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Solana (SOL) is outperforming the broader crypto market, posting gains over the past seven days. The divergence is notable in a week of broad declines.
Data shows SOL gaining ground as two different kinds of trading activity, real-world assets and speculation, pull users onto the network at once.
Solana Diverges From a Falling Market
SOL trades around $73.54, up about 7% over the past 7 days. Bitcoin (BTC) fell roughly 4.9% in that span, while Ethereum (ETH) dropped about 6%.
Solana (SOL) Price Performance. Source: BeInCrypto MarketsThe rise comes as network usage climbs. Active addresses, a clear measure of how many users transact on-chain, climbed to 4.51 million on Solana, the strongest reading since February.
Two major sectors appear to be fueling the increase in activity. According to Santiment, interest has been driven by record-breaking growth in tokenized equities on Solana, rising discussion around xStocks since June 26, and SOL’s recovery above key technical levels.
The Kobeissi Letter highlighted that last week, the platform’s tokenized stock transfer volume surpassed $10 billion for the first time.
“The bigger story is that Solana is becoming a go-to chain for real trading activity… If this surge holds into next week, it strengthens the case that SOL’s recent bounce has real network activity supporting it,” Santiment said.
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Ansem Airdrop Sparks Meme Coin Frenzy on Solana
Besides the growth in tokenized equities, it’s also worth noting that Saturday’s spike in activity coincided with crypto influencer Ansem’s announcement that he would airdrop a portion of the creator fees earned through his Pump.fun profile.
As BeInCrypto previously reported, the meme coin Black Bull (ANSEM) surged nearly 20,000% in the week following the news. The influencer distributed more than 67.3 million ANSEM tokens, worth roughly $9.4 million, to over 700 wallets. He also announced another round of airdrops today.
However, Lookonchain noted that the distribution was concentrated, with nearly 50 million tokens allocated to just seven wallets. Those wallets have since sold 38.3 million ANSEM for approximately $1.29 million, while still holding 11.6 million tokens valued at around $1.62 million.
Nevertheless, the airdrop appears to have fueled broader meme coin activity across the Solana ecosystem. Data from DefiLlama showed Solana DEX trading volume more than doubled, rising from $1.16 billion on June 27 to $2.5 billion on June 29.
Pump led all Solana decentralized exchanges by trading volume, recording $510.9 million over the past 24 hours and $4.22 billion over the past seven days. The figures suggest meme coin trading was a major contributor to the network’s recent surge in activity.
Pump Dominating Solana DEX Volume. Source: BeInCrypto/DefiLamaThe two trends point to the same conclusion. Solana is absorbing serious capital through tokenized equities and speculative flow through meme coins at the same time, and both are landing on one chain.
The open question is durability. Tokenized stock volume has leaned heavily on SpaceX, SanDisk, and Micron exposure, and the meme coin spike can be traced to a single influencer event.
Whether active addresses and DEX volume hold once those catalysts fade will determine if SOL’s bounce reflects lasting usage or a short cycle of attention.
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The post Solana Looks More Alive and Well Than Ethereum: Here’s Why appeared first on BeInCrypto.
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