KEYTAKEAWAYS
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IRYNA meme coin surged 180% after Musk’s $1M donation, hitting $27M market cap, but faced volatility and profit-taking concerns.
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Linea network resumed block production after a 32-minute halt, restoring confidence in its zkEVM Layer 2 with $412.3M TVL.
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SOL Strategies listed on Nasdaq as STKE, holding 432,000 SOL worth $94.9M, boosting Solana’s institutional presence despite regulatory risks.
CONTENT
MEME COIN IRYNA SURGES OVER 180% IN SHORT TERM
On September 10, Elon Musk announced a $1 million donation to Iryna Zarutska, a Ukrainian refugee killed in the U.S. Likely due to this news, according to GMGN data, the Solana-based meme coin IRYNA, named after Iryna Zarutska, surged over 180% in a short period, reaching a market cap of $27 million. IRYNA was created to honor Zarutska, with the project stating that trading fees will support her family.
IRYNA’s 180% surge, driven by Musk’s high-profile donation, reflects the power of celebrity endorsements in meme coin markets, as seen in posts on X blaming the creator for profiting from $100,000 in fees while donating only $300 to Zarutska’s GoFundMe.
The $27 million market cap shows strong speculative interest, but the token’s 50%+ dump after the spike highlights volatility and potential profit-taking. With 90% of meme coins failing to stay liquid long-term, IRYNA’s sustainability depends on community trust and actual fee distribution to the family, which remains unverified. High-risk traders may see short-term gains, but long-term value is uncertain without clear utility.
LINEA NETWORK RESUMES NORMAL BLOCK PRODUCTION
On September 10, according to Lineascan, the Linea network resumed normal block production. Earlier reports indicated Linea had not produced blocks for 32 minutes, suggesting a possible outage.
Linea’s quick recovery from a 32-minute outage, as confirmed by Lineascan, restores confidence in its zkEVM Layer 2 solution, which boasts 6,200 TPS and $412.3 million in TVL. The outage, though brief, raised concerns, as seen in X posts about Linea’s token generation event and 1 billion LINEA rewards. With the airdrop checker live and 9.36 billion tokens set for distribution starting September 10, network stability is critical. The incident may not deter long-term adoption, given Linea’s ConsenSys backing and MetaMask integration, but frequent outages could risk user trust and TVL growth.
SOL STRATEGIES LISTS ON NASDAQ UNDER TICKER STKE
On September 10, according to an official announcement, Canadian blockchain company SOL Strategies received approval to list its common shares on the Nasdaq Global Select Market under the ticker STKE. According to Strategic SOL Reserve data, SOL Strategies currently holds 432,000 SOL, valued at approximately $94.9 million.
SOL Strategies’ Nasdaq listing as STKE, holding 432,000 SOL ($94.9 million), marks a milestone as the first Solana-focused treasury on a major U.S. exchange, boosting liquidity and institutional access. The stock’s 1,775% gain in 12 months on the CSE and $500 million convertible funding signal strong market confidence.
Solana’s $112.78 billion market cap and $215 price support this move, but new Nasdaq crypto rules and Bitcoin’s dip below $110,000 add volatility risks. The listing may drive SOL adoption, but regulatory scrutiny and market swings could challenge STKE’s short-term performance.
