Bitcoin Underperforms As Solana Soars On Galaxy Buying Spree, Dogecoin Extends Gains

Solana (SOL) outperformed Bitcoin (BTC) and other major altcoins in early morning trade on Friday after Galaxy Digital purchased more than two million tokens over the past 24 hours, following CEO Mike Novogratz's declaration that it was 'Solana Season.'

Dogecoin (DOGE) also moved higher on speculation, despite the reported delay of the Rex Osprey Dogecoin ETF (DOJE), which was slated to launch later on Friday but has been pushed to next week, according to Bloomberg ETF analyst Eric Balchunas.“Another delay. Launching next week. Mid-week. Prob[ably] Thurs[day],” he wrote in a post on X.

Solana's price surged more than 6% in the last 24 hours, trading at around $2.40, levels not seen since January this year. Retail sentiment around Solana on Stocktwits also moved higher to 'bullish' from 'neutral' territory, and chatter jumped to 'high' from 'normal' levels over the past day. 

In an interview with CNBC on Thursday, Novogratz described the inflows into Solana as part of a broader 'Season of SOL,” noting the blockchain's transaction speed and growing role in financial markets. Following his comments, data from Akham Intelligence showed Galaxy bought SOL tokens for around $480 million in the last 24 hours.

Meanwhile, Dogecoin's price climbed 3.8% in the last 24 hours, trading at around $0.2605 at the time of writing–a 2-month high for the meme token. On Stocktwits, retail sentiment remained in 'extremely bullish' territory amid 'high' levels of retail chatter over the past day. 

Ethereum (ETH) and Ripple's native token (XRP) also outpaced Bitcoin in early morning trade. Ethereum's price rose 2.1% and XRP gained 1.3% in the last 24 hours. Bitcoin's price, meanwhile, only edged 0.9% higher, trading just under $115,000.

The overall cryptocurrency market rose 1.2% over the last 24 hours, rising to a market capitalization of $4.1 trillion. Crypto futures bets saw around $357 million in liquidations over the past 24 hours, according to Coinglass data. Long liquidations totaled around $122 million, and short bets amounted to $234 million. 

Digital asset treasury (DAT) equities also showed cautious optimism, edging higher in pre-market trade. The largest corporate holder of Bitcoin, Michael Saylor-backed Strategy (MSTR), rose around 0.74% and the largest publicly traded company with Ethereum on its balance sheet, Bitmine Immersive Technologies (BMNR), gained nearly 4%. 

Bitcoin miners like Marathon Holdings (MARA) and Riot Platforms (RIOT) also moved higher. MARA's stock gained 0.89%, while RIOT's stock rose 0.77%. Crypto exchange Coinbase (COIN) was up more than 1%.

Read also: Opendoor Stock Sees 14,000% Spike In Retail Buzz As New CEO Steps In, Founders Return

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