Solana down 16% to $204.62, TVL drops to $10.45 billion.
TL;DR
- Solana down 16% to $204.62, TVL drops to $10.45 billion
- Traders suffer massive liquidations
- Raydium surpasses Uniswap in monthly DEX volume
- Solana gains ground in the NFT space
- Coinbase plans to list Solana futures contracts
Introduction
This past week will go down in history books as one of the worst ever for crypto as over $2 billion was liquidated from the market after Trump dropped a tariff bomb on Mexico and Canada, igniting trade war fears. However, the real damage could be as much as $8 to $10 billion.
Amid the historic liquidations, Solana dipped 16% on the weekly chart. But it could have been worse! The situation calmed down after the U.S. and Mexico hit the brakes on the potential trade war, with Solana and other assets leading the rebound in true crypto style.
In more good news, Solana's flagship DEX Raydium overtook Uniswap in monthly DEX volume after the explosive month of January, fueled by heavy meme coin interest.
Also, Coinbase is gearing up to list new futures contracts for Solana on its derivatives platform as the U.S. regulatory environment improves.
Here is a recap of this week's highs and desperate lows within the Solana ecosystem.
Solana Numbers the Last 7 Days
Source: CoinMarketCap
- Price: $204.62, down 16.02%
- Market cap: $99.71 billion
- DeFi TVL: $10.457 billion
- Daily active addresses: >5.2 million
- 24H trading volume: $9.95 billion
There’s no sugarcoating it—things got UGLY. Solana tanked 16% this week, dropping to $204.59. SOL's price even dropped to $184 before attempting a comeback. Bitcoin was also hit hard as its price fell close to $90K, a point which has served as a reliable support in recent months.
Is this the end of the trade war saga or is it just warming up? Only time will tell.
Solana's TVL took a slight knock, sliding to $10.457 billion. The number of daily active addresses also decreased to 5.2 million.
Source: Artemis
With this week's chaos, nothing is safe from a fallout, as Solana's DEX volume took a 34% hit.
Source: DeFiLlama
The top 10 Solana DEXs saw their volumes crash by big margins. Interestingly, the winners were from outside the top 10. Cropper (+97.58%), Sanctum (+104%), and Manifest Trade (+52.65%) defied the odds and delivered massive gains in an otherwise turbulent week.
Source: DeFiLlama
How Did Solana Stack Up Against Its Competitors?
This wasn't a week for celebrating victories. It was about weathering the storm with minimal damage. Bitcoin fared better with a 3.67% loss. Solana, Ethereum, BNB, and even XRP all suffered comparable losses.
Source: CoinMarketCap
Solana’s TVL dipped to $10.5 billion but is nearly double the size of Tron's $5.7 billion. Ethereum sits at the top of the DeFi leaderboard with $57.161 billion in TVL.
Source: DeFiLlama
Solana Ecosystem the Last Week
The Solana ecosystem's market cap tumbled 11.49% amid the crash while the trading volume increased by nearly half.
Source: CoinMarketCap
There is no surprise here, as most of Solana's ecosystem tokens are reeling with double-digit losses. Many of them are now on a mission to erase the steep losses.
Source: CoinMarketCap
Top Gainers:
- PAX Gold (PAXG): +2.81%
Top Losers:
- Ai16z (AI16Z): -40.42%
- Decentraland (MANA) -29.54%
- Synthetix (SNX) -28.52%
- Compound (COMP): -26.95%
- Axie Infinity (AXS): -6.54%
Solana DeFi
Key metrics are all singing the same sad song this week, with Solana’s TVL sinking 6.57%. The losses are felt by other DeFi blockchain networks, except for CORE which gained 4.23%.
Source: DeFiLlama
Solana is still the second-largest DeFi blockchain, accounting for 9.5% of the DeFi pie. Bitcoin has overtaken Tron in third place.
Source: DeFiLlama
Solana Meme Coins
- The majority of Solana's meme coins are significantly down, with a few exceptions.
Source: CoinMarketCap
Top Gainers:
- Musk It (MUSK): +135.8%
- Act 1: The AI Prophecy (ACT): +16.68%
- Comedian (BAN): +15.96%
Top Losers:
- OFFICIAL TRUMP (TRUMP): -42.43%
- Moo Deng (MOODI): -37.54%
- Popcat (POPCAT): -37.51%
- Goatseus Maximum (GOAT): - 37.25%
- dogwifhat (WIF): -33.44%
Solana DePIN
Source: DePIN Scan
Solana's DePIN ecosystem is reeling from the recent market crash, with io.net (IO) losing nearly half its value.
NFTs
- Solana flexed its muscles this week, claiming nearly half of the entire NFT user base.
- Ethereum came in a distant second, holding onto just 17% of the NFT crowd.
Source: NFT Pulse
Top 5 Solana News Stories
Pump.fun Faces Class Action Lawsuit Over Alleged Securities Violations
Pump.fun is being sued in a proposed class action for allegedly selling unregistered securities and profiting nearly $500 million in fees while violating U.S. securities laws.
Solana-Based Ride-Hailing Startup Teleport Shuts Down
Teleport, a Solana-based competitor to Uber and Lyft, is shutting down. The company acknowledged that it could not sustain the business.
$2B Crypto Liquidation in 24 Hours
In a brutal 24-hour sell-off, the crypto market saw at least $2.29 billion in liquidations, surpassing even the impacts of the Covid crash and FTX collapse. The true figure could be as high as $10 billion.
Coinbase To Launch Solana Futures
Coinbase Derivatives has filed to list cash-settled Solana futures, set to launch by February 2025.
Raydium Surpasses Uniswap in Monthly DEX Volume
Raydium, driven by a meme coin frenzy, captured 27% of all DEX volume in January, overtaking Uniswap, whose share dropped to 22% amid growing discontent within the Ethereum community.
What You Can Do Now
- Stay informed as Pump.fun faces a legal battle. Watch your funds too.
- Keep an eye on the latest projects launching on Solana—and those closing down.
- Stay alert as crypto traders face unprecedented liquidations.
- Keep an eye on Coinbase as it prepares to launch Solana futures by February 2025!
- Follow Raydium’s rise as it surpasses Uniswap in monthly DEX volume
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