The past week has been eventful for Solana, marked by market shifts, impressive DApp performance, and new developments in NFTs and gaming. Here’s a breakdown of the key highlights:
Market Overview
$SOL experienced a 12.73% dip, closing the week at $190.75 with a market cap of $91.46 billion. Total Value Locked (TVL) declined slightly to $8.239 billion, but decentralized exchange (DEX) volume rose 5.76%, reaching $30.486 billion. Impressively, Solana outpaced Ethereum in DEX activity for the third consecutive month, signaling its growing dominance in this sector.
DApps Shine Bright
November proved to be a record-breaking month for decentralized applications (DApps) on Solana, generating $365 million in revenue. Meme coin platforms contributed significantly to this momentum, pulling in $509 million throughout 2024. Notably, Pump.fun surpassed $100 million in monthly revenue, underscoring the ecosystem’s diverse opportunities.
Institutional Flows and DeFi Trends
While Solana faced $8.7 million in institutional outflows, Bitcoin saw a massive $375 million inflow, reflecting shifting investor sentiment. Despite this, Solana’s DeFi TVL drop (-12.73%) was less pronounced than Ethereum (-14.76%) and Tron (-12.28%), highlighting its resilience in challenging market conditions.
NFTs and Gaming
Solana maintained its stronghold in the NFT space, capturing 35% of weekly users and surpassing Ethereum in user engagement. On the gaming front, Sonic launched an innovative TikTok integration, blending blockchain technology with social media for greater reach and adoption.
🚀 Week in Solana: Solana Numbers the Last 7 Days!$SOL drops 12.73%!
November DApp revenue hits $365M!
Injective partnership for AI agents!Let's unpack this week in Solana 🧵
1/6 pic.twitter.com/HGkdpSjpF4
— CoinMarketCap (@CoinMarketCap) January 1, 2025
With consistent growth across multiple sectors, Solana continues to solidify its position as a leading blockchain platform, attracting attention from developers, investors, and users alike. As 2025 approaches, Solana’s ecosystem remains a key player to watch.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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