maintain their previous range or even experience price gains.

Solana Pumps Amidst the Robinhood Incident

Contrary to expectations, Robinhood’s transfer of crypto did not result in a downward trend for Solana’s price. Instead, the project experienced a notable pump, and at a rapid pace. Within a single day, Solana’s price surged by more than 15%, which was quite impressive, especially for investors who had previously made substantial investments in SOL. This unexpected price increase caught the attention of the online community, further highlighting the unpredictable nature of cryptocurrency markets.

Within a brief span of a few hours, the token’s price escalated from $16.2 to over $18, prompting further buying activity before a subsequent correction took place. At the time of writing, SOL is being traded around $18, with a market capitalization surpassing $7 billion. Interestingly, several other DeFi projects also experienced significant price increases. The absence of immediate adverse repercussions following Robinhood’s decision suggests that the news may not impact SOL as negatively as one would typically anticipate.

Thug Life Presale Hits $100,000

Thug Life has entered the cryptocurrency market with a unique approach that capitalizes on the viral popularity of meme coins. The meme project has managed to align itself as a unique offering by aligning its design with the timeless Thug Life movement, which gained fame through hip-hop legends. This naturally struck a chord with multiple music lovers and meme coin enthusiasts, which propelled the token presale to raise a whopping $100k within just a few days.

The token aims to blend nostalgia and humour while offering a platform for resilience, catering to individuals who are tired of being lured into worthless projects by paid influencers. Ironically, this too was picked up by some popular individuals in the crypto space and endorsed as a high-potential project. Thug Life’s website and Twitter account prominently feature Snoop Dogg’s imagery, leading to speculation about a potential collaboration with the renowned rapper.

Despite no official announcement of a partnership, the door seems to remain open for potential collaboration between Snoop Dogg and Thug Life due to his previous involvement in the crypto market. Snoop Dogg has shown interest and engagement in various NFT and metaverse projects, making him an attractive candidate for a partnership that could bring heightened visibility and credibility to Thug Life.

Currently, Thug Life’s native token, THUG, is available for purchase at a discounted price of $0.0007. Given the current market conditions and the recent enthusiasm surrounding popular meme coins, investing in THUG could be a lucrative opportunity for those looking to capitalize on the meme coin trend and potentially generate substantial profits.

Related