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‘Solana Is For Baddies’: Rapper Iggy Azalea Joins The Controversial Celebrity Token Frenzy

For the past week, a controversial celebrity token trend has emerged. Mainstream media figures began launching Solana-based memecoins and seemingly showing interest in cryptocurrencies.

The latest star to join the celebrity token frenzy is Australian rapper Iggy Azalea, who saw a controversial launch similar to Caitlyn Jenner’s JENNER token.

Who Is Solana?

On Monday, Azalea surprised the crypto community by showing interest in cryptocurrencies. The rapper and model posted on X asking, “Who is Solana? I don’t know that bitch.”

The post has gathered over 1.8 million views and caused controversy in different communities. “Stan Twitter” interpreted the post as a drag to American R&B singer SZA, which caused many fans to attack Azalea. However, the rapper quickly clarified the issue, replying, “Girl, I’m talking about crypto.”

Solana

After that, Azalea found her introduction to the crypto community overshadowed by the allegations of her involvement with alleged scammer Sahil Arora. As reported by NewsBTC, Arora was allegedly responsible for the launch of several celebrity and influencer tokens, which he ultimately rugged.

Rapper Rich The Kid and Olympian Caitlyn Jenner called him out for scamming them and taking advantage of their followers. Both celebrities continued their crypto journey, promoting their tokens and engaging with community members.

Following the scam allegations, Arora seemingly has continued to take advantage of crypto investors. Azalea is accusing the alleged serial scammer of “using her image” as the rapper distances herself from his practices.

In The Fastlane From Music To Crypto

Azalea explained that Arora and her team had a conversation regarding crypto, but her recently launched token was unrelated to him. Allegedly, Arora had fabricated fake screenshots and used the rapper’s name to raise over $380,000 in a presale for a token named IGGY.

As an X user reported, Arora claimed to be working with the Australian rapper on Telegram. He stated that his next “mega launch” would happen in the next 12-24 hours.

After raising 2.246 Solana (SOL), the alleged scammer told investors they would get “automating WL to all further launches.” Additionally, investors would receive a “10% SOL airdrop rationally” from Arora’s profits on each launch and an “airdrop of $iggy when we hit $10m market cap.”

Solana

However, Azalea launched a different Solana-based token called MOTHER on Tuesday. The token references the LGTBQ+ culture term that got popularized in recent years in online stan culture.

Azalea’s token was launched only a few hours after Arora’s IGGY token, which confused investors. After being asked, the rapper explained that she launched her Solana-based token to stop Arora from taking advantage of her name:

I never had a date to, it was something I had interest in hence the convo with my ppl. He made a weird presale yesterday and said I was making a coin with him today so I decided to drop one so he couldn’t use me for his weird scam. If I have a coin of my own figured his would die. It’s that simple.

The community continued questioning her links to Arora after posting an Instagram story with a man looking like him. However, it was later revealed that the individual was Azalea’s brother, Mathias Kelly.

MOTHER Beats IGGY

According to Solana Floor, MOTHER reached a market cap of $50 million at its peak. The token soared by 63,000% in the following hours, going from $0.00004968 to $0.03179.

Solana

In the last 16 hours, the token has amassed a trading volume of $126.8 million. At writing time, MOTHER is trading at $0.01634, representing a 21,000% surge from its launch price.

In comparison, Arora’s IGGY token saw its price soar to $0.009288 after launch before plummeting below the $0.00020 range. Currently, the scam token trades at $0.0001354 and has a market capitalization of $134,000.

solana, SOL, SOLUSDT

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Is Solana Preparing For Liftoff Or Meltdown? Analysts Forecast SOL’s Future

After the recent market pump, Solana (SOL) recovered an important support zone. As a result, analysts have debated whether the altcoin is poised for a liftoff to a new all-time high (ATH) or about to face a meltdown.

Analysts Fear SOL’s Top Is In

After recovering the $160 support zone over a week ago, Solana reached heights not seen since the beginning of April. SOL neared the $190 resistance level but failed to surpass it. Instead, the token’s price hovered between the $180 and $170 mark before returning near the $160 support zone over the weekend.

Despite underperforming compared to Bitcoin (BTC) and Ethereum (ETH), the token reached a new ATH in a key metric during this cycle. In March, Solana’s market capitalization surpassed its previous ATH, reaching a market cap of $93 billion.

Last week’s pump saw SOL surge by over 56% from its price during the May 1 retrace, propelling its market cap above its 2021 ATH to levels resembling March’s ATH. Nonetheless, some crypto analysts see the possibility of a meltdown ahead for Solana.

Crypto analyst Bluntz posted a video looking at SOL’s macro chart. Per the post, the analyst considers that “SOL is done, SOL is exhausted, and it’s probably time for ETH to catch up, which will probably be the last leg of the bull market.”

The analyst considers the macro chart to display some concerning signs that suggest the token has “probably topped.” Per Bluntz’s chart, SOL had a five-way climb to its cycle high of $210 in March. Despite not making the price ATH due to inflation, the analysts highlighted Solana’s market cap ATH as a key factor.

Solana

Moreover, the crypto trader pointed out a five-way decline since March’s highs, followed by a three-way move up. To the analyst, this suggests that Solana is “exhausted” as it’s starting to struggle.

According to Bluntz, there’s a high chance that the highlighted performance will result in a “macro lower high.” Additionally, he forecasted SOL’s price to retrace below the $100 mark.

Is Solana Poised For A Liftoff Or A Meltdown?

Similarly, pseudonym analyst Credible issued a warning regarding SOL’s future. To the analyst, “coins like $SOL are just in larger distribution structures now.” However, Credible considers that BTC’s strength will relieve SOL as it initially “drags the whole market up.”

The analyst agreed with Bluntz’s prediction, stating that it is “ultimately where we are headed,” but considers there’s a good chance Solana sees highs above March’s mark “before the real meltdown.”

Nonetheless, some crypto analysts disagree with the gloomy forecast. DocXBT asserted he has “seen a lot of terrible Solana takes lately.” The analyst believes the token is “holding daily trends” and displays positive support and resistance levels.

Solana, SOL

Moreover, he considers that investors should “stop overthinking it” unless “we lose daily trends” as the performance looks “supper clean.”

On a similar note, CryptoJelle pointed out that SOL is “forming the post-breakout higher low.” To the analyst, Solana is following the same behavior it did during the February-March leg.

Ultimately, Jelle suggests that the token could have found its bottom, and it’s currently getting ready for liftoff to a new ATH. The analyst forecasted a $600 price prediction for SOL this cycle.

SOL, SOLUSDT, Solana

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Chainlink’s Performance Crucial For Altcoin Market, Analyst Suggests Rally Ahead

Chainlink (LINK) has recently been identified as a significant influencer within the altcoin sector. Noted by crypto analyst Michaël van de Poppe, LINK’s market movements are increasingly seen as a barometer for the broader altcoin ecosystem.

This observation places Chainlink at the center of potential market trends, suggesting that its performance could presage movements across other cryptocurrencies.

Chainlink $16 Mark: Catalyst for Altcoin Market Optimism

Van de Poppe’s analysis, shared on social media platform X, underscores the importance of Chainlink’s price stability around the $16 mark. Maintaining this level is crucial for sustaining LINK’s upward trajectory towards yearly highs.

This sentiment reflects broader market optimism surrounding Chainlink, particularly as it navigates pivotal price points.

Over the past week, Chainlink has shown robust performance, registering a near 10% increase and stabilizing above the critical $16 threshold. Current trading prices are around $18.09.

This uptrend coincides with a general bullish sentiment across the altcoin market, highlighted by the overall market cap for altcoins increasing from $930 billion earlier in the month to $1.156 trillion.

This positive trend in the altcoin market is further exemplified by the major cryptocurrencies like Ethereum, BNB, and XRP, which, despite minor retracements, continue to show strong market potential.

For instance, while these top altcoins have seen slight declines in the past 24 hours, Solana has experienced a 2.7% increase, which could indicate selective investor confidence in specific altcoins.

Analysis and Predictive Insights

So far, the altcoin market cap shows a recent breach and conversion of major resistance into support, marking a brewing upsurge in the altcoin market.

Altcoin market cap chart on TradingView amid Chainlink analysis

Meanwhile, trader Tardigrade from the crypto analytics community has recently posited that the altcoin market could triple if the ‘Crypto Total Market Cap excluding Bitcoin’ successfully breaks out of its current inverse Head & Shoulders pattern.

This breakout is anticipated to occur within the next few weeks, marking a possibly transformative period for the altcoin market.

Echoing this bullish outlook, RektCapital points out the possibility of the Altcoin Market Cap achieving its highest weekly close since early April 2024, adhering closely to previously outlined projections.

Featured image created with DALL·E, Chart from TradingView

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Solana (SOL) Eyes a Strong Comeback: Will the Rally Ignite a Surge?

Solana found support near the $160 zone. SOL price is slowly rising and might gain bullish momentum if it clears the $172 resistance zone.

  • SOL price corrected lower and tested the $160 support zone against the US Dollar.
  • The price is now trading above $165 and the 100-hourly simple moving average.
  • There was a break above a key bearish trend line with resistance at $164 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could clear the $172 resistance unless it fails to stay above $165.

Solana Price Could Gain Momentum

Solana price formed a support base near the $160 level and started a recovery wave. SOL underperformed Bitcoin and Ethereum but managed to clear the $165 resistance.

There was a break above a key bearish trend line with resistance at $164 on the hourly chart of the SOL/USD pair. There was even a spike above the $170 zone and the 50% Fib retracement level of the downward move from the $181 swing high to the $160 low.

Solana price is now trading above $165 and the 100-hourly simple moving average. Immediate resistance is near the $170 level. The next major resistance is near the $171 level. A successful close above the $172 resistance could set the pace for another major increase.

Solana (SOL) Price

The next key resistance is near $176 or the 76.4% Fib retracement level of the downward move from the $181 swing high to the $160 low. Any more gains might send the price toward the $180 level.

Are Dips Supported in SOL?

If SOL fails to rally above the $172 resistance, it could start another decline. Initial support on the downside is near the $167 level.

The first major support is near the $165 level, below which the price could test $160. If there is a close below the $160 support, the price could decline toward the $150 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major Support Levels – $165, and $160.

Major Resistance Levels – $170, $172, and $180.

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Is Solana Becoming The Preferred Choice For Ethereum Developers? SOL’s Uptrend Suggests A Shift

Since trading firms like FTX collapsed in November 2022, the Solana blockchain has seen significant gains and regained investor confidence, with Ethereum developers increasingly migrating to it. 

According to a recent analysis by Jack Inabinet, Senior Analyst at Bankless, with significant growth in key metrics and SOL’s year-to-date increase of 770%, Solana has solidified its position as a top-tier blockchain. Native teams within the Solana ecosystem played a key role in its resurgence, but now non-native protocols are also seizing the opportunity. 

Developers Deliver On Hype

Solana’s comeback, from a low of $8 in December 2022 to an annual high of $210 in March, is one of the most notable uptrends of this bull cycle. However, the ecosystem’s growth extends beyond its native token holders.

According to Inabinet, developers have delivered on the hype, starting with the PYTH airdrop, the Pyth network’s native token. This incentivized users from different ecosystems to explore SOL by assigning tokens to addresses interacting with Pyth oracles across multiple networks. 

Additionally, Solana-native liquid staking protocol Jito Labs conducted its airdrop, catalyzing “mass adoption” through points-based incentive systems.

While Solana-native protocols laid the foundation for the platform’s mainstream adoption, Ethereum developers are increasingly migrating to SOL. Inabinet highlights that recognizing the significant on-chain activity within Solana, projects are eager to capitalize on the opportunity. 

Ethereum Developers Flock To Solana

For example, the decentralized compute-sharing network Render migrated its token to the Solana Program Library (SPL) standard, and MetaMask introduced Solana compatibility by introducing “Snaps.” 

In addition, according to Inabinet, Aave, Ethereum’s first lending destination, has approved the deployment of a minimally viable version of its V3 isolated money market through Neon Ethereum Virtual Machine (EVM), a compatible Ethereum development environment built on top of Solana. 

Proposals for independent deployments, such as the EVM-based perpetual trading platform GMX, further demonstrate the growing interest in SOL.

However, the analyst noted that Ethereum and Solana have different approaches to scaling, with Ethereum opting for network fragmentation and Solana favoring a unified state. 

Given these approaches, Inabinet suggests that Solana’s alternative vision of blockchain offers attractive features, attracting developers seeking scalability and concentration of use. 

Nonetheless, the analyst cautions that developers must take a diversified approach to maximize success and secure market share. Inabinet concluded: 

The crypto industry must hurdle a massive chasm of uncertainty to progress from infancy into an end-state where true adoption is achieved, and trillions upon trillions of dollars in traditional assets make their way on-chain. Until then, application developers succumbing to blind chain loyalty are leaving money and market share on the table.

Solana

As of press time, SOL has seen a 5% increase in the last 24 hours, resulting in a current trading price of $171, with the next price hurdle at $176. 

Featured image from Shutterstock, chart from TradingView.com

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Keeping Up With The Memecoins: Caitlyn Jenner’s New Token Surges 50,000% Amid Controversy

Over the weekend, the crypto community saw suspicious behavior from several X accounts. Crypto figures and celebrities were suspected of being hacked after some unusual posts promoting memecoins.

Among the celebrities, Olympian and reality TV star Caitlyn Jenner saw a turbulent launch of her JENNER token due to hack and back exit scam rumors. Despite the confusing start, the memecoin has soared by 50,000% since its launch.

The Sunday Of Memecoins Launches

On Sunday, the crypto community was on edge after a series of dubious posts were shared on different X accounts. First, crypto trader GCR’s account was compromised. The hacker shared two posts promoting tokens, but the community quickly figured the posts were unauthorized.  

Later in the afternoon, rapper Rich the Kid and Olympic athlete Caitlyn Jenner shared links to Pump.fun promoting two memecoins, RICH and JENNER. The media personality shared a picture with Former US President Donald Trump and the text “Make America Great Again” alongside the link to the token.

The community suspected another security breach in both instances. Nonetheless, Jenner claimed the token was not a scam and continued to promote it on her X and Instagram accounts.

Jenner’s manager, Sophia Hutchins, also posted a video explaining that the token and posts were real. Despite the clarification, the community remained cautious as deepfake videos have become more popular among scammers.

However, there was some suspicious behavior during the launch, as it was later revealed.

Memecoins, crypto

The Gold Medalist Of Scams?

As the hours passed, crypto investors started to investigate Jenner’s token. According to community member CryptoRoxo, the TV star’s team was “socially engineered by a guy named Sahil.”

Per her post, Sahil Arora was the “middleman” in charge of launching the memecoins and advising Jenner’s team about crypto. After launch, Arora seemingly “dumped all the tokens from the deployer wallet, and he had sniped more on burner wallets.”

Moreover, he asked Jenner’s team to share a post asking the public to send him tokens. As reported by Roxo, the lack of crypto knowledge allowed Arora to trick several celebrity and influencer teams in the past week.

At the time of this writing, Rich The Kid has deleted all posts related to the token and has “called out” Arora and Caitlyn Jenner for scamming people. Additionally, he claims to be working on launching his token, which is unrelated to RICH and Arora.

Keeping Up With Jenner Token

 X user 0xPonga compiled the tumultuous price movement of the JENNER token during the launch.

According to the post, JENNER reached an initial $2 million market cap, despite the initial concerns. After Arora’s sell-off, the community reinforced their suspicion of the scam. However, Hutchins’ video seemingly raised the market cap to $8 million.

The token’s price dropped after the deepfake allegations, but the market cap recovered past $20 million after Hutchins addressed the comments in an X Space. Jenner’s manager later hinted at the launch of a new token, which caused JENNER’s price to plummet to a $6 million market cap.

A community member stated his disbelief in Jenner’s willing participation in the pump-and-dump scam. He asserted, “I refuse Caitlin is dumb enough to think the few thousand dollars she made off this is worth the millions in fines/jail time.”

At the time of writing, Jenner’s alleged post asking for tokens seems to have been deleted. The Olympian has continued to promote her token, which will be listed on the crypto exchange MEXC this Monday.

Memecoins

JENNER’s market cap sits at $26.79 million and has a daily trading volume of $191.8 million. The memecoin has soared by 51,000% after surging from $0.00006 to $0.0392 in the past 17 hours.

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Solana to Hit $1,000? Analyst Makes Bullish Call Despite Recent Downturn

Solana (SOL) defied a slight market dip today, maintaining key support levels and sparking renewed optimism among investors. The altcoin boasts a healthy 24-hour trading volume of $6.50 billion, solidifying its position among the top cryptocurrencies. Market dominance for SOL sits at 3.04%.

Analyst Bullish On Solana, Predicts Meteoric Rise

Prominent crypto analyst Trader Tardigrade isn’t shying away from bold predictions. In a recent analysis, Tardigrade expressed a highly optimistic view of Solana’s future price trajectory. According to the analyst, SOL, currently trading at $170, has successfully broken free from its recent consolidation pattern, signifying a bullish charge towards a staggering $1,000 mark.

Beyond price predictions, Tardigrade emphasized the exciting developments brewing within the Solana ecosystem. One such development is the rise of SocialFi applications, a new wave of social media platforms built on blockchain technology.

While short-term price fluctuations saw a 4.50% decrease in the last 24 hours and a 1.30% decline over the past week, the overall outlook for SOL remains upbeat. Market observers are particularly enthusiastic about both the immediate and long-term prospects for the cryptocurrency.

Ethereum ETF Approval Impact

The recent green light for the highly anticipated Ethereum ETF is expected to have a ripple effect, positively impacting the entire altcoin market, including Solana. This market-wide bullish sentiment could propel SOL prices even higher.

The Ethereum ETF’s approval not only signifies increased institutional trust in the cryptocurrency market but also paves the way for other blockchain projects to gain mainstream attention. As more investors become comfortable with cryptocurrency investments through regulated financial products, altcoins like Solana are poised to benefit from increased liquidity and wider adoption.

At its all-time high of $259 on November 6, 2021, Solana reached its highest price; at its all-time low of $ 0.503701 on May 11, 2020, it recorded its lowest price.

Since its ATH, the lowest price was $8.00. Since the previous cycle low, the highest SOL price was $207. Right now, there is optimistic emotion with the Solana price projection, and the Fear & Greed Index is showing 76 (Extreme Greed).

Featured image from Chorlton Fireworks, chart from TradingView 

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Battle Of Networks? Algorand Pokes Fun At Bitcoin, Ethereum, And Solana In New Ad

Algorand Foundation’s new ad criticized Bitcoin, Ethereum, and Solana for their efficiency. The ad received mixed reactions from the crypto community and sparked a conversation about the art of advertising crypto products.

Algorand, The Only One “Delivering”

Algorand’s latest ad has sparked controversy for “dissing” three networks. Titled “When Blockchain Meets The Real World, Only One Can Deliver,” the ad features a classic grocery store checkout line format.

The video shows three customers trying to pay for groceries with crypto: Bitcoin, Ethereum, and Solana. During the ad, the three shoppers have problems with their respective transactions, seemingly suggesting that the rival networks are unsuitable for everyday use.

The customer using Bitcoin had to wait 27 minutes for the transaction to be completed; the one paying with Ethereum was told the transaction fees were $112, and the Solana payer had his transactions repeatedly failing. All three issues in the ad are common criticisms that the three targeted networks receive.

The commercial then shows the next checkout line, with buyers using Algorand as a payment method. As this line moves quickly, the video displays text stating “Instant Finality. Low Fees. Designed for the speed of life.”

The ad finished with the cashier saying, “Should have shopped with Algorand,” and Anthony Scaramucci, investment guru and founder of SkyBridge, asking how to get in the fast-moving line.

The Crypto Ads Conundrum

The video received mixed reviews from the crypto community. Many applauded the ad, stating that Algorand is the future of Layer-1 and payments. One X user said:

I can’t stress enough how much the Algorand Foundation does compared to others. All the meetings, tweets, events, etc…this isn’t happening on other chains!

However, the negative responses didn’t take long to follow. Several community members considered the jab at other chains an unnecessary and “embarrassing” attack. A user jokingly claimed that Algorand achieved an “impossible goal” with the ad: “uniting all the factions of crypto to dunk on you.”

Crypto commentator Zach Rynes considers that this type of marketing doesn’t make sense as he is unsure who it appeals to. In an X post, Rynes explained that the ad would leave the wrong impression on non-crypto people.

To him, the video will make the public think that “crypto sucks,” not knowing that the ad is for crypto. The commentator believes it’s a “lose-lose either way” since “Crypto-native people will see this as unnecessarily combative.”

Similarly, Mert, CEO of Helius Labs, brought up a point repeated by several community members. Mert criticized Algorand for spending money on an ad when its “top two explorers [are] going out of business due to no funding.”

Moreover, he seems to consider the jab at other networks ironic when Algorand’s got its “entire economic security flipped by two dog coins on Solana (WIF + BONK).”

Cardano Joins The Advertisement Conversation

Despite the criticism, the discussion also sparked interest in the ADA community. X account ADA Whale praised the commercial for being funny.

Another community member tagged Cardano founder Charles Hoskinson in the video, suggesting he should start looking for a marketing team to promote Cardano. The user cited the US government’s U-turn, possibly bringing regulatory clarity, as a decisive factor.

This is not the first time Cardano has received criticism over its marketing approach. In March, the conversation sparked when the “Cardano Girls” video became viral.

Content creator Lily Brodi suggested that despite having the technology aspect figured out, Cardano has an “unattractiveness problem.” This problem prevents a broader audience from entering its community and adopting the technology.

Ultimately, crypto ads remain a hot topic and a useful tool for the industry. Whether users find them “cringy” or “unnecessary” sometimes, they have the potential to help with broader adoption through educational and entertaining crypto-related content.

Algorand, crypto, ALGO, ALGOUSDT