#solana
What is happening with Solana: hype is maintained by Drift and PumpFun
🧬 SOL could not stay above $200 and pulled back to $193 along with the market. Institutional players are barely entering the asset: large holders like Upexi and DFDV hold only $596 million in SOL (compared to $86 billion in BTC and $11 billion in ETH).
🔍 Key signals of the week:
— ETF interest is declining: only $3.7 million entered the single fund for SOL this week — 15 times less than in the first week after launch.
— Network activity is stable, but without growth: fees remain in the range of $2.5–3.5 million per day.
— Meme coins are coming to life: PumpFun is again the leader with 30,550 new tokens compared to 1,499 for Letsbonk, although the PUMP token has slightly declined.
— Derivatives are growing: DRIFT reached $500 million OI and $17.1 billion in monthly volume, offering free trading for BTC and ETH.
— Jupiter is still #1 by volume ($23.1 billion for the month), but Drift is quickly closing the gap.
— The Axiom bot controls 60% of the automated trading market in the network.
Solana remains a blockchain for retail players: cheap transactions, meme coins, and derivatives support turnover. But without the arrival of institutional players, SOL risks getting stuck, and as interest in Drift and PumpFun cools, liquidity may quickly disappear.