Market Overview
The cryptocurrency market is experiencing heightened volatility, with Bitcoin recently slipping below $90,000. November marked Bitcoin's second-worst performance since 2019, with a significant 17% decline. This downturn was exacerbated by China reaffirming its ban on cryptocurrencies, which has negatively impacted altcoins.
The ripple effect of these market shifts has led to substantial liquidations, with over $900 million wiped out from traders due to decreased liquidity.
Within the Solana ecosystem, top tokens show mixed performance. Basic Attention Token (BAT) has seen a notable 18% weekly gain. However, the overall market capitalization of the Solana sector has decreased by 5% to $174 billion, with trading volume declining by 8% to $14.5 billion.
Solana is actively expanding its presence in prediction markets, while its institutional appeal remains strong.
- •Vanguard is now allowing clients to trade funds with Solana exposure, a significant development for a firm that previously distanced itself from crypto products.
- •Cantor Fitzgerald's latest SEC filing reveals its initial investment in a regulated Solana ETF, indicating increasing participation from Wall Street in Solana-related investments. The firm holds 58,000 shares of the SOLZ ETF.
- •Kalshi is integrating its prediction markets onto the blockchain by launching tokenized event contracts on Solana. This allows users to trade on various events, including elections and sports, directly on the blockchain.
Solana's Performance
SOL closed the week with a 6% decrease, falling to $128. However, market sentiment may shift following a significant announcement expected from President Donald Trump.
Solana experienced a minor setback after its 22-day streak of ETF inflows was interrupted by outflows from $TSOL.
L1 Ranking Update
Solana's total value locked (TVL) in decentralized finance (DeFi) has seen a 6% reduction, now standing at $8.5 billion. Despite this, it maintains its second-place position among Layer 1 blockchains.
DeFi Activity
Decentralized exchange (DEX) volume has increased by 6%, with the 30-day cumulative figure reaching $103 billion. This indicates active trading within the DeFi space.
Biggest Winners & Losers
Top Performers
- •pippin (PIPPIN): +209.59%
- •c8ntinuum (CTM): +132.53%
- •Wojak (WOJAK): +92.68%
- •Fwog (FWOG): +44.87%
- •GRIFFAIN (GRIFFAIN): +41.79%
Biggest Losers
- •ORE (ORE): -61.08%
- •The Official 67 Coin (67): -37.77%
- •COMMON (COMMON): -28.85%
- •TROLL (TROLL): -28.56%
- •ZERA (ZERA): -27.85%
Latest Solana News
Malicious Chrome Extension Affects Solana Traders
A malicious Chrome extension named Crypto Copilot has been identified, which allows users to trade Solana directly from X. This extension secretly adds an extra transfer to every swap, routing a portion of the funds to the creator's wallet. The extension siphons at least 0.0013 SOL, or 0.05%, per trade.
Forward Industries Strengthens Solana Treasury Strategy
Forward Industries has appointed Ryan Navi, formerly of ParaFi, as its new chief investment officer. Navi will be responsible for leading the company's Solana treasury strategy, driving capital markets opportunities, and guiding the expansion of its staking and validator operations.
CoinShares Withdraws U.S. Spot ETF Applications
CoinShares has withdrawn its U.S. spot ETF applications for Solana, XRP, and Litecoin. This decision comes as the firm exits a highly competitive market dominated by established TradFi players and precedes its planned Nasdaq listing.
Solana Leads in x402 Payments
Solana has reached a record of $380,000 in daily x402 payments, marking a 750% increase within a week. This achievement solidifies Solana's position as the leading network for real on-chain machine payments.
Actionable Insights
- •Monitor ETF inflows to identify potential catalysts for SOL.
- •Review browser extensions and secure digital wallets against potential security threats.
- •Adjust trading strategies to account for current market volatility and subdued sentiment.