This didn't age well... or did it?

Updated thoughts on Multicoin Capital and Solana

Sharvesh

Jan 1, 2023

The Sharvenium

6500x Return on Millions

Multicoin Capital was one of the biggest winners of the past cycle. Here's how. The Solana Labs team raised its seed round in May of 2018 and managed to sell 79 million solana tokens for $0.04 per token. At the top in 2021, each solana token was trading for $260 so that's a 6500x return return on decent size of $3 million. Also Multicoin Capital lead mult…

a year ago · Sharvenium

I wrote this post 5 months ago about Multicoin Capital being up 6500x (on Solana) and up crazy amounts on Solana Eco investments. That hasn’t aged well because of bear market conditions and FTX (which was apparently propping up Solana and sam coins with CUSTOMER DEPOSITS) turning out to be a giant fraud

Based on this guy’s tweets they are down 90% this year so uhh not a profitable year.

But at the same time, it’s easy to make fun of them for being down 90% but being down 90% after being up 6500x is still being up 650x (Just a number, I don’t know how much they are up)

Also 99.9% of people commenting on Kyle and Multicoin probably aren’t beating their returns in terms of % from 2019 let alone their returns in terms of dollars.

Abysmal performance this year but they are probably still fine (aka Kyle still has his lambo and Miami penthouses) and doing better than they were during the 2018-2019 bear market but definitely lots to learn if they are still holding bags on their balance sheets.

solaria @0xSolaria

@KyleSamani Looking forward to your video on how FTX and Solana scammed every billionaire in the world thanks to you.

The Sharvenium

The Music Stopped

a year ago · Sharvenium