As meme coin markets ebb and flow, Solana micro caps have emerged as the latest trend, and Solana is Ethereum Coin (SOLAREUM) is the most recent coin to explode – as it shoots up +50,000%.
This comes as recent months have seen a huge trend in explosive DEX-traded token moves, with countless moon-shots garnering significant attention, including the ever-popular APX, SAMBO Bot, CHEEBS, TIME and, ZKGROK.
If the definition of an L2 hangs on “social consensus on path dependency of L2 full node source code”, then there is absolutely no hard value alignment between L2/L1. L2s bring as much value to ethereum as solana
— toly (@aeyakovenko) December 26, 2023
Solareum appears to have enjoyed a substantial pump, as traders flocked to the novel idea that Solana is effectively an Ethereum layer-2 solution due to the wormhole eigenlayer.
SOLAREUM Price Analysis: Can New Solana Coin Continue its Skyrocket Rally Performance?
As price action reels from the volatile launch, SOLAREUM is currently trading at a market price of $0.0001215 (representing a 24-hour change of 118,862%).
This comes after SOLAREUM launched at 15:00 on Boxing Day, in an initial slow move, which saw limited growth struggle against initial resistance around $0.00034.
However, at 20:00 a huge swathe of volume surged into the charts, as SOLAREUM caught wind on popular ‘call groups’ across Telegram.
This triggered a sudden, and substantial +984% rally across the subsequent 5-hours, fuelling price on a 100,000% skyrocket from launch price to hit an all-time high of $0.000379.
Yet, as early-backers took profit on their immense gains, a major -80% retracement saw SOLAREUM price tumble back down to lower support above $0.0000675.
Support at the level has been well-defended, however, upside resistance around $0.0002 appears to be currently cap stoning price action.
Yet, with buy-pressure struggling to stay in control, representing 50% of transactions over the past-hour, the come-down from a quick-fire $1.34m market cap could be dramatic.
So, while SOLAREUM may have enjoyed a strong run, price action here hints towards downside moves, and this is driving some traders to look further afield to better opportunities such as Bitcoin Minetrix.
SOLAREUM Price Alternative? Don’t Miss Bitcoin Minetrix $BTCMTX Presale As $6.3M Raised
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Which $BTC use case intrigues you the most and why? pic.twitter.com/d30bsrntjz
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With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.
$7M In The Crosshairs: Bitcoin Minetrix Surges Past $6.3M As Markets Rush To Bitcoin Cloud Mining
Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.
Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 456.6 Exahashes per second (EH/S).
This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.
The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).
Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.
But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.
Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.
A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.
AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).
This dwarfs the number of blocks mined by even third place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.
This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.
Currently standing at 62,573,539,549,305 – it has never been harder for the individual participant to engage in profitable Bitcoin mining.
This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in Bitcoin mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.
Enter Bitcoin Minetrix, which was launched to deliver secure and transparent Bitcoin mining rewards for the retail investor through an innovative, decentralized Bitcoin cloud mining approach.
Key Highlights of the BTCMTX Advantage Over SOLAREUM Price Retracement:
Distinctive Edge in the Market: In an industry filled with numerous cloud mining platforms, Bitcoin Minetrix carves a niche for itself. As the first-ever tokenized Bitcoin cloud mining initiative, it offers an automated system that’s geared for cloud-based Bitcoin mining, setting a new standard for the industry.
Safety First with Ethereum Blockchain: Bitcoin Minetrix operates on the tried and trusted Ethereum blockchain. This ensures top-notch security and reliability, allowing users to sidestep the risks associated with external mining pools, and offering a safeguard against potential fraudulent cloud mining services.
Championing True Decentralization: At its core, Bitcoin Minetrix upholds the ethos of decentralization. In an age where centralization often introduces vulnerabilities, Bitcoin Minetrix breaks the mold, redistributing mining profits from big corporations to individual retail investors through its novel Stake-to-Mine system.
Tapping into the Bitcoin Halving Opportunity: Perfectly poised to make the most of the upcoming Bitcoin halving, Bitcoin Minetrix provides investors with a golden opportunity. The impending halving might seem daunting for miners due to reduced block rewards, but historically, such events have driven up Bitcoin’s value. Bitcoin Minetrix provides a platform for investors to tap into this potential surge, sans the associated capital risks.
The BTCMTX Presale Opportunity: The ongoing BTCMTX presale has already garnered significant interest, with over $6.3m raised towards its $7.1M goal. At a competitive price of just $0.0125 per token, early investors have a unique chance to be at the forefront of this stake-to-mine evolution.
In sum, Bitcoin Minetrix is set to redefine the Bitcoin landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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