Pump.fun monetizes by selling SOL to buy PUMP, favoring PUMP over Solana's native token. Over the long term, the two should flip, primarily because SOL is expected to fall to $12. x.com 

Pump.fun's continuing Solana sales add selling pressure ahead of a predicted move to $95 before the weekend. It sent another $14m of SOL to Kraken and has sold $875m since 2024 at an average of $160. x.com 

Solana's tokenized-equity spot momentum bolsters its case as an onchain equities venue. SolanaFloor reports Solana reclaimed first place in daily spot volume, exceeding all other chains combined. Solana may not compete with Hyperliquid in perps, but that does little to change this bullish view. x.com 

Pump.fun has been parasitic to Solana, selling $834 million of SOL over its lifespan, while Fomo and Robinhood remain accretive to Ethereum. Selling the tokens isn't wrong, just parasitic, though without Pump.fun Solana would arguably be even less desirable. x.com  x.com 

Zcash and Hyperliquid could face less selling pressure because they have newer, stronger narratives than NEAR and fewer holders waiting to sell at breakeven. Their appeal this cycle rests on narrative and hype; they look like this cycle's Ether and Solana. x.com  x.com  x.com 

Solana is becoming a one-stop shop for all of finance rather than just a memecoin casino, and could easily triple from here. Tokenized-asset spot volume on Solana hit an all-time high of about $5.7B in Q2, a sign real-world assets are finding liquidity onchain; memes brought attention, tokenized markets bring structure. World's launch put a prediction market directly inside Phantom. Solana's token inflation is a worry that hopefully gets fixed. x.com  x.com  x.com 

Hyperliquid alone does 6.3x the perps volume of the entire Solana ecosystem combined, a lead that isn't close. This compares derivatives with derivatives, after @mikebtan called an earlier derivatives-versus-spot comparison unfair. It is still one app against many, so an apples-to-apples comparison is hard. x.com  x.com 

Solana cannot sustain memecoin hype because greedy teams such as pump.fun damage the sector and drain capital from it. Pump.fun withdraws an average of about $30m a month in earnings to Kraken and dumps it, and if money doesn't circulate, the chain can't either. SOL has been red for 11 months and sits 80% below its all-time high. x.com 

Solana is harder to fade because StonkFun's launchpad generated over $20 million in revenue in the last 30 days. SOL price action should follow. x.com 

Solana looks like last cycle's Ether, a laggard among the majors, because its inflation keeps diluting holders. Emissions run about $5 million a day at current prices and rise as price climbs, and even with the new proposals SOL would remain inflationary. Growth in onchain activity does not accrue value to the token, and SOL was the worst-performing major even as ETH moved up. Any upside from the proposals passing is a short-term trade to sell into. x.com  x.com