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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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Ethereum climbs to highest point since end of January

Ethereum has rallied 8% in the last 24 hours to trade just under the $2,390 level, liquidating over $151.7 million worth of ethereum short positions in the period. 

The last time ethereum was at its current level was the last day of January, data from CoinGecko shows.

According to Jim Hwang, COO of investment company Firinne Capital, ETH has been acting as a risk asset: declining in times of heightened uncertainties such as the conflict in Iran, inflation expectations, and diminished rate cut hopes.

“Only in the last 24+ hours when these uncertainties have diminished are we seeing prices lift again. We can feel a bit of optimism but to the extent that this cease fire remains tentative, we should probably view the current ETH price gains with caution,” Hwang told Sherwood News. 

A GlassNode senior analyst, who maintains the pseudonymous X account CryptoVizArt, said on X that ethereum has “reclaimed the one-to-three month holder cost basis at around $2,300. So far, this structure is consistent with a bear market relief rally, comparable to the bounces observed in Q3-Q4 2022, rather than a structural trend reversal.” 

Tom Lee, chairman of ethereum treasury firm BitMine Immersion Technologies, said ethereum’s performance since the start of the Iran conflict demonstrates how the cryptocurrency is a “wartime store of value,” per the firm’s press release on Monday, in which it announced acquired 71,524 additional tokens worth $170.5 million. That brings its total stockpile to nearly 4.9 million tokens, or 4% of the total supply of ethereum. 

That said, the founder of venture capital firm Kenetic, Jehan Chu, told Sherwood, “It’s clear that regaining ATH [all-time high] will take real-world revenue-generation, and not just a Tom Lee narrative.” 

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