Altcoin
Andrew Tate Burns $38M Solana Meme Coin Tokens, Vows To Crash Network
In a series of provocative tweets, former kickboxer and internet celebrity Andrew Tate has ignited yet another crypto controversy via a massive burn in the Solana ecosystem. Tate revealed that he had burned $11 million worth of a new Solana meme coin, TOP G, sending the tokens to the SOL Incinerator. This dramatic move caused the price of the TOPG coin to skyrocket by over 130%, pushing its market cap to over $65 million.
The Top G meme coin’s official Twitter account praised Tate for burning 58% of the coin’s supply, leaving only 37% in circulation. Moreover, the account suggested that this drastic reduction in supply was a strategic move by Tate, aimed at boosting the coin’s value. They celebrated the decision with the declaration, “Now we cook.”
Andrew Tate’s Solana Meme Coin Burn Saga
Tate’s bold actions didn’t stop there. In subsequent tweets, he vowed to “crash Solana.” He boasted about his ability to disrupt the network, confidently asserting that his Top G coin would be the catalyst for “burning it all.” Furthermore, Tate’s language was deliberately provocative, aimed at garnering maximum attention and stoking controversy.
In one tweet, Tate proclaimed, “I WILL CRASH THE SOLANA NETWORK.” He further stirred the pot by stating, “LOOK WHAT I CAN DO. TOP G IS GOING TO BURN IT ALL.” Tate’s tweets quickly went viral, adding fuel to the already intense debate within the crypto space.
Tate’s tweets didn’t just stop at his intentions to crash Solana. He also encouraged his followers to send him coins, leading to an influx of tokens. After burning the tokens, Tate boasted, “GUESS HOW MUCH MONEY I’VE MADE TODAY? ZERO.” Moreover, he claimed that he had made over $100 million in trades through Solana, turning people into millionaires.
However, he noted that he personally profited nothing from the recent Solana meme coin burn. Despite the significant loss from burning the tokens, Tate remained defiant. He corrected himself in a follow-up tweet, saying, “Correction. I lost $11 million by setting it on fire ;)” The burn, he noted, was intended to show his power and influence within the crypto world.
In another tweet, Tate wrote, “Feeling rich and reckless. 2000 RTs and I will diamond hands over 1M USD today into random shit that I NEVER EVER SELL.” This tweet garnered over 5700 retweets, prompting Tate to purchase $100,000 worth of GameStop (GME) shares at $46.55 per share. On a similar note, he wrote, “2000 RETWEETS AND I BUY MORE JUNK DIAMOND HANDS NEVER SELLING IN IT FOR THE LULZ WE MUST CRASH SOLANA.”
Also Read: Could Solana Price Reach $1,000 If Crypto Market Cap Rockets To $5 Trillion?
Impact On TOP G Price
Tate’s actions have drawn a mixed response from the crypto community. Some view him as a reckless influencer, while others see him as a strategic player leveraging his influence to impact the market. Regardless of the opinions, Tate’s ability to create waves in the crypto world is undeniable.
The impact of Tate’s actions was immediate. The price of the Top G coin surged by over 135%, pushing the value of burned tokens to a massive $38.77 million. This remarkable price rally was attributed to the massive token burn, which effectively removed a substantial portion of the tokens from the market.
The controversy surrounding Andrew Tate and the Top G coin is far from over. The internet celebrity has expressed his desire to perform similar burns on the Solana network. Moreover, he asked his fans to send him coins so he could execute his next move. Earlier, the TOP G tokens he burned were reportedly sent by his fans.
Also Read: Where’s The Popular Solana Meme Coins Standing Today? Hike Or Drop
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Solana (SOL) price has been under pressure recently, leading to concerns about a potential downtrend against Bitcoin (BTC). On the SOL/BTC price chart are signs that the cryptocurrency could be forming a “death cross,” a pattern that suggests a further decline in price.
This follows a period of weak performance for Solana relative to Bitcoin, sparking discussions on whether the altcoin can recover or continue to underperform.
Will Solana Form a Death Cross Against Bitcoin?
Over the past few months, Solana price has experienced a sharp decline when compared to Bitcoin. As of mid-April 2025, Solana is priced at 0.00158 BTC, down by 23% from earlier in the month. This comes after a significant 54% drop since January, showing a steady loss in value relative to Bitcoin.
The recent drop in Solana’s price has raised concerns among traders and analysts. Moving averages, which track price trends over time, have been narrowing, which is often a precursor to a potential death cross formation.
Specifically, the 23-day moving average is approaching the 200-day moving average in the weekly chart, a key level for technical analysts. If it crosses below the 200-day average, it would officially signal a death cross. This could indicate a further decline in Solana’s price against Bitcoin.
Solana’s Recent Performance and Market Trend
Nonetheless, Solana has had some strength, which can be attributed to the recent launch of Solana ETFs in Canada.
At the same time, institutional investors’ attention contributed to the altcoin’s success in surpassing the performance of numerous other cryptocurrencies, including Bitcoin. Solana delivered a 10.5% return within a week, while Bitcoin delivered a 1.8% return in the same time frame.
Nonetheless, the recent excitement about Solana appears to have subsided with the lessened market movements. Analysts like Ali Charts are now analysing whether the recent strength was just a blip in the charts or the first sign of an actual trend reversal to $65.
SOL/BTC Technical Patterns and Support Levels
Based on the current technical perspective, Solana’s price trend against Bitcoin has established the “Falling wedge” chart. This pattern is normally noticed during the consolidation phase, and the break above the upper trend line is usually interpreted as a signal for a bullish move.
The declining moving averages indicate that Solana may continue to decline against Bitcoin and possibly test lower supports despite the SOL/ETH ratio recording its highest weekly close
At present, the price is almost at the apex of the wedge pattern, meaning that it can break soon. If the price surmounts the resistance level at around 0.0018BTC, it will possibly lead to a bullish run and might even regain the value of 0.001895BTC for Sol. However, if the price cannot hold its support at 0.0014 BTC, then it may decrease even lower.
Solana’s performance against Bitcoin will be very significant over the next few weeks. The potential death cross and the support and resistance levels on the chart pinpoint that Solana might experience a difficult time moving forward. If the trend persists, the altcoin could potentially drop as low as 0.001 BTC—a price point that, when measured in dollar terms, is below $100.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
American asset management company Canary Capital has taken a new leap with a new filing for a staked Tron ETF product. Known as the pioneer of some of the most renowned altcoin ETF products, this new Tron ETF has further placed the firm at the forefront of the exchange-traded fund drive.
The Canary Capital Staked Tron ETF
According to the prospectus released by the firm, the new product is dubbed the Canary Staked TRX ETF. The firm is yet to reveal the trading platform the product will trade on, however, it confirms it will provide exposure to the price of Tron.
Based on the pricing data offered by Coindesk Indices, Canary Capital said it will rely on this to establish the Net Asset Value (NAV) for the product. This latest filing comes barely a month after the asset manager filed for Pengu ETF with the US Securities and Exchange Commission (SEC).
This is a breaking news, please check back for updates!!!
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Based on historical data, July could be the next bullish month for the XRP price, which continues to consolidate amid this crypto market downtrend. Despite the market downturn, crypto analysts like CasiTrades are confident that the altcoin could still reach a new all-time high (ATH) in this market cycle.
Historical Data Points To July Being The Next Bullish Month For The XRP Price
Cryptorank data shows that July could be the next bullish month for the XRP price. This is based on the fact that the altcoin has recorded significant gains in each of the last five Julys.
Unlike July, April to June have been mixed for XRP over the last five years. For April, the last three out of five months have been bearish for the altcoin, although it recorded a 174% gain in April 2021.
For May, three out of the last five months have been bearish for the XRP price, although it recorded meagre gains in May 2023 and 2024. Meanwhile, June has been completely bearish for the altcoin, as it recorded monthly losses in the last five months.
It is worth mentioning that four out of the five monthly gains for XRP in July have been double-digit gains. As such, Ripple’s native crypto could again record double-digit gains this coming July.
Interestingly, crypto analyst Egrag Crypto predicted that XRP could reach double digits by its July 21 cycle peak. He alluded to the altcoin’s previous bull runs as to why July could mark this cycle’s peak. The analyst believes the Ripple price could reach $27 by then.
Analysts Argue XRP’s Consolidation Could End Soon
Amid this historical data, crypto analysts Dark Defender and CasiTrades have suggested that the XRP price consolidation could end soon. In an X post, Dark Defender stated that the altcoin’s consolidation is nearing an end and that he believes this is the final consolidation of the monthly structure.
Once this consolidation is done, the crypto analyst remarked that market participants can expect the Wave 5, which will send Ripple’s native crypto to new highs. He highlighted $2.22 and $2.30 as the major resistances to watch out for, while $1.88 and $1.63 are the major support levels. Meanwhile, the targets on this Wave 5 up are $3.75 and $5.85, which will mark a new ATH for the altcoin.
As CoinGape reported, crypto analyst CasiTrades also predicted that the XRP price could soon reach $6 as Wave 2 correction nears its end. The analyst also raised the possibility of the altcoin rallying to as high as $9.50 and $12 if it reaches the 2.618 and 3.618 Fibonacci extension levels, respectively.
However, there is still the possibility of the XRP price dropping below the $2 level before it rallies to new highs. Egrag Crypto warned that Ripple’s native crypto could still drop to as low as $1.4 in the event of a major liquidation.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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