Solana News Update: Solana Applications Surpass Ethereum as Meme Coins Lose Momentum
- Solana and BSC meme coin trading volumes dropped, with most tokens fluctuating within 6% ranges as of LookOnChain data. - Solana apps outperformed Ethereum in app revenue ($4.33M vs $1.82M), driven by platforms like Pump.fun despite SOL's 5.4% decline. - The TRUMP (market cap: $7.8B) showed mixed signals, with $1.8B trading volume and key support levels at $7.95/$6.73 per FXStreet analysis. - Market consolidation persists as investors await 2025 catalysts, with Solana ETF inflows and institutional intere
Recently,
Among the top tokens by market cap, The TRUMP (valued at $7.8 billion) slipped 6.6% to $7.83, whereas The Fartcoin (worth $301 million) gained 2.1% to reach $0.30. Smaller tokens such as The USELESS and JELLYJELLY posted slight increases of 1.2% and 0.8% respectively, and Binance Life advanced 3.1% to $0.169. In contrast, The 4 (market cap: $59.1 million) dropped 5.5% to $0.059, illustrating the sector’s uneven performance, according to
Even though meme coins have shown subdued movement, Solana’s broader blockchain ecosystem has demonstrated strength during the wider market slump. Insights from
Mixed trends are also seen with tokens like The TRUMP, which has attracted attention for a possible recovery. Both on-chain and derivatives data point to rising open interest (now at $328 million) and trading volume ($1.8 billion), indicating increased speculative activity. Experts suggest that if The TRUMP remains above key support levels ($7.95 and $6.73), it could aim for a rally to $11.92, its July peak. However, if it falls below $6.73, a further drop to $5.50 is possible, according to
The limited price movement in meme coins highlights a cautious sentiment across the market. Investors are monitoring whether institutional investments in Solana ETFs—despite a recent slowdown—will help stabilize the ecosystem. Meanwhile, the absence of sharp price changes in meme coins points to a consolidation phase, with traders waiting for new developments that could emerge in 2025, according to
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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