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Solana's 20% Meme Coin Surge
The cryptocurrency Solana continued its early January surge with the price of the digital coin jumping 20% on Tuesday.
Details: The increase was likely tied to Bonk, a new meme coin in the vein of Shiba Inu, which airdropped 50% of its token supply this week, including about 20% that went to Solana NFT (non-fungible token) collections.
Definition: In crypto, airdrop refers to the promotion of a new coin, typically through a distribution that is free or low cost.
Background: Bonk, the new meme coin, launched just last week. On Tuesday, the price of Bonk shot up about 24%.
Big Picture: It’s been a horrible few months for Solana, mainly due to the fallout from the FTX scandal. Although Solana’s price is up this week, it’s still down for the month. In the past year, Solana’s price has declined by around 90%.
Final Thoughts: We don’t know whether Solana has reached the bottom or not, but the Bonk news gave it a short-term boost on Tuesday. As for Bonk itself, traders see it as just another meme coin.
Notable Earnings Today: UniFirst (NYSE: UNF), Simulations Plus (Nasdaq: SLP), Richardson Electronics (Nasdaq: RELL), Resources Connection (Nasdaq: RGP).
Notable IPOs Today: N/A.
Notable Equity Crowdfunding Campaigns Ending Today: World Tree (StartEngine), DRONEDEK (StartEngine), Sona Labs (StartEngine).
Notable Economic Events Today: JOLTs Job Openings (10:00 a.m. ET), ISM Manufacturing PMI (10:00 a.m. ET), ISM Manufacturing Employment (10:00 a.m. ET).
Rivian’s Production Falls Short
Photo by Wes Hicks / Unsplash
Total vehicle production for electric vehicle manufacturer Rivian Automotive (Nasdaq: RIVN) was below analyst expectations, according to results released Tuesday.
Details: Rivian produced 10,020 vehicles and delivered 8,054 of them during the quarter. For the full year 2022, Rivian produced 24,337 vehicles and delivered 20,322.
Stock Price: Rivian’s stock is down 82% in the past 12 months. The electric vehicle industry is dealing with decreased demand.
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Equity Crowdfunding Spotlight: Perfekto
Briefly describe your business. Over 1/3 of food is being thrown away, often due to physical imperfections or surplus production. Perfekto offers a subscription box with imperfect food from farm to table in Mexico. Consumers save time and money while helping to reduce food waste.
What are the terms of the investment for your campaign? After closing a pre-seed of $1.1M from renowned investors like Y Combinator, Goodwater Capital, Asymmetry Ventures and others, Perfekto launched a community round at the same terms: post-money SAFE with a $10M CAP. See Wefunder for details.
What makes your startup special? The founders led the Uber Grocery launch in Latam, the logistics for Walmart's eCommerce in Mexico and scaled Swiss fintech Sonect to pre-Series B in Mexico. Perfekto has been growing 700% year-over-year and started to expand into new verticals.
Trends to Watch
Solidarity: Microsoft now has its first official union in the US (TechCrunch)
A Long Year: What does the stock market’s rocky 2023 start mean for the rest of the year? (MarketWatch)
Number One: Disney Rules The Box Office Around The World In 2022 With $4.9 Billion (Deadline)
Elon Keeps Losing: Tesla Stock Falls 12%, Posting Worst Drop in Over Two Years (The Wall Street Journal)
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