Amid the total market meltdown, Solana’s decentralized world flexed like a gym bro on steroids. On Saturday, some fancy Solana news aggregator data spilled the beans: perpetual DEXs on the Solana network cranked out over $8 billion in trading volume during the crash. Take that, gravity! 💪
Crypto, as usual, was left holding the bag-or should I say, the blockchain?-as Trump’s Friday announcements once again spared TradFi markets the carnage. Poor Bitcoin and Ethereum, always the first to feel the whiplash. 💔
The technicals? Fuggedaboutit! Liquidation clusters around $0.13 – a resistance as stubborn as my Aunt Mildred. Recovery? Depends on two things: people actually wanting to *buy* the thing, and some short-covering momentum. Don’t hold your breath. 🙄
The liquidity lounging snobbishly around previous levels suggested some traders fancied the idea that this altcoin might once again ride gallantly into their portfolios.
These “perps,” as the cool kids call them – perpetual futures, for those of us who haven’t quite mastered the argot – are curious things. Cash-settled, you see. No actual delivery. Just a shifting of numbers, a dance of imaginary wealth. And when the music stops, well… let’s just say some dancers are left without chairs.
According to a whisper from the shadowy corridors of Fox Business-those bastions of reliable journalism-Charles Gasparino, the oracle of insider scoops, claims that the White House is flirting with notions of pardoning CZ. Rumor has it they believe the “case” against this Chinese-Canadian wizard of crypto is “weak,” perhaps even as flimsy as a feather in the wind-or so they hope. Meanwhile, US authorities accuse CZ and his empire of AML breaches so grand that they make the Trotskyite plots look like picnic chatter; illicit funds dancing through Binance like characters in some wild Bulgakov marshland. 🌶️💸
Between yesterday’s delusions and today’s harsh realities, $410 billion has evaporated like a ghost at a séance. While BTC took a modest 5.7% tumble and ETH slipped 6.9%, the altcoins decided to stage a full-blown tragicomedy. DEXE, KAVA, and FARTCOIN led the procession of fools, each nosediving between 40% and nearly 46%. ZORA followed suit with a 39.80% plunge, XPL trimmed its sails at 35.50%, BERA slipped 34.39%, and APE took a 31.70% banana peel to the face.
Last Friday, October 10, XRP found itself tumbling down the proverbial rabbit hole-one of its worst misadventures since, well… its last escapade! A jaw-dropping 42% drop had the little currency rolling over and gasping for air, all thanks to some heavy whale drama and a futures open interest pullback of about $150 million-talk about a financial slapstick! 🤦♂️
In this theater of the absurd, investors played their parts with zeal-some selling in panic, others buying with the confidence of a philosopher who knows the world is but a stage. 🎭
