Crypto
Featured Session "The Story of SolanaWhy It's the Ecosystem Fueling the Future of Web3"
Solana cofounder Raj Gokal and seed investor Rodolfo Gonzalez at SXSW (Jason Bollenbacher/Getty Images)
Yikes

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.

More Crypto

See all Crypto
crypto

Sui blockchain halts transactions for second day in a row

The sui blockchain is stalled again on early Friday, with the last transaction occurring more than two hours ago, data from blockchain explorer Suiscan shows.

“The Sui Core team is actively investigating. Updates and incident review will be shared as soon as they are available,” the team wrote on X.

The ongoing pause comes immediately after experiencing a halt the day before “due to a crash bug in the gas charging logic introduced by the 1.72 release,” the team said on Thursday.

SUI, the network’s native cryptocurrency, has dropped around 20% in the past seven days, according to CoinGecko.

crypto

SoFi continues to surge following launch of its stablecoin to 15 million customers

SoFi Technologies announced Wednesday that its 15 million members can now use its stablecoin, SoFiUSD, marking the first time a US national bank-issued stablecoin is available on a banking app, but the markets seem to have really taken notice Friday, sending shares up over 7% in early trading.

Options data as of 9:42 a.m. ET also shows a bullish tilt from traders, with a put/call ratio around 0.16 vs a 20-day average of 0.39.

SoFi’s move is the first step to integrate SoFiUSD into the firm’s broader ecosystem, with plans to allow members to convert the stablecoin into tokenized deposits and roll out SoFiUSD on centralized exchange Bullish.

The stablecoin is currently on ethereum and solana, but the firm aims to add more blockchains to the list.

“We believe we can combine the speed and versatility of the blockchain with the trust of a bank to improve how money moves around the world,” SoFi CEO Anthony Noto said in a statement. “People no longer have to choose between blockchain technology and regulated banking products.”

Since President Trump signed stablecoin legislation GENIUS Act in July last year, the market capitalization of stablecoins has increased nearly 24% to $320.8 billion, data from DefiLlama shows.

crypto

Ethereum drops to a 2-month low under $2,000

Ethereum has dropped 4% in the last 24 hours to trade as low as $1,967 on Thursday morning, a mark not seen since March.

Selling pressure is weighing on the token as “traders are actively opening short positions,” CryptoQuant Head of Research Julio Moreno told Sherwood News. “US spot demand for ETH has weakened, as seen by an extremely negative Coinbase price premium approaching levels not seen since February.”

The price action has spurred $237.2 million in liquidations, with the majority of them, $225.1 million, coming from long positions, data from CoinGlass shows. Elsewhere, ethereum ETFs have notched their longest outflow streak this year at 12 days, with Wednesday recording almost $67.2 million in outflows, per SoSoValue.

“ETH’s break below the psychologically important $2,000 level reflects a deterioration in near-term crypto risk sentiment rather than a collapse in Ethereum fundamentals,” according to Coinbridge cofounder and CIO Kelly Ye.

Ye said the drop under $2,000 was amplified by rising volatility and geopolitical tensions amid renewed US-Iran escalation and broader de-risking across high-beta assets.

Sentiment surrounding the cryptocurrency has also softened after David Hoffman, a known ethereum advocate, publicly disclosed offloading his entire ETH position and questioned whether the network’s growth translates to meaningful value accrual to ethereum as an asset, Ye pointed out.

“Still, ETH has continued to hold a broader pattern of higher lows since the April 2025 tariff-driven selloff near $1,500, with the February 2026 low around $1,800 now emerging as the next key level to watch,” Ye told Sherwood News.

“Importantly, on-chain activity has not shown significant deterioration, and Ethereum TVL [total value locked] measured in ETH terms has started trending higher again since May, suggesting underlying network usage remains relatively resilient despite weaker price action,” Ye added.

Some ethereum treasury firms have not stopped their strategy, such as Bit Digital, which announced on Thursday purchasing 8,568 ethereum tokens for $20 million, bringing its total holdings to 158,461.75 tokens.

Meanwhile, other altcoins are also in the red, with solana and dogecoin dropping over 3% in the last 24 hours.

Latest Stories

Sherwood Media, LLC and Chartr Limited produce fresh and unique perspectives on topical financial news and are fully owned subsidiaries 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, Robinhood Money, LLC, Robinhood U.K. Ltd, Robinhood Derivatives, LLC, Robinhood Gold, LLC, Robinhood Asset Management, LLC, Robinhood Credit, Inc., Robinhood Ventures DE, LLC and, where applicable, its managed investment vehicles.