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Celebrations were in order this week as Solana celebrated its fifth birthday. However, Solana fanboys found themselves commemorating their favourite cryptocurrency with a bittersweet taste in their mouths. Meanwhile, and even more bizarrely, Pudgy Penguins fans had something even greater to celebrate.
16 March 2025 marked the fifth year of Solana's existence, with Solana co-founder Anatoly Yakovenko tweeting, "Happy solana 0 block day to all those who celebrate!"
Happy solana 0 block day to all those who celebrate!
— toly 🇺🇸 (@aeyakovenko) March 16, 2025
https://t.co/y1S1OBuYiJ
Sadly, Solana's birthday comes amid a lull in Solana's raging hype, which was thriving towards the end of 2024. Indeed, Solana has faced a decline in activity over recent months, with the number of addresses on the network decreasing since its peak in November.
According to reports, Solana's chain revenue is down over 90% from its January highs, returning to levels not seen since September 2024. Earning an average of just $4 million per week over the last fortnight, its revenue has paled in comparison to its $38.5 million per week in mid January.
Solana's price has suffered too. Although considerably higher than its $10 price tag following the collapse of FTX, Solana is trading at around $127, which is 50% less than its January highs of $261.
Perhaps SOL's 50% price cut could be considered a birthday present for long-term SOL fanboys to add to their bag.
Although we're always braced to expect the unexpected in crypto, the sector never fails to catch us off guard when we least expect it.
This week's surprise came in the form of Canary Capital filing to the United States Securities and Exchange Commission (SEC) for the creation of an exchange-traded fund (ETF) that will track PENGU, the governance token for the Pudgy Penguin ecosystem.
The ETF would also include Pudgy Penguin NFTs and other digital assets like Solana and Ethereum to facilitate transactions, marking the first ETF to incorporate NFTs alongside cryptocurrencies.
Today, $PENGU and Pudgy Penguins NFTs were included in an ETF filing by Canary Capital. pic.twitter.com/GaqMsa3zhg
— Igloo (@IglooInc) March 20, 2025
Pudgy Penguins holders have come out in their masses to support the ETF too. "$PENGU & Pudgy Penguin NFT ETF. First of its kind. History," stated one fan. "$PENGU and Pudgy Penguins NFT ETF. The world will embrace Pengu," said another.
$PENGU & Pudgy Penguin NFT ETF.
— Luca Netz 🐧✳️ (@LucaNetz) March 20, 2025
First of its kind.
History 🫡 pic.twitter.com/pFoD8LsnJI
Comprising 8,888 unique NFTs, the Pudgy Penguins collection saw its floor price surpass $100,000 for the first time by achieving a new all-time high of 34 ETH (approximately $104,600) in December 2024. However, its price has cratered to 9.74 ETH since.
PENGU's price has also been volatile. Despite being up almost 30% over the year, its value is down 85% from its January highs.
Make it make sense, crypto.
Thankfully, there have been a few more sensible developments elsewhere in the industry.
Kraken completed its acquisition of NinjaTrader for $1.5 billion, providing Kraken with a crucial pathway to offering cryptocurrency futures and derivatives trading to its US customer base.
By gaining access to an established and regulated futures trading platform, Kraken would be well-positioned to capitalize on the increasing demand for crypto derivatives among both retail and institutional investors in the United States.
Additionally, US President Donald Trump made some encouraging remarks for the industry (especially if you're American) in his 2 minute 40 second virtual appearance at Blockworks' Digital Asset Summit 2025 in New York.
WATCH: The complete Presidential address at the Digital Asset Summit pic.twitter.com/PL2BoGJiws
— Blockworks (@Blockworks_) March 20, 2025
"It's an honor to speak with you about how the United States is going to dominate crypto and the next generation of financial technologies, and it's not going to be easy, but we're way ahead," he said.
His words weren't without merit either. This week, the SEC dropped its case against Ripple, and the regulator rolled back its previously proposed crypto custody rule.
Over in the markets, Bitcoin and Ethereum have shown signs of improvement, considering we're living in what many are perceiving to be a market downturn. BTC is up 1.55% over the week while ETH has risen 4.67%.
Alternative.me's Crypto Fear and Greed Index has risen from last week's 31, "Fear," to 34, also, "Fear." The Fear & Greed Index uses 5-6 measurements to assess the current sentiment of the market and then rates that level of emotion on a scale of 1-100 – 1 is extreme fear and 100 is extreme greed.
Top Stories (In No Particular Order)
Canary Capital Files ETF for People Who Really, Really Like Pudgy Penguins (and Volatility)
Canary Capital has submitted a filing to the United States Securities and Exchange Commission (SEC) for the creation of an exchange-traded fund (ETF) that will track PENGU, the governance token for the Pudgy Penguin ecosystem.
Blockhead
Solana Celebrates 5th Birthday With 50% Discount From January Highs
Solana has marked its fifth anniversary but commemorations have been dampened by a weakened market.
Launched on 16 March 2020, Solana currently ranks as the sixth-largest cryptocurrency by market cap. "Happy solana 0 block day to all those who celebrate!" Tweeted Solana co-founder Anatoly Yakovenko.
Blockhead
Everything Trump Said at Blockworks' Digital Asset Summit
US President Donald Trump made a highly anticipated, albeit incredibly brief, appearance at Blockworks' Digital Asset Summit 2025 in New York.
Gracing the final day of Blockworks' flagship event, Trump dialled in from the White House, speaking for just under 3 minutes. Here's what the leader of the free world had to say.
Blockhead
Kraken Eyes $1.5 Billion Acquisition of NinjaTrader to Launch US Crypto Futures
Cryptocurrency exchange giant Kraken is reportedly on the verge of acquiring NinjaTrader, a US-based retail futures trading platform, in a deal valued at $1.5 billion, according to a report by The Wall Street Journal, citing individuals familiar with the matter.
Blockhead
SEC Drops Ripple Case, CEO Brad Garlinghouse Quashes IPO Rumours
Ripple CEO Brad Garlinghouse has revealed that the US Securities and Exchange Commission (SEC) has abandoned its appeal in its case against the company.
“It’s been almost four years and about three months since the SEC originally sued us, certainly a painful journey in lots of ways,” Garlinghouse said at the Digital Assets Summit in New York. “I really deeply believed that we were going to be on the right side of the law and on the right side of history.”
Blockhead
BRN Discusses Where Bitcoin is Headed on MoneyFM 89.3
BRN analyst Valentin Fournier has made yet another appearance on Money FM 89.3. Talking to host Hongbin Jeong, Fournier discussed the recent sharp decline in Bitcoin’s value, which has dropped from a record high of $109,071 in January to around $80,000 currently.
Blockhead
Cathie Wood Wants to Bring Ark Invest's Funds On-Chain, Buys $80M BTC
Ark Invest CEO Cathie Wood is looking to bring some of her company's funds on-chain.
Speaking at the Digital Asset Summit in New York, Wood revealed how Ark aims to focus on the tokenization sector.
Blockhead
Coinbase Launches Verified Pools in Singapore, US for On-Chain Liquidity Transparency
Coinbase has announced the launch of Verified Pools to enhance security and transparency by ensuring only verified participants can contribute liquidity.
By only allowing access to vetted individuals and institutions, Coinbase aims to create a more reliable onchain trading environment while reducing risks associated with anonymous or unverified counterparties.
Blockhead
Nasdaq Files to List 21Shares Polkadot ETF One Month After Cboe Filing
Nasdaq has submitted a request to the US Securities and Exchange Commission (SEC) to allow 21Shares to list and trade shares of a Polkadot exchange-traded fund (ETF).
The 19b-4 filing requests for the fund to provide investors with direct exposure to DOT by tracking its spot price.
Blockhead
Robinhood Steps Into Prediction Markets, Offering Contracts on Fed Rate, Sports
Trading platform Robinhood is launching a dedicated prediction markets hub within its app, allowing its users to trade on the anticipated outcomes of major global events.
The move, announced on Tuesday, taps into a burgeoning market that has seen significant growth, particularly in the lead-up to events like the US elections, where platforms like Polymarket have witnessed explosive popularity.
Blockhead
SEC Acting Chair Signals Potential Rollback of Proposed Crypto Custody Rule
The U.S. Securities and Exchange Commission (SEC) is reconsidering a contentious proposal aimed at tightening cryptocurrency custody requirements, the latest indication of a shifting regulatory landscape for digital assets under the new Trump administration, according to a report in The Block on Monday.
Blockhead
Gemini Hires New CFO Ahead of Potential IPO
Gemini has appointed a new chief financial officer (CFO) as it reportedly prepares for a potential initial public offering (IPO).
In a tweet, the cryptocurrency exchange revealed that Dan Chen will take on the new role. Chen previously served as vice president of capital markets at Affirm.
Blockhead
Blockcast
Kathy Zhu has been involved with the crypto industry from both inside and out, from her days as a journalist to her current role as APAC lead at Mezo, an EVM blockchain-based platform that allows users to stake BTC assets to secure itself and serve as Bitcoin's economic layer.
In this episode, Zhu explains the evolving role of Bitcoin and its various stakeholders, including miners, institutional investors, retail holders, and developers. She also highlights how asset management firms and staking protocols have emerged to help Bitcoin holders generate passive income while maintaining custody of their assets.
Blockhead
Previous episodes of Blockcast can be found on Podpage, with guests like Samar Sen ( Talos), Jason Choi (Tangent), Lasanka Perera (Independent Reserve), Mark Rydon (Aethir), Peter Hui (Moongate), Luca Prosperi (M^0), Charles Hoskinson (Cardano), Aneirin Flynn (Failsafe), and Yat Siu (Animoca Brands) on our most recent shows.
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