Episode 510
📍 Raydium's RAY token plummeted 22-25% amid speculation that meme coin launchpad Pump.fun is preparing to launch its own automated market-making system, potentially redirecting significant trading volume away from Raydium's platform.
📍 Pump.fun's potential shift to its own AMM threatens Raydium's position as the default trading venue for new Solana tokens, which could reduce future swap volumes on Raydium and lead to lower fee revenue.
📍 Solana whales are increasing their engagement in bearish options plays on Deribit amid SOL's price decline and an impending multi-billion dollar unlock, with nearly 80% of block-trade volume concentrated in put contracts, indicating a grim outlook for SOL.
📍 Montana has joined a growing list of US states knocking back Bitcoin reserve bills, with House Bill 429 failing to gain approval in the House of Representatives, while other states like Arizona, Illinois, and Texas continue to push for Bitcoin reserves.
📍 The global push for Bitcoin reserves is gaining momentum, with countries like Switzerland, Brazil, Japan, and Russia exploring the potential of using Bitcoin as part of their national reserve strategies, despite some US states exercising caution.
