Week in Solana: Ready, Steady… As BTC Eyes New ATH

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SOL stabilizes while Solana’s DApps continue to outpace competitors in revenue generation.

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%.

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.

Despite Canary Capital’s registration of the Canary Marinade Solana ETF in Delawarefollowing an amendment to its SEC filing that introduced staking features, SOL’s price remained largely unchanged.
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.

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.

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.

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?

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

Biggest Losers

Maple Finance Goes to Solana

Maple Finance is expanding to Solanadeploying its syrpussd 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 valuationaiming to attract both public and private investors, with a potential launch within two weeks.

CUDIS Launches Solana Token To Decentralize Health Data

I went down 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.
  • 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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