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Anthony Pompliano Shifts Focus To Solana From Ethereum, Here’s Why

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4 months ago

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Anthony Pompliano, a prominent crypto market expert, has recently shifted his focus from Ethereum to Solana. In a CNBC interview, he revealed that he sold all his Ethereum holdings last year to buy Solana. Although he doesn’t consider himself a Solana maximalist, the crypto market expert provided a flurry of compelling reasons behind the shift in his focus.

Anthony Pompliano Shifts Focus To Solana

Anthony Pompliano emphasized that he will continue holding Bitcoin, but he sees Solana as a leading altcoin worth maintaining a position in. He highlighted that Solana is cheaper and faster compared to Ethereum. Besides, he believes that Solana is “likely going to receive more flows” due to its efficiency and lower transaction costs.

Meanwhile, he pointed out that decentralized exchange (DEX) volumes show Solana is capturing market share from Ethereum. This shift indicates Solana’s growing influence in the crypto market. With a smaller market cap than Ethereum, the expert expressed optimism about Solana’s potential for significant momentum and growth.

In addition, Pompliano’s analysis during his CNBC interview suggests that Solana’s lower costs and faster transaction speeds make it an attractive option for investors looking for alternatives to Ethereum. His strategic move reflects confidence in Solana’s ability to outperform Ethereum due to its scalability and growing user base.

Also Read: WLD Price Slips 7% Ahead Of Massive Token Unlock

Ethereum ETF Hype

During his CNBC appearance, Anthony Pompliano also shared his views on Ethereum ETFs. He noted that while Bitcoin ETFs have garnered massive inflows and media attention, the same excitement hasn’t been seen for Ethereum ETFs.

According to the expert, the narrative around Ethereum isn’t as clear-cut as Bitcoin’s “digital gold” story. He sees Ethereum as a technology platform facing stiff competition. Besides, he believes Ethereum ETFs will likely be used for diversification from Bitcoin ETFs.

He predicts a 70/30 split in favor of Bitcoin, as investors seek to hold more than one asset. However, he has concerns about the staking process, which won’t be available to ETF investors. Staking is one of Ethereum’s most appealing features, and its absence in ETFs could limit inflows compared to Bitcoin.

Despite these concerns, the expert thinks the approval of Spot Ethereum ETFs signals a broader acceptance of cryptocurrencies on Wall Street. He believes more regulatory clarity is needed, but eventually, many altcoins will enter the mainstream financial markets.

Anthony Pompliano’s decision to sell all his Ethereum holdings and invest in Solana underscores his belief in Solana’s superior performance prospects. He sees Solana as a more attractive investment due to its lower price, faster transaction speeds, and potential for higher inflows.

However, during writing, SOL price was down 2% to $176.9, with its trading volume declining 21% to $3.02 billion. On the other hand, Ethereum price traded in the green but stayed near the flatline at $3,460, with a 9% increase in its trading volume from yesterday.

Also Read: Coinbase Receives Buy Rating Ahead Q2 Earnings Release, What’s Next?

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

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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Why Trump-Themed Coins are Crashing After US Election Results?

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19 mins ago

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November 7, 2024

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Donald Trump’s US election victory on Wednesday and the resulting euphoria failed to boost the price of Trump-themed memecoins, mostly due to so-called ‘sell the news’ trend. These tokens, which had seen significant gains earlier in the week, dropped by double digits following his win.

Some of the popular memecoins shed over 25% in market capitalization just a day after the victory, including TRUMP, MAGA, and TREMP.

Trump-Themed Tokens Suffer on ‘Buy the Rumor, Sell the News’ Trend

The PoliFi tokens drop happened despite the broader rise in the crypto market following Donald Trump’s victory in the US election. The tokens that were linked to Trump, among others, took a hit. The decline indeed did shake investor confidence in the PolitiFi assets, with traders seemingly selling the news-a pattern not too different from past meme coin behavior.

Similarly, like the rapid surge of Dogecoin prior to Elon Musk’s Saturday Night Live appearance in May of 2021, which peaked at $0.73 and fell over 30% shortly after, political tokens experienced a sharp sell-off following the election hype. For its part, DOGE is still 74% below its all-time high at current levels.

This is part of the “buy the rumor, sell the news” trend common with event-driven tokens that tend to be susceptible to political changes. Despite Trump’s win, the slump in these meme coins should bring in the realization of a possible weakness in the appeal for such meme coins and that some of their liquidity might be shifting from them.

As a matter of fact, many investors actually seem to be shifting funds into Bitcoin and other altcoins as the flagship cryptocurrency has been making new highs, raising hopes of a new bull market.

Losing Over 25% in Market Cap

Despite the euphoria surrounding Donald Trump’s election victory on Wednesday, Trump-themed memecoins failed to sustain their earlier gains, and some fell over 50% in the first hours after results.

These tokens, which had surged leading up to the election, saw sharp declines, with some losing over 25% in market capitalization just a day after his win. Memecoins like TRUMP, MAGA, and TREMP were among the biggest losers, highlighting the volatility typical of these event-driven assets.

Trump-themed meme coins have plummeted since Donald Trump’s election win, with several tokens plummeting in price. MAGA, the largest Trump-themed meme coin by market capitalization, was down 24.26% in the last 24 hours, changing hands at $1.97 at press time, while its market capitalization fell from $212 million on Nov. 6 to $87 million. Another prominent token, MAGA HAT, inspired by Trump’s iconic red hat, was also down 32.22%, its market cap fallen to $38 million.

The other big loser was Dark MAGA, which blew out on Nov. 5 and then plummeted 20% from the pre-election level to $0.0048, wiping out upwards of $2.6 million in market cap.

This happens just at the right time, just like all other meme coins follow a sharp sell-off after just one peak moment. Event-driven tokens, such as the PoliFi coins, are highly volatile and connected with political events that tend to swing fast and may make them vulnerable to considerable shifts in value.

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Teuta Franjkovic

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.

Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.

Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.

Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.

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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Peter Brandt Reveals Why SOL Is Ahead

Published

1 hour ago

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November 7, 2024

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The Solana and Ethereum debate has come up a lot in this market cycle, especially with SOL currently outperforming ETH. Veteran trader Peter Brandt has also weighed in on the conversation and provided insights into why SOL is ahead of ETH from a trader’s perspective.

Why Solana Is Ahead Of Ethereum

In an X post, Peter Brandt mentioned that Solana is breaking out into new highs while Ethereum is “chewing” into overhead resistance. He made this statement while analyzing SOL and ETH’s weekly chart from a trader’s perspective.

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The Solana chart he shared showed that SOL is on the brink of breaking the resistance at $200 and flying past its current all-time high (ATH) of $260. This aligns with a CoinGape analysis, which noted that the Solana price is eyeing $300 as SOL ETF approval odds rise.

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Meanwhile, the Ethereum chart showed that ETH is still ranging and is struggling to break above the $2,800 resistance. However, ETH could still eventually reach new highs as Brandt stated that both altcoins are poised for breakouts to the upside to join Bitcoin. The Ethereum Foundation recently launched the Pectra Testnet, a development that could again inspire confident ETH investors as ETH price eyes $4,000.

For now, Peter Brandt is more bullish on SOL because he favors new highs, which the altcoin is already breaking into.  The veteran trader also remarked that he prefers Solana over Ethereum. According to him, ETH is a “completely broken utility coin” whose complexity and cost of use are terrible.

The Battle For DeFi Dominance

Solana and Ethereum continue to battle for decentralized finance (DeFi) dominance. Recently, the former has topped the latter in decentralized exchange (DEX) volume among chains. However, DeFiLlama data shows that Ethereum may again be looking to reclaim its crown.

In the last 24 hours, Ethereum is number 1 among all networks in terms of DEX volume. The network has witnessed a trading volume of $2.94 billion during this period. Solana is behind with a trading volume of $2.53 billion in the last 24 hours.

However, it is worth mentioning that Solana still leads Ethereum in 7-day trading volume, with $13.61 billion traded on the network during this period. Meanwhile, Ethereum boasts a 7-day volume of $10.99 billion.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. 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 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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RCO Finance to Lead in Upcoming Market Rally as Toncoin and Cardano See Further Losses

Published

2 hours ago

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November 7, 2024

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Projects like Toncoin (TON) and Cardano (ADA) have long been popular with investors and are known for their unique innovations and community-driven support. 

However, recent performance trends have sparked concerns about these tokens’ ability to withstand market challenges. Let’s explore the latest on Toncoin and Cardano and why RCOF is attracting a growing number of investors.

Toncoin’s Recent Struggles and Price Forecast

Telegram founder and CEO Pavel Durov appeared in Dubai over the weekend, albeit in spirit. Drawings plugged in a video game inspired by Durov on a giant chalkboard during the annual conference for The Open Network. 

TON has recently seen a significant drop in value, driven by market conditions and the struggles of its tap-to-earn projects like HMSTR. TON trades at $4.78, with forecasts suggesting further struggles unless significant changes or partnerships materialize.

While the TON network remains promising in Web3, analysts caution about its near-term growth due to heavy competition. However, a recent Toncoin price forecast indicates that by December 4, the price of Toncoin will have increased by 227.30% to $15.66. 

Cardano Faces Price Pressure Amidst Market Uncertainty

Charles Hoskinson, the founder of Cardano, has responded to demands for openness in the blockchain’s ecosystem. Plutus Staking on X posted a brief video clip in which Hoskinson explained to users his sacrifices for the community. 

With ADA trading at $0.328, Cardano’s ecosystem faces challenges due to a slowdown in development and increasing competition from newer projects. Cardano has also encountered criticism regarding the delayed rollouts of its key functionalities, making it harder for the token to regain traction.

A recent analysis of projected 2024 Cardano prices indicates that the lowest price will be $0.313. The ADA price might go up to a maximum of $0.338. However, market uncertainty has led some investors to reassess their positions, with many shifting focus toward emerging DeFi projects that offer higher growth potential.

Why RCO Finance Could Outpace Toncoin and Cardano in the Next Market Rally

RCO Finance redefines accessible investing through its no-code AI platform, allowing users to optimize their portfolios easily. The platform empowers anyone to engage in trading by eliminating the need for programming knowledge. This simplicity removes traditional entry barriers and ensures a smooth experience for all.

Central to this system is RCO Finance’s AI-powered Robo Advisor, which customizes investment strategies by analyzing market trends and user-specific data. By automatically adjusting portfolios, the Robo Advisor helps users stay aligned with their financial objectives without constant manual intervention. 

This ensures that all investors, from novices to experts, can confidently manage their assets through intuitive, data-driven strategies.

RCO Finance has passed a Solidproof audit, adding an extra layer of trust and reinforcing the platform’s dedication to security and transparency. 

This verification provides users with assurance of the platform’s integrity, while the privacy-first, KYC-free model offers a streamlined, private way to participate in decentralized finance. 

Altogether, RCO Finance’s blend of AI technology, Robo Advisor, and secure ecosystem presents a comprehensive solution for those seeking ease and innovation in their financial journey.

How Meagre Investments in RCOF Could Yield Huge Returns

For investors seeking substantial returns in a challenging market, RCO Finance offers an attractive entry point. At the current presale price of just $0.056, even a modest $10 investment could grow to over $12,000, reflecting the project’s impressive growth forecast of 12,000% as it reaches its target price on exchanges. 

With interest pouring in from across the DeFi and traditional finance sectors, RCOF presents a unique opportunity for investors to capitalize on an AI-powered project with real utility and strong growth potential. As Toncoin and Cardano struggle, RCOF stands out as a forward-thinking project likely to lead the market’s next wave of growth.

For more information about the RCO Finance Presale:

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