Solana (SOL) has fared as one of the top-performing cryptos in the past week as the broader market experiences an uptick in price. SOL has increased over 5% in the past 24 hours and a staggering 24% this week.
Meanwhile, a trending GambeFi project, TG Casino ($TGC), also looks bullish after raising over $1.3 million through its ICO..
Solana Massively Outperforms Other Top 10 Cryptos Despite Almeda FUD
The SOL price struggled massively following the demise of FTX and Almeda last year, currently down 89% from its $260 all-time high (ATH). This is due to Almeda’s significant SOL holdings, which investors feared would be liquidated and crash Solana’s price.
As such, a strong sense of fear, uncertainty, and doubt (FUD) has plagued the project, but recent developments have shown that the situation is not as bad as many feared.
It was reported in August that the FTX-Almeda estate held $1.16 billion of Solana, a significant portion considering its market cap at the time was just $10 billion. However, the FTX estate recently locked up $122 million of the tokens, easing investors’ worries as it indicated it would not immediately dump all its holdings.
What’s more, buying pressure and bullish sentiment have begun rallying since then, enabling the price to more easily absorb any coins that the FTX estate may liquidate.
This is evident in data from Satniment, which shows that trading volume is at its highest point since July 2023. Trading volume is a good indication of interest, and high trading volume on an uptrend is a highly bullish signal.
Meanwhile, the Solana community has taken to X (formerly Twitter) to discuss the project’s potential.
Prominent analyst Aylo exclaimed why Solana could be one of the top-performing cryptos in the next bull run, noting factors like its growing developer community and interest from the broader crypto community. The tweet also highlights the advantages of Solana’s robust technology stack.
Continuing with Solana’s tech, Henry_DeFi points out Solana’s scalability advantages compared to Ethereum. The commentator notes that 1,000 Solana transactions cost $0.62, while 1,000 Ethereum transactions cost $7,000.
Lastly, the Solana Twitter account updated the community on a recent Messari report laying out the latest Solana metrics and ecosystem developments.
The report shows significant advancements in transaction activity on the blockchain, such as a 316% increase in compressed NFTs minted in Q3 2023 compared to Q2.
With Solana faring at the best-performing top 10 crypto by market cap this week, its community’s long-standing resilience and support has finally come to light.
Yet, while Solana is racing ahead, the new presale project TG Casino is showing even more potential after surging past $1.3 million in its first month of presale.
Another Coin to Watch: TGC Token Presale Surges Past $1.3 Million for Telegram GambleFi Project
Following on from the monumental success of the Rollbit crypto casino, TG Casino has launched a presale boasting numerous advantages like being KYC-free and launching on the Telegram application.
Launching on Telegram enables much quicker gambling, with placing a bet taking seconds instead of minutes. What’s more, its end-to-end encryption means anyone can gamble unrestricted from anywhere in the world.
The $TGC token also holds many advantages, like free rewards, access to exclusive games and rooms, and staking (with over 350% APY). Moreover, a recent announcement by the TG Casino team informed the community that they can claim 25% cashback on all losses when using the $TGC token.
Such utility will likely translate to significant upside potential, especially with the project’s unique advantages over other crypto casinos.
But TG Casino does not stop there. It also features a buyback mechanism that repurchases $TGC with a portion of the casino’s revenue. It will send 60% of these tokens to staking rewards and burn the other 40%. This will bolster the token’s scarcity and its potential to explode.
These factors have led to a massively successful presale, with the project raising $1.3 million in under a month. With this in mind, potential investors must act fast before the presale supply runs out.