Episode Transcript
[00:00:00] Out of cycle update.
[00:00:03] At a time when everything is dropping, Solana stands out in a crowd and there's some sketchy stuff going on. I figured I would cover here. Cryptotalk fm my name is Leister. I'm your host, and I am going to put a bullseye on Solana. Not Joe Biden style, but I'm going to put some conversational framework around it for what's going on and some of the sentiment shift that just recently was brought to my attention. Some people are freaking out and it happens to be because of decisions that they made that Leister told them was a stupid idea to front, which was to pair their garbage token to Solana. Jump on the Solana chain. When launching all these garbage tokens like bonk. Here's what happened. Allegedly, some information was brought out from the whole bankruptcy situation with poof hares company FTX that said that FTX is sitting on major bags of Solana to the tune of $7 billion, roughly 46.5 million Solana tokens. Just to put in perspective, this is just shy of 10% of the totality of the supply of Solana. That's a huge bag, and it's possible poof hair was stacking bags so he could buy something real nice for hell and fong when the thing ran up. I can't say for sure. The point is, I asked the question why he had such a large bag and we already had an FTX crash before. Remember, we may be en route to having another one. That's what's making people somewhat nervous. In a situation where everything is down because of what's going on with bitcoin, then you have something like this that may cause further down, it's getting people a little bit skittish, especially because right now Solana is at the support level. Roughly about $160 is a support level. And if it turns out that through the bankruptcy proceedings, they're forced to dump these bags, they're going to do it on the open market because that's what they do. And then you got the Germany dumping stuff, you got the Mount goss dumping stuff, and then this dumping stuff. We could be en route to another crypto crash as it's defined. And with Solana, all these garbage tokens that pair to it. Remember, if you're paired to one of those main coins and it craps, that means your token is going to crap. So all of these ones who jumped on the Solana chain and I said, I don't know why you're doing this. And it seems like it's kind of stupid and setting you up for failure, especially because of the general instability of the Solana chain. And I said, you're treating Solana like a casino and rolling the dice on it. I understand that. But now all these garbage tokens are going to be affected. Those people are going to speculate that they just got ripped off or rug pulled or scammed, when the truth is, no, it just crapped because of poof hare possibly buying something for his girlfriend. I don't know for sure. I'm saying that because they chose to jump into these garbage tokens, we might be looking at something on the level, very close of a squid game level, downstream impact and all the fallout and all the angry people, and drive a bunch of people away from cryptocurrency. We might be en route to another crypto crash, probably not to the degree we saw before, because this is mostly targeting Solana. I'm saying that all those different tokens that people bought in because Solana was going to run up, now they're going to get, quote, wrecked, and they're not going to come back in because they're afraid there's, you know, they're going to FOMo sell. There's going to be a lot of FOMO selling if it breaks that bottom resistance level, they're going to dump out of the business, and who knows where it's going to go now. For anybody else, we treat it as a discount opportunity, an opportunity to get in at a really good price point. I'm just going to follow it at a distance, maybe do an update on Tuesday. But I'm just bringing the, the news of what I heard right here, right now, spread the word of what's going on. And again, I'm not serious about the Helen Fawn, but I don't really know. I'm not serious, but I don't know. Maybe, I don't know. I don't know what the deal is.
