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Solana pulls ad after huge backlash

But was it an epic fail or more a case of “all press is good press”?

Yaël Bizouati-Kennedy

Well, Solana was having a moment… for a moment. Talks about including the token in the crypto national stockpile, the slew of spot solana ETFs filings, and its recent fifth birthday had the coin buzzing again. Then it posted what many describe as (at best) a very cringe and “idiotic” ad: “America is Back — Time to Accelerate.” An enormous backlash ensued, so it deleted the ad, though it took them a while to pull the plug.

The ad features a man named “America” in a therapy session after being diagnosed with “rational thinking syndrome.” Critics argue the 2-minute, 38-second ad is pro-Trump (notably, President Trump’s eponymous meme coin, $TRUMP, was launched on the solana blockchain), “anti-woke,” and makes fun of gender identity. A lot. The therapist says things like, “Why don’t we take this energy and channel it into doing something more productive, like coming up with a new gender.”

“I want to invent technologies, not genders,” the America character says to the therapist. 

“Solana put out a politically divisive ad engaging in social identity issues around pronouns versus a focus on technology,” Two Prime Digital Assets CEO Alexander Blume said. “I think solana was aiming to be bold and align with tech-first values, but waded too deep into issues that distract from the offerings of their product.”

Others said that the ad was “brilliant marketing” as the “cringy rage bait” ad went viral. After all, as the saying goes, “all publicity is good publicity.”

“The solana ad felt out of the blue, given the nature of it punching down,” Alan Orwick, cofounder of Quai Network, said. “Solana is in the zeitgeist, so to kick other groups when it was uncalled for received clear backlash. Its important to remember crypto is apolitical, and the networks behind the assets should be credibly neutral.”

The ad was meant to promote solana’s Accelerate “series of events” in May in New York City. The events are organized along two distinct conferences: “Scale or Die” and “Ship or Die.” 

Solana is the sixth-largest crypto by market cap with $62.2 billion, but the price is down almost 40% since March 2024.

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Bitcoin’s price finally breaks past $113,000 but ETFs continue to bleed

Bitcoin has seemed stalled around $112,000, but is finally breaking past the $113,000 mark on Wednesday as whales have led a rush to sell. The token’s price is still down nearly 2% over the past week.

David Siemer, CEO of Wave Digital Assets, told Sherwood News that the wave of liquidations is due to a combination of factors hitting at once, including the fact that crypto markets have become heavily leveraged after bitcoin’s run past $120,000.

“Once bitcoin slipped through key price levels, stop-losses and liquidations snowballed against relatively thin liquidity, which amplified the move,” he said, adding that at the same time, stronger-than-expected US inflation data lifted the dollar and dampened risk appetite, giving traders another reason to unwind positions.

“Short-term holders were quick to sell into the weakness, further accelerating the downside,” he said.

Meanwhile, bitcoin ETFs continue to bleed, with outflows reaching $466.7 million since Monday, SoSoValue data shows. Reflecting the risk-off sentiment, gold ETFs, in contrast, experienced their largest inflow since January 2021 on Friday as gold itself hits all-time highs.

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Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, or Robinhood Money, LLC.