No matter how much buyers push, Solana can't seem to crack $150.
It's time to dig into why this is happening and what it will take for Solana to break free finally.
The Problem With Solana's Recent Price Performance
Solana's token has been stuck under $150 since August 11. Even with buying frenzies at $125, SOL is as flat as it was four months ago.
This is baffling, given the spike in network deposits and activity.
Part of the reason this is happening is that the SOL hype train hit a wall, which was once fueled by airdrops, meme coins, and pumps. It's fun chaos.
The Solana bubble burst earlier this month, with top SOL meme coins WIF plunging 38%, BONK down 39%, LDO 43%, POPCAT nosediving 48%, and Wormhole down 31%.
DappRadar reports pump.fun volume down 44% to $133.5 million. Still, pump.fun raked in $6.3 million in fees last week, eclipsing AAVE's $4.4 million.
Declining Network Activity for Solana
Beyond memecoins, Solana's has some bright spots with Jito's liquid staking and Raydium's DEX raking in record-high fees. Platforms like Kamino, Marinade, and Jupiter are making waves too.
But the broader network is taking a hit. Activities are down across DeFi, NFTs, Web3, gaming, gambling, and collectibles. Meanwhile, BNB Chain's top DApps are up 7%, leaving Solana in the dust.
Meanwhile, the US hype over SOL ETFs is cooling off with the SEC's concerns about SOL's status as a security. But down in Brazil, it's a win for Solana. Hashdex and BTG Pactual just got the nod for a second Solana ETF, marking a big step for Solana in the Brazilian scene.
Seize the Opportunity with Shiba Shootout Tokens
While Solana meme coins might be in a slump now, the meme coin market is still the highest-growing sector this year, making coins like Shiba Shootout an exciting play.
Shiba Shootout's $SHIBASHOOT tokens offer APYs up to 1,659%, providing a lucrative opportunity for passive income and active engagement in the meme coin realm.
Shiba Shootout epitomizes community spirit and innovation, blazing trails as a player-focused force in the meme coin domain, offering an enriching and dynamic experience.
