As-salamu alaykum everyone. My apologies for running late. Ramadan Mubarak to everyone. I hope it is a blessed month that you end up or end the month closer to Allah subhanahu wa ta'ala than how you started it. May Allah bring you all the benefits of Ramadan, both physically and most importantly, spiritually. So thank you for everyone who has sticked with us in the last year and has been with us for many Ramadans. I hope that this has been beneficial for you over the years and that PIF will continue to be beneficial to you for many years to come, inshallah. All right, with that being said, let's talk about Solana. And I've gotten a lot of questions about Solana, obviously, because of its drop in price, dramatic drop in price. It was north of, it was actually north of two fifty, not too long ago. Now it's one forty seven. And if you look at the RSI, that's this. So the relative strength index, it's very near zero. dramatic oversold territory so you can see the yellow line and the good news is that it's rarely been this oversold in the last year really and typically big deviations in the towards being oversold have corresponded with local bottoms. So that is good news if you are a Solana holder. Now, what is behind this particular drop? Well, if you look at the fear and greed index, we are in extreme fear territory. There's a lot that goes into that, into the into the index and what has gotten us to this extreme fear territory that we find ourselves in. Obviously, the hotter than expected inflation print that came out in January didn't help. But the good news is that the inflation number that we got today was a good one, or at least in line with expectations. And that helped recover a bit. We're at ten here. So we were at even more extreme fear than we are right now. But that definitely hit crypto in general. And especially when you have an asset that is very sort of liquidity based and is very correlated to global liquidity levels when you get a hotter than expected inflation print that does not bode well for the opportunities to introduce additional liquidity into the system and you have assets like this pull back And so that's what we saw. There wasn't really anything specific to Solana that caused this pullback, although there is one speed bump that we should be aware of, which is that tomorrow there's going to be an unlock from the FTX state of around, sorry, lost my screen here. there's going to be an unlock of around, uh, eleven point one six million Solana tokens or one point six five billion in US dollars. That's going to be unlocked. So that's going to increase the supply by that much. And perhaps in anticipation of this unlock, we got some of the dip that we've experienced in Solana recently. But as I always say, in when we have a tough experience with an asset, the task at hand is to look at the numbers and see what they're telling us. So what are the numbers telling us about Solana? If we look at the daily active users for Solana, they are by far more than any other blockchain out there so if you compare them so three point seven million for solana that's the daily active users for base which is in second place that's seven hundred and thirty thousand for ethereum four hundred and nine thousand so We're talking six or seven times, actually more than that, well, close to ten times what Ethereum has in daily active users. This is important to keep in mind. Additionally, if you look at how it's being valued right now, if you look at the revenue that Solana is pulling in and compare it to Ethereum, for example. Ethereum is being valued at seven hundred and fifty two times revenue, which is insane. And Solana is valued at one hundred and sixty eight times revenue, also insane, but less insane than Ethereum, but insane nonetheless. Now, I bring this up because Now, obviously, if you try and value Solana like you value a traditional asset, like we valued Iris yesterday, where we just do the discounted cash flows and figure out a proper discount rate and figure out what the cash flows will be for the project over the next years and discount them to present day, you get a number that's way less than what it's being valued at right now. There is an element of utility that Solana tokens have. So they're used to pay fees, they're used for governance. They're actually staked. So there is utility here that makes it kind of not appropriate for a pure discounted cash flows approach because with utility, you have to factor in things like demand and supply and scarcity for the token in order to arrive at a proper valuation. That being said, I think that when you look at the daily active users and when you look at the way things are being valued right now, in terms of price to sales, I don't think it's not unreasonable to expect a convergence in the valuations between Solana and Ethereum, wherein the price-to-sales ratios start to look like one another and not what they are right now, where one is five times the other. Now, some have... come out with price targets for Solana that I think are just ridiculous. So this is from Solana News. This is an account with forty thousand followers. Bitwise Europe predicts Solana could hit six thousand six hundred in bull case, two thousand three hundred in bear case. Our Solana price prediction is six, six thousand to ten thousand for this cycle. These price targets, with all due respect, are garbage. I can comfortably throw them out. This is not going to happen. Or at least the probabilities for this to happen are extremely remote. Something I would I would say the probability of an asteroid hitting Earth is higher. which means that it's not a zero chance, but it's a very slim chance based on what we know right now. And what also causes me to think that there can be a convergence in the valuation between Solana and Ethereum is And perhaps one of the reasons that convergence hasn't happened yet is the fact that Solana doesn't have an ETF. Ethereum does have an ETF. And accordingly, the The choice, the top choice for institutional investors, if they want to invest in a crypto asset other than Bitcoin, top of their list is Ethereum. Second largest of market cap has an ETF, a product that they have confidence in, they're familiar with. Solana doesn't have an ETF. So this has affected its valuation, I think, substantially as it compares to Ethereum. However, the chances of a Solana ETF being approved in twenty twenty five, according to PolyMarket, sit at around eighty four percent. So I think with an ETF coming out. And with their. Dilution being very similar between Solana and Ethereum. I think it's reasonable to expect that their valuations will start to converge and start looking more like one another. Now, assuming this, given the market capitalization of Ethereum right now is two seventy billion and Solana at seventy five billion. Assuming parity between the two tokens, we can expect a value or a market cap for Solana at around one hundred and seventy two billion. This assumes parity, not that Solana flips Ethereum. Although you can make an argument that Solana should flip Ethereum eventually. That being said, just like with my previous valuations, I do like to sandbag things and keep things with a margin of error. Now, if we have a market capitalization of a hundred and seventy two billion for Solana, we still have to figure out, well, how many Solana tokens do we have in order to figure out the price per token? So we have four hundred ninety million Solana tokens as of today with a three point five five percent dilution rate for Solana or expansion of the supply for Solana every year. That puts us at around fourteen point five million additional Solana tokens by the end of this year. We're already past two months here. So total sold by the end of twenty twenty five five hundred and five million. Let's just round it to five hundred and five million. That's five hundred and four and a half. But when you take one hundred and seventy two point five billion divided by five hundred and five million, you get to three hundred and forty one dollars per token now. I took the market caps as of February, and as you've all witnessed, I'm sure the market caps have pulled back dramatically from their highs because of the factors that we mentioned earlier. So it's possible that, you know, you do this analysis a month from now, two months from now, and crypto has recovered. You come out with a much larger number for the price per token. However, And this is why I would put a range for the price per token. And that is probably between three hundred and five hundred. I mentioned this on my X account earlier this week, between three hundred and five hundred, depending on how much the crypto market capitalization actually recovers. And you also want to add a margin of error there to your price per token, whatever you feel comfortable with, ten, twenty, thirty percent. And then you'll come out with a number that I think is probably close to three forty one where you should probably start taking profits. Now, this is not financial advice. That's not the business that I'm in. I am simply telling you what I would do. So I've mentioned on this channel before, if I see a three handle on Solana, I'm going to sell that. All this other noise, about six thousand dollars. N thousand, whatever that is, in my view, complete garbage. I would like to see what type of valuation, type of calculations they're doing to get to those numbers. Actually, I wouldn't because it's a complete waste of time. With that being said, let's go to questions. Nice of you to join us, Rashad. Always nice to see you. Thank you for all the help that you've given PIF. We're really lucky to have you. Thank you for moderating our chats. Ramadan Kareem to you. Effendi says Ramadan Kareem. Ramadan Kareem to you as well. AM, MUT, Ramadan Mubarak to everyone. Thank you, brother Omar Suleiman. Assalamualaikum, Ramadan Mubarak. Do you still think that Bitcoin will bounce back in March or will it be later? I think we'll probably get a bounce in March. Would the market care about Trump and Ukraine president video from the Oval Office? Yeah. Honestly, like, it was kind of... Embarrassing to see that video. I think, you know, I think that Muslims should stand with the truth and have loyalty to the truth and to fairness. Fact of the matter is Ukraine was invaded and its land was taken over by force. And that's just fundamentally wrong. And so when two parties are fighting, you should stand with the party that's being wronged. And certainly I think Ukraine has been wronged in this situation. I think Putin is a low-life degenerate murderer. And I'm not saying that Ukraine is without its faults, but they certainly... The war that happened, the attack that happened was completely unprovoked by Ukraine. It was completely... russia is doing and I think for a good reason it's not about nato it's not about anything like that it's about russia doesn't like the fact that ukraine which are very similar ukrainian people are very similar to russian people and their language and their genetics and their culture doesn't like that a country neighbor to them is democratic or prosperous or more prosperous than they are and have a bit more freedom than they do. And that is a threat to the Russian regime. It doesn't want the Russian people to be inspired by what the Ukrainian people have. It doesn't want the Russian people to say, hey, I want what the Ukrainian people have. That's what it wants to avoid. And so it tried to take over that country. Typically, when it comes to issues that don't involve Muslims, when it comes to issues that don't involve Muslims, typically the United States has had a relatively moral stance. However, it seems like the United States is retreating from even that. So it's just prioritizing under this new administration, just prioritizing what makes it money, what's convenient at the time. And we've just taken this Trump real estate philosophy to foreign policy. And it's a sign of the times that the United States, I think, is losing its whatever moral leadership position it's had in the world in favor of just isolating itself and living for achieving as much success material wealth as it can, regardless of like principles or ideologies or anything like that. And I really think that the coming period, the world is like missing a leader. It's missing a moral leader that can stand in the face of tyranny and evil and And the responsibility for that, I think, is going to fall on Muslims to actually be that voice for truth and voice for good in the world. And this is not a position that is foreign to us. It's a position that we've held for hundreds of years. And it's actually unnatural for us not to fill that position. But I do think that coming years will prove that this position will return to us as the defenders of truth and defenders of what is right globally. so yeah that's what I think about that that's my commentary on that Even though I didn't answer your question, Rashad. Abdelmajid says, As-salamu alaykum, Ramadan Mubarak. Remember our brothers in Palestine, Syria, Lebanon, and other parts of the world. May Allah make it easy for them. Ameen, Ya Rabb. And by the way, Ramadan Mubarak to all my Syrian brothers and sisters who for the first time in fifty years are experiencing Ramadan without the garbage regime that took a while to take out. But Alhamdulillah, We did it. Ramadan Mubarak. Needle Pro Australia. As-salamu alaykum. Ramadan Mubarak to all of the Rani. As-salamu alaykum. Ramadan Mubarak. Just joined the live chat. Ramadan Karima's fan. Nice to see you. My good old friend. Not old by age, but old in terms of a number of years we've known each other. As-salamu alaykum, our fan. Ramadan Mubarak. Ramadan Mubarak, Suhail. Nice to see you. Thanks, Esfand, Ramadan Kareem to you as well and to everyone associated with PIL. Thank you for making it an amazing year. And inshallah, many more amazing years to come. Thank you for tuning in. Leave a like if you enjoyed this live. And until next time, make sure to take care of yourself. Assalamualaikum and peace be upon you all.