This week (Nov. 27-Dec. 4) Solana had another muted performance, gaining a modest but grateful 1.86% as Ethereum and “dino coins” like XRP roared back to life.
Solana Numbers the Last 7 Days
This week (Nov. 27-Dec. 4) Solana had another muted performance, gaining a modest but grateful 1.86% as Ethereum and “dino coins” like XRP roared back to life.
Despite this uptick, Solana lost ground in other key metrics, particularly as Pump.fun reported a downturn in activity. XRP and BNB also flipped Solana in market cap, to rub salt into the wound. So. much. salt.
Anyway, we all know the bull market rotation dynamics by now. Everyone gets a turn.
- Price: $237.21, up 1.86%
- Market cap: $112.73 billion
- DeFi TVL: $9.198 billion
- Daily active addresses: >6.8 million
- 24H trading volume: $8.58 billion
Solana soared to a weekly high of $246, only to nosedive to $218 on Dec. 3 in a dramatic flash crash. The culprit? A wave of panic triggered by South Korea’s brief declaration of martial law, which momentarily rattled Bitcoin and the broader crypto market.
$SOL rebounded nicely after news of Grayscale’s new ETF application rippled across the interwebs.
The rollercoaster didn’t end there. After last week’s stellar DEX volume performance, this week brought a harsh reality check. Total DEX volume and revenue took a sharp tumble, delivering a gut-wrenching blow to the ecosystem.
Solana’s DEX volume plunged 25% to just over $28 billion. It had a ripple effect (sorry, more XRP cope) across the ecosystem’s decentralized exchanges.
Raydium, one of Solana’s flagship DEXs, bore the brunt of the decline, taking a significant hit. The numbers tell the story.
How Did Solana Stack Up Against Its Competitors?
After a crazy few months, it was a slow week for Solana. XRP and BNB overtook it in market cap, knocking it down from fourth to sixth place in the rankings.
Solana also lagged behind Ethereum in weekly performance. While ETH soared with a 9% gain, Solana struggled to keep up, leaving its investors hungry for a comeback.
Solana raked in more fees (in 24 hours) than Tron and Arbitrum, showing that the ecosystem is strong even when momentum falters.
Solana Ecosystem the Last Week
Take a few meme coins out of the equation, and Solana ecosystem tokens were on fire this week.
Many posted impressive double-digit gains, making it feel like you couldn’t go wrong. A blind bet on any of them would still have left you comfortably in the green.
Top Gainers:
- Helium (HNT): +37.24%
- Chainlink (LINK): +34.89%
- Arweave (AR): +34.77%
- The Graph (GRT): +31.73%
- Pyth Network (PYTH): +23.89%
Top Losers:
- Raydium (RAY): -8.22%
Solana DeFi
Solana’s total value locked (TVL) climbed past $9 billion this week, a strong showing—but not strong enough.
The surge wasn’t enough to keep Solana in second place. It has now slipped to third place, overtaken by Tron, whose TVL rose more than 78% to $13 billion.
Meanwhile, Ethereum continues to dominate the DeFi landscape, sitting comfortably at the top with $73.4 billion in TVL. On the bright side, Solana has more active addresses (5.56 million) than its competitors.
Solana Meme Coins
Solana’s meme coins are making a comeback—and it’s an impressive one.
After last week’s Pump.fun livestreaming drama, the Solana meme coin launchpad roared back to life, crossing $93 million in monthly revenue for November. This marks the first time it’s hit such a milestone. For context, Pump.fun generated $30.5 million in revenue in October, a record at the time.
Cumulatively, Pump.fun’s total revenue now exceeds $240 million. But the recent livestream controversy wasn’t without cost. From Nov. 25 to Dec. 1, its weekly revenue took a turn for the worst, sliding 66% to just $11.31 million.
The road to recovery is far from smooth. But for now, Solana meme coins are back in the green, just like old times.
Top Gainers:
- Moo Deng (MOODENG): +75.33%
- Mother Iggy (MOTHER): +41.25%
- Gigachad (GIGA) : +25%
- Peanut the Squirrel (PNUT): +20.07%
- Smoking Chicken Fish (SCF): +16.9%
Top Losers:
Solana DePIN
- Solana DePIN projects had a fantastic week across the board.
- Render (RENDER) and Grass (GRASS) bounced back from their losses to record impressive gains.
- Helium Mobile leads the pack after climbing 65.5% higher, while Nosana (NOS) closed in on 10% gains.
NFTs
- Those blockchain JPEGs are back in vogue. Solana retains the crown for the largest number of NFT users—but the gap is closing fast.
- Ethereum is catching up, narrowing Solana’s lead and gaining ground in the NFT race as last cycle blue-chip collections like BAYC see a big increase in floor prices.
- While Solana still outpaces Ethereum in daily and weekly activity, the competition is heating up. Despite maintaining its dominance in the NFT space, it lost momentum in other metrics.
- Ethereum had the largest NFT sales volume ($216 million) in November.
Top 5 Solana News Stories
Grayscale Files To Launch Solana Spot ETF
Bullish!! Grayscale Investments has filed with the SEC to create a Solana-based exchange-traded fund (ETF) that would trade on the New York Stock Exchange if approved.
Pump.fun Revenue Plummets After Livestreaming Smackdown
Solana’s biggest meme coin launchpad Pump.fun saw a 66% revenue drop to $11.31 million from Nov. 25 to Dec. 1 after disabling its livestream feature due to reports of harmful content. The move halted its upward momentum, marking a significant setback.
Pump.fun Achieves Record Revenue
Despite the December blues, Pump.fun reached an all-time high of over $93 million in monthly revenue for November, marking a 207% increase from October’s $30.5 million. Its cumulative revenue now exceeds $240 million. Can it regroup and correct course?
Jupiter Revises Airdrop Plan After Governance Vote Fails
Leading Solana DEX Jupiter will revise its airdrop strategy after a governance proposal failed to secure the necessary 70% supermajority. The original plan aimed to distribute $1.6 billion in JUP tokens to users across multiple waves.
Phantom Assures Users of Security Amid Solana Library Vulnerability
Solana wallet Phantom confirmed its platform remains secure despite a flaw in the Solana/Web3.js library. The wallet provider clarified that it never used the affected library versions, ensuring user wallets and funds are safe.
What You Can Do Now
- Stay alert and be the first to know about Solana ETF updates.
- Follow the news to stay updated on Pump.fun's livestream suspension and its potential return.
- Stay tuned for Jupiter's updates on the revised airdrop plan and how you can benefit.
- Update your Phantom wallet now to stay secure and protect your funds.
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