Solana (SOL) experienced a landmark week, reaching an all-time high of $263.83 before retreating 1.65% to $231.17.
With a market capitalization of $109.76 billion and total value locked (TVL) at $8.745 billion, the network continues to showcase its growing dominance. Notably, Solana’s decentralized exchange (DEX) volume hit an unprecedented $121.39 billion for the month, outpacing Ethereum’s $63.67 billion.
Narrative of the Week
While Solana celebrated a DEX volume milestone, the week wasn’t without challenges. Meme coin controversies took center stage as streaming platform Pump.fun suspended its services following self-harm threats. Binance’s Changpeng Zhao (CZ) weighed in, warning that meme coin behavior is becoming increasingly erratic.
Major Developments
Institutional interest in Solana soared as Bitwise filed for a Solana-focused exchange-traded fund (ETF), joining the growing list of applicants in the ETF race. Meanwhile, the Chicago Board Options Exchange (CBOE) submitted filings for four spot ETFs, further legitimizing Solana’s potential in the market.
The network now claims 7.5% of the DeFi market share. On another note, Robinhood announced the listing of WIF, broadening access to Solana-based assets.
🚀 Record Week in Solana: New ATH ($263) and $100B+ DEX Volume
SOL hits $263.83!
Bitwise files for ETF!
Pump(.)fun halts streaming amid controversy!Let's unpack this week in Solana 🧵
1/6 pic.twitter.com/FChXpgojbO
— CoinMarketCap (@CoinMarketCap) December 5, 2024
Platform Performance
Key DEX platforms on Solana, including Raydium, Orca, and Lifinity, collectively contributed to an impressive $37.98 billion in weekly volume. Jito emerged as the week’s top gainer, posting a 25.80% increase. The decentralized physical infrastructure (DePIN) sector also showed robust performance, with GRASS leading the charge, up 25.3%.
As Solana continues to set records and attract institutional backing, it remains a key player in the evolving crypto ecosystem. Despite controversies, the network’s growing adoption and innovations solidify its position as a blockchain powerhouse.
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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