The Solana ecosystem had a mixed week. While the price dropped slightly, DeFi TVL grew, meme coins rose, and there was a debate over active wallet metrics.
Solana’s price fell to $141.85, down 1.61%, with the ecosystem market capitalization falling 5% to $253.26 billion. DeFi TVL grew to $5.41 billion, and meme coins like POPCAT and WIF led to profits. RWA tokens on Solana rose by 102%, sparking a debate over active wallet metrics.
It was a rather dull week for Solana, with ecosystem tokens losing steam except for meme coins. The debate over active wallets continues, and other L1 chains like Sui are also seeing activity. Crypto builders are back to building, waiting for potential uptrends in October.
The Solana ecosystem faced a significant drop in market capitalization over the past week, but trading volume remains relatively high. Despite recent downturns, the ecosystem maintains higher market capitalization levels than earlier in September, showing volatility within an overall uptrend.
Solana is striving to compete with Ethereum as the leading layer 1 ecosystem, while rivals like Ton and Tron attempt to gain market share through meme coins. SUI has seen growth with integrations and updates, challenging Solana’s dominance.
Meme coins in the Solana ecosystem have shown strong performance over the past week and 90 days, while major tokens like SOL and LINK have slightly fallen. Solana continues to increase its TVL across the DeFi ecosystem.
Solana meme coins are trending, with Pump.fun showing impressive sales figures. Crypto degens are exploring animal-themed tokens beyond cats, dogs, and frogs. The hip hippo token had a challenging week, dropping 34% in the last 7 days despite Moo Deng’s undeniable cuteness. It seems oblivious to meme coins.
Source: Dune Analytics
Gigachad (GIGA) saw a 91% increase in the past week and an astonishing 4,480% surge in the last 90 days thanks to Key Opinion Leaders (KOLs).
Popcat (SOL) rose by 16% this week and 136% in the past 90 days, with a staggering 14,300% growth in 2024.
Bonk (BONK) experienced a 10% decrease this week but is still up by 54% this year. It faces stiff competition from cat-themed coins like PopCat and MEW.
Retardio (RETARDIO) spiked by 64% this week and has seen a steady growth of 37% over the past 90 days.
Moo Deng suffered the biggest loss this week, dropping by 34%, but still boasts a solid 331% growth over the last 90 days.
NFTs
According to NFTPulse, Solana had the second-highest number of users after Base (22%) in the past 7 days, generating $142,000 in trading revenue, trailing behind Ethereum’s $208,000. However, it leads in chain royalties, with nearly half going to Solana NFT creators ($559,000), thanks to platforms like MagicEden.
Solana Active Wallets are on the rise, surpassing 100 million, a new all-time high. However, most active wallets contain minimal or no SOL, sparking debates about the accuracy of these statistics and the possibility of bot activity.
An HBO documentary suggested that Peter Todd is the elusive Satoshi Nakamoto, leading to a frenzy of meme coins on Solana. Despite Todd’s denial, coins like $PeterTodd and $JEMAM experienced significant market capitalization fluctuations before crashing.
BonkBot, a popular Telegram-based trading tool on Solana, unveiled major security upgrades, including a proprietary key management system, a 2FA mini-app, and pre-transaction protection to enhance user security without compromising speed.
Tokenized US Treasuries have surged by 102% in the past month on Solana, with Ondo Finance’s $USDY leading the charge. This growth signals a potential shift of Real World Assets (RWA) to the Solana blockchain.
Experts believe that Solana could outperform Ethereum by attracting institutions for tokenization platforms and stablecoins. Despite Ethereum’s current market dominance, Solana’s scalability and efficiency appeal to more conservative institutions.
Key Takeaways:
– Monitor the rise in Solana’s active wallets and assess the impact of potentially inflated statistics.
– Track the growth of tokenized US government bonds on Solana, especially Ondo Finance’s $USDY.
– Evaluate BonkBot’s new security features and their effect on Solana’s trading ecosystem.
– Keep an eye on the performance of Solana meme coins, especially POPCAT and WIF.
– Consider the potential for institutional adoption of Solana for tokenization and stablecoins.
– Stay informed about the competition between Solana and emerging rivals like SUI.
– Analyze the implications of Solana’s expanding NFT market share and creator royalties. The cat is sleeping on the couch. It looks very peaceful and comfortable.
The sun is shining brightly through the window. The room is filled with warm, golden light.
I can hear birds chirping outside. It is a beautiful sound that brings a sense of peace.
The flowers in the vase are blooming beautifully. Their vibrant colors add a touch of brightness to the room.
SOURCE