Vape cabal was right about AI just on the wrong chain
Virtual headed back to ATH
Tibbir put up 100x in 4 months
New launches like BIOS, ARBUS, AXR, Virgen, MAMO, BIZ all printing massive multiples for participants
Luna, AIXBT, Game, Convo, Vader all hitting multiples off the bottom
REI continuing development and headed back to ATH
Bnkr leading DeFi development across the board
Markets keep moving, tariffs keep stirring — but do you actually know what works?
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SOL Rises 2.38% as Institutional Interest Grows and Exchange Balances Drop Amid $3.5B Volume
Solana (SOL) is currently trading at $178.23 on Binance, with a 24-hour price increase of 2.38% and a trading volume of over $3.5 billion, maintaining its position as the sixth-largest cryptocurrency by market capitalization. The recent price uptick is likely influenced by positive institutional sentiment, including Standard Chartered’s new coverage and a year-end price target of $275, as well as ongoing accumulation behavior with a notable drop in exchange balances. Additionally, Binance’s Super Stake campaign and continued interest in Solana’s network utility are supporting demand, although recent declines in stablecoin transfer volumes and net outflows from the Solana ecosystem may be tempering stronger gains.
Some quick thoughts on the acquisition vehicle meta:
It seems like we've found the 2025 equivalent of GBTC.
I have no idea if these vehicles will achieve that level of scale and destructive potential, but make no mistake, this is leverage getting injected into the system.
To spell out the risk, it's that these acquisition vehicles accumulate a lot of crypto at much worse terms than Saylor and eventually become forced sellers.
I'm not sure people truly understand how much of a wizard Michael Saylor is.
Saylor financed the majority of his BTC buys with converts, so there's plenty of equity risk for investors but little risk of liquidation.
The first issuance he did for $650M back in 2025 paid a 0.75% coupon for what is essentially an unsecured loan.
These new acquisition corps won't get terms Saylor's terms, and they almost certainly won't be able to raise the capital unsecured.
The most likely scenario is that the terms are much worse, there's real liquidation risk, but investors will FOMO in because no one reads the fine print and it worked for Saylor.
It's an extremely reflexive feedback loop that if it gets large enough, ends in a 2022 like sell off.
I am hopeful that if enough people call this out we can avoid a grey swan scenario, but I've worked in crypto long enough not to hold my breath.
Crypto's total market cap has surged ~$1 trillion, or +42%, since the April 8th low, to near a record $3.4 trillion.
The crypto market's value is now just $240 billion, or 6%, below its December 2024 peak.
Furthermore, crypto's market cap excluding Bitcoin has risen by $319 billion, or 35%.
However, this is still ~$380 billion, or 25%, below the November 2021 high and $381 billion below the December 2024 record.
Bitcoin is performing exceptionally well.
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