SOL stabilizes while Solana's DApps continue to outpace competitors in revenue generation.
Market Overview
Bitcoin gained nearly 4% this week as it topped $109,000, injecting new momentum into the cryptocurrency market ahead of the FOMC Meeting June 17-18.
Altcoin delivered mixed fortunes, with Solana slightly losing ground.
However, the leading tokens in the Solana ecosystem finally ended their multi-week losing streak by adding 1% to their market cap week-over-week. The trading volume jumped 19%.
Source: CoinMarketCap
Solana's Performance
SOL slightly declined from $160 to $158, a small loss that contrasts with the more significant losses seen in the past few weeks. It could have been worse, as SOL recovered from a weekly low below $145.
Source: CoinMarketCap
Despite Canary Capital’s registration of the Canary Marinade Solana ETF in Delaware, following an amendment to its SEC filing that introduced staking features, SOL’s price remained largely unchanged.
L1 Ranking Update
At $10.4 billion, Solana's total value locked (TVL) in DeFi was muted as the blockchain network maintained its second spot behind Ethereum, whose value soared to $68 billion, as Circle’s IPO brings renewed interest in decentralized finance.
Tron gained 5% in the same period, taking its TVL above the $5 billion mark.
Source: DeFiLlama
DeFi
Solana's weekly DEX trading volume declined by 5%, while its 30-day cumulative trading volume approached $90 billion. Kamino, Solana’s largest lending market, this week was revealed to have secured $3.5 billion in net deposits.
Source: DeFiLlama
Solana DApps are making it a tradition to lead their competitors in weekly revenue. The network's DApps generated $35.3 million, accounting for nearly half of the market share.
Biggest Winners & Losers
There has been a rise once again in market sentiment, with the CMC Greed and Fear Index climbing from the neutral territory of 58 to 'greed' at 64. Is altcoin season around the corner?
Source: CoinMarketCap
SPX6900 (SPX) continued where it left off last week by rising 28%—but it was not the biggest gainer within Solana's ecosystem.
Top Performers
- Launch Coin on Believe (LAUNCHCOIN): +41.47%
- Compound (COMP): +30.91%
- Human Finance (HUMA): +29.49%
- Pocket Network (POKT): +28.55%
- SPX6900 (SPX): +28.11%
Biggest Losers
- WhiteRock (WHITE): -27.46%
- Civic (CVC): -19.25%
- WalletConnect Token (WCT): -18.94%
- Zebec Network (ZBCN): -16.15%
- Drift (DRIFT): -13.99%
Latest Solana News
Maple Finance Goes to Solana
Maple Finance is expanding to Solana, deploying its syrupUSD stablecoin with $30 million liquidity via Chainlink’s CCIP for seamless cross-chain data transfer between the Ethereum and Solana ecosystems.
Pump.fun Targets $1B Token Sale at $4B Valuation
Pump.fun is planning a $1 billion token sale at a $4 billion valuation, aiming to attract both public and private investors, with a potential launch within two weeks.
CUDIS Launches Solana Token To Decentralize Health Data
DeSci startup CUDIS is launching its Solana-based token to reward users of its AI-powered wellness ring and fitness program, enhancing user control over health data and protocol governance.
What You Can Do Now
- Stay vigilant as the June FOMC Meeting draws closer.
- Closely follow the markets as sentiment improves.
- Monitor your Solana-based tokens as its ecosystem finally puts the brakes on weeks of drawdowns.
- Keep your ear to the ground for a potential Pump.fun token sale and airdrop.
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