Mining SOLANA for reals! By "mining" I mean researching th…

Mining SOLANA for reals!

By "mining" I mean researching the action on a high volume day of Solana to understand how the world works better. Here's some insights from the data….

The REAL Market Cap for Solana is REALLY 165% bigger than the reported $5 billion (at around $17). It's more like $13 billion. Which by the way is now about 16x bigger than #BSV. I point this out, because: Sure, there’s $4.9bn OUTSTANDING. But there’s also $8 billion MORE which will be printed in the coming years. LOL. People have this misconception that BitCoin is only 21 million issuance forever, and that it applies to the other 19,999 cryptos. The funny thing is, it only applies to ONE! 🤣— the one Craig built, because he isn’t a sleazebag.

Know how many cryptos out of 20,000 had zero pre-mine (keeping shares like in an equity— aka a SECURITY)? About ONE. It's called BitCoin. Again, created by the only guy who wasn’t a crook, and who actually got his LLM just to make sure BitCoin could pass the Howie Test (according to Gensler, literally, Bitcoin— he means btc but it applies to bch and bsv as well— “bitcoin” is the ONLY crypto which can be considered a commodity). This is obviously the LBRY ruling from yesterday, but just framing it for you so you understand how widespread the nonsense is.

You can learn a ton about markets in general, but also crypto and the players, just looking at the volumes on the heavy days. (see attached photo of SOL's volume breakdown). Like 5 hours ago, FTX was at the top. That could be Saint Sammie selling his ass off like 20% or 50% and more higher. NOW, SOL/USD on Coinbase is at the top. That’s likely (my interpretation, right or wrong) "suburban Dads" unloading, not to Tether, but to cash.

See the $174mm at Binance SOL/USDT. That could be CZ? But it's more likely AsiaPac + Arabia + RoW selling, and god only KNOWS how they plan on unloading the Tether if they live in countries which have laws against moving the local fiat around (like China for ex).

Ironically, on days like today, you wanna be long fiat. Because that seems to be where all this dogshit crypto is headed, and there's still of it out there (as evidenced by Solana's REAL market cap = $13 billion).

Now, Also look at the ratio of selling SOL/USDT vs SOL/BUSD. It's 174:111, or about 3:2. Tether to Binance stablecoin (BUSD) was 70/22 as of yesterday, or like 3:1. Tether wasn't popular in the Spring during that Luna panic, and it's certainly not popular today as people fear the Luna-zero.

Coinbase SOL/(USD + EUR) was $200mm vs SOL at $14mm.

Now break down Kraken, by opening up extended view.
$62mm SOL/fiat
$5mm SOL/BTC

People wanna trade their SOL for btc like you wanna trade your clean pants for the running shorts of one of those guys who isn't able to "hold it in" during a marathon. Will not include that picture for all of our benefit.

A lot to learn from the numbers on big volume days, if you understand trading-pairs inherently.