The Solana ecosystem witnessed another dynamic week, marked by market shifts, DApp growth, and NFT innovation. Here's an in-depth look at the key developments.
Market Overview
SOL Price Performance: Solana's native token, SOL, dropped 12.73% this week, trading at $190.75.
Market Cap & TVL: The market cap now stands at $91.46B, with total value locked (TVL) dipping to $8.239B.
DEX Activity: Decentralized exchange (DEX) volume surged by 5.76%, reaching $30.486B, outpacing Ethereum for the third consecutive month.
Narrative of the Week
DApp Revenue Milestone: November recorded a staggering $365M in decentralized application (DApp) revenue.
Meme Coin Platforms Thrive: Platforms like Pump(.)fun contributed to the ecosystem's growth, crossing $100M monthly revenue, while meme coins in 2024 collectively generated $509M.
Institutional Flows
Solana faced $8.7M outflows in institutional investments this week, contrasting sharply with Bitcoin's $375M inflows.
Despite the decline, Solana's DeFi TVL showed resilience, dropping less than Ethereum (-14.76%) and Tron (-12.28%).
NFT & Gaming Ecosystem
NFT Activity: Solana maintained 35% of weekly NFT users, continuing to lead Ethereum in user engagement.
Gaming Expansion: Sonic introduced TikTok integration, signalling further innovation in Web3 gaming and user acquisition.
Conclusion
Solana continues to make waves in the crypto space with consistent DApp growth, strong NFT engagement, and resilient DeFi performance. Despite market challenges, its ecosystem shows promising momentum, positioning it as a key player in blockchain technology.
Source: CoinMarketCap