Over the last seven days, Solana made a strong recovery following the Trump inauguration sell-off, briefly hitting a high of nearly $270.
TL;DR
- Solana slides to $235, TVL stays at $11 billion.
- Solana’s stablecoin blasts past $10 billion, reaches new high.
- Pump.fun rakes in $15.5 million in fees in 24 hours, marking a new milestone.
- DEX weekly trading volume drops significantly to $70.5 billion.
- Jupiter acquires Moonshot.
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Introduction
Over the last seven days, Solana made a strong recovery following the Trump inauguration sell-off, briefly hitting a high of nearly $270 before suffering a dip after the markets went risk-off due to DeepSeek's disruptive launch. It was a week that also saw the start of the Chinese/Lunar New Year (Gōngxǐ fācái to all my readers!) and the latest Federal Open Market Committee (FOMC) meeting that will determine new interest rates a couple of hours after I send this off.
The AI Arms Race between the U.S. and China’s DeepSeek seems to have officially kicked off this week. China’s unknown startup DeepSeek has shocked the AI and crypto world, stoking fears that the current leading AI projects are drastically overvalued, causing U.S. tech stocks to fall (some have renamed it to DeepSh*t as a result!).
However, the fact that it could bootstrap $10 million in funding to build an AI tool to not just rival but also beat OpenAI and Google in many metrics is bullish for AI adoption in the long run, as it democratizes global access through lower costs and more attainable hardware. Of course, the scammers didn’t wait long and soon made a bunch of fake DeepSeek tokens to cash in on the hype, stealing $48 million from 22,000 Solana users.
Beyond that, there were some new causes for 2025 bullishness. Solana's stablecoin supply hit a new peak after climbing past $11 billion, beating Ethereum in stablecoin growth.
Leading AI agent platform Virtuals Protocol is now also available on Solana (sorry Base!), joining ai16z and Zerebro.
After closing last year on a low note, Pump.fun is back in the spotlight for the right reasons. The Solana-based meme coin launchpad generated $15.5 million in fees on Jan. 24, setting a new daily record.
And institutions could be coming for meme coins. Tuttle Capital Management has filed for 10 new leveraged crypto ETFs, including funds tracking OFFICIAL TRUMP and MELANIA meme coins.
And that's not even half the story. Here is what happened in Solana this week.
Solana Numbers the Last 7 Days
Source: CoinMarketCap
- Price: $235.9
- Market cap: $116.4 billion
- DeFi TVL: $11.229 billion
- Daily active addresses: >6.6 million
- 24H trading volume: $8.31 billion
SOL cooled down after last week's massive rally to a new all-time high. The slight dip caused by the DeepSeek AI launch did not help Solana's case, although SOL has erased most of the losses.
Its total value locked (TVL) has taken a knock from last week's historical high, while the number of active addresses remains the same.
Source: Artemis
The hangover of last week's market euphoria has hit Solana hard, with its DEX volume declining significantly. It's down 39%, now sitting at $70.5 billion.
Source: DeFiLlama
As expected, Solana's DEXs were on the receiving end as they watched their trading volumes plunge. Even Raydium couldn't escape the crash, losing 23.5% of its trading volume. Others followed a similar pattern, though to varying extents. On the bright side, Pump.fun offered a rare sight, with 24.63% gains during the week.
Source: DeFiLlama
How Did Solana Stack Up Against Its Competitors?
This tough week saw the majority of the top 10 assets tanking. Bitcoin briefly fell below $100K during the week but has recovered to over $102,000. Ethereum is down nearly 4% over the week. The broader market experienced a wipeout of over $880 million in leveraged long positions due to the downturn. In all this chaos, XRP is up 1.06%. We’re not allowed to joke about XRP anymore, until Solana flips its market cap again, which is somehow over 50% higher.
Source: CoinMarketCap
Solana's TVL slipped from over $12 billion to $11.18 billion. However, the network generated $8.54 million in fees in 24 hours, higher than Ethereum, Tron, and Arbitrum combined.
Source: DeFiLlama
Solana Ecosystem the Last Week
The trading volume on Solana's ecosystem was nearly slashed in half, reminding investors of the market's volatility. The market cap declined by less than 3%.
Source: CoinMarketCap
Most Solana ecosystem tokens saw red over the last seven days but exchange tokens performed better than the ecosystem's tokens. Jupiter (JUP) gained nearly 40% riding the momentum and ambitious announcements at its Catstanbul conference, which includes new omnichain JupNet and the acquisition of a majority stake in meme coin launchpad Moonshot.
Source: CoinMarketCap
Top Gainers:
- Jupiter (JUP): +38.65%
- Gate Token (GT): +14.4%
- FTX Token (FTT): +4.57%
- Jito (JTO): +2.62%
Top Losers:
- ai16z (AI16Z): -28.29%
- Aave (AAVE): -18.47%
- Uniswap (UNI): -17.09%
- The Graph (GRT): -15.52%
- Render (RENDER): -11,21%
Solana DeFi
Solana's weekly TVL is up less than 1%, faring better than Ethereum’s 3% drop. Tron gained a bit of ground, but Hyperliquid suffered a major setback as its TVL fell nearly 30%.
Source: DeFiLlama
Solana wants to capture 10% of the DeFi market as it strongly clutches the second position, and its ecosystem is doing its bit.
Ethereum remains on top with over half of the total TVL while other chains share the remaining balance.
Source: DeFiLlama
Solana Meme Coins
- OFFICIAL TRUMP and MELANIA meme coins ruled the meme coin market last week. This week it’s Vine Coin’s (VINE) turn, riding high on the TikTok shutdown FUD and proving that Solana is the capital of meme coins.
- Pump.fun is pumping dollars, generating a record $15.5 million in fees in 24 hours.
- Jupiter acquired a majority stake in Moonshot, an app for buying meme coins on Apple Pay.
- John McAfee resurrected and launched a meme coin on Solana! Okay, not him but his widow Janice McAfee.
- Other than that, there were big losses across the Solana meme coin board. Fartcoin in particular shed a foul 50% this week.
Top Gainers:
Top Losers:
- Fartcoin (FARTCOIN): -45.6%
- FWOG (FWOG): -45.44%
- Official Melania Meme (MELANIA) -41.09%
- RETARDIO (RETARDIO): -41.06%
- Mumu the Bull (MUMU): -34.6%
Solana DePIN
Source: DePIN Scan
- Solana's DePIN projects were on a losing streak this week, with Helium IOT (IOT) and Nosana (NOS) notching bigger losses.
- Grass (GRASS) and io.net enjoyed modest gains.
NFTs
- Solana has stretched its lead, accounting for 37.3% of NFT weekly users.
- Ethereum maintains second place, but Base is not too far off with 17.8%.
Source: NFT Pulse
Top 5 Solana News Stories
Pump.fun Sets Single-Day Revenue Record
Pump.fun hit a new milestone on Jan. 24, generating $15.38 million in fees, its highest single-day revenue to date. This surge was driven by the launch of Vine Coin, a new meme coin created by Vine co-founder Rus Yusupov.
Solana's Stablecoin Supply Hits New Highs
Solana's stablecoin supply has surged to a record $10 billion, marking a significant milestone.
Jupiter Acquires Majority Stake in Moonshot
Solana's third-largest DeFi protocol, Jupiter, has acquired a majority stake in Moonshot, an app that enables users to buy meme coins with Apple Pay. The terms of the deal have not been disclosed.
Virtuals Protocol Expands to Solana, Establishes Strategic SOL Reserve
AI agent platform Virtuals Protocol is expanding into the Solana ecosystem, aiming to drive innovation across multiple platforms. The move is expected to have a significant impact, according to industry insiders.
50% of TRUMP and MELANIA Meme Coin Holders New to Solana Altcoins
Data from Chainalysis reveals that about half of those holding the TRUMP and MELANIA meme coins had never previously purchased a Solana altcoin, highlighting the tokens' ability to attract new users to the Solana ecosystem.
What You Can Do Now
- Watch for new meme coins launching on Pump.fun for potential gains. Avoid scam projects.
- Try out the Solana network for stablecoin transactions.
- Be alert as interest in meme coins seems to be on the rise, with Jupiter acquiring Moonshot.
- Scan for opportunities in the AI agent sector, as some of the projects expand to Solana.
- Follow meme coins on Solana as they attract new liquidity.
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