The post-U.S. election rally continued the past week (between Nov. 7 and 13), and Bitcoin has had one of its biggest weeks ever, if not the biggest.
TL;DR
Solana and its ecosystem catch fire in the wake of soaring Bitcoin, meme coin mania, and a suddenly friendlier U.S. regulatory landscape.
Solana Numbers the Last 7 Days
The post-U.S. election rally continued the past week (between Nov. 7 and 13), and Bitcoin has had one of its biggest weeks ever, if not the biggest. It’s still unfolding, and Solana’s all for it, surging to a local peak of $223 before pulling back as patient traders took profit.
This recent rally keeps $SOL within striking distance of its all-time high of $260, a target few of us could’ve imagined after it bottomed at $8 in 2022 following the FTX collapse, and its market cap briefly topped $100 billion.
- Price: $204.72, up +11.09%
- Market cap: $696.63 billion
- DeFi TVL: $7.492 billion
- Daily active addresses: >6.1 million
- 24H trading volume: $11.21 billion
How Did Solana Stack Up Against Its Competitors?
Solana posted a solid 12% weekly gain, a respectable performance in line with the broader market momentum.
However, it falls behind Ethereum’s catch-up trade gains of 19.3% and Dogecoin's eye-catching 98% surge. SOL continues to hold its ground as the fourth-largest cryptocurrency by market cap.
Solana Ecosystem the Last Week
Solana's market cap experienced a dramatic surge since Nov. 6, painting a nearly vertical ascent on the chart below. A slight correction occurred in recent days, but the trading volume bars indicate sustained market interest.
The leading Solana-based tokens tell the picture of a thriving ecosystem. The majority of Solana tokens were on fire, with Bonk skyrocketing 55%.
Other tokens were on Bonk's heels, riding on the current momentum.
Top Gainers:
Top Losers:
- Popcat (POPCAT): -2.62%
Solana DeFi
In a major power move, Solana flipped Tron to become the second-largest DeFi blockchain. Solana's total value locked (TVL) surged impressively from $6.3 billion to $7.492 billion in a week to command a solid 7.06% share of the market.
Solana's network is seeing real-world usage with 43.5 million daily transactions and impressive revenue.
Solana Meme Coins
- The Peanut the Squirrel saga has seen it explode to $1.7B FDV in just weeks.
- Every top Solana meme coin was in the green except last month’s top performer Gigachad (GIGA) who finally saw red.
Solana DePIN
- Io.net leads the Solana DePIN space with a massive 49.2% weekly charge.
- XNET (XNET) is hot on its heels, proving that even smaller players are catching fire.
- Nosana (NOS) and Render (RENDER) kept the momentum going with solid gains.
- Most projects are seeing red in 24-hour numbers, but their weekly gains tell the real story of Web3 infrastructure growth.
NFTs
According to NFT Pulse, Solana enjoys the lion's share of the NFT space, at least in terms of users. Solana captured 40% of all NFT users over the past week.
Even more impressive, Solana is outpacing Ethereum, attracting almost double the number of weekly users compared to the larger chain.
Top 5 Solana News Stories
Solana Surges to 2-Year High
The post-election rally saw Solana surge to $223 during the week, its highest price since December 2021.
Solana Secures Major Position in Coinbase's New Global Index
Solana has solidified its position as a major cryptocurrency by being included among the top six assets that dominate Coinbase's new COIN50 Index.
Together with Bitcoin and Ethereum, SOL's inclusion represents a significant institutional endorsement, though the index's derivative products won't be available in the U.S., U.K., or Canada.
Institutional Giant Goes All In on Solana
DeFi Technologies has launched SolFi, positioning it as the "MicroStrategy of Solana" ecosystem. The new spin-off company aims to give investors exposure to Solana through trading, validator operations, and strategic ecosystem investments.
Snowden: Solana's Heavy VC Funding May Be Its Prison
Snowden dropped another bombshell at Near's Bangkok conference, calling Solana "born in prison" due to its massive VC backing. While acknowledging Solana's impressive growth, he warned that too much investor control could limit the blockchain's independence, though he didn't completely write off its future potential. At Token 2049, Snowden criticized Solana, claiming it was overly centralized.
PayPal's Stablecoin Goes Cross-Chain
PayPal's PYUSD just made a major leap into Solana, letting users easily move their stablecoins between Solana and Ethereum through LayerZero's bridge.
What You Can Do Now
- Will Solana hit a new all-time high soon? See which new sectors are popping.
- Watch out for more VC backing for Solana tokens as DeFi Technologies launches SolFi.
- If you are outside the U.S., Canada, and the U.K., follow Coinbase’s COIN50 Index.
- You can try out PayPal’s stablecoin cross-chain bridge between Solana and Ethereum.
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