Solana News: Jupiter, Bonk and Pump.Fun Duke It Out in Launchpad Trenches
The leading altcoins secured single-digit gains, but Solana's still barely moving. Solana's top ecosystem tokens added pretty much nothing to their combined market cap while trading volume slid 12%.
Source: CoinMarketCap
Despite this performance, digital asset products (funds, ETFs, and ETPs) based on Solana received $21.6 million in inflows, the highest in 69 weeks.
Here is the weekly recap.
Solana continues to attract attention from major traditional finance (TradFi) players. This week, DeFi Development Corp added $2.7 million worth of SOL to its treasury, bringing its total holdings to $98 million.
At the same time, Amber Group, a Nasdaq-listed firm, is set to invest $25.5 million into digital assets, including Solana and Bitcoin, as part of a broader push to bring crypto into the institutional mainstream.
While the U.S. SEC has postponed its decision on a proposed Solana ETF by Fidelity, the market response has been notably calm. SOL remains steady at $150, as the delay had been expected.
Source: CoinMarketCap
Solana's total value locked (TVL) stayed largely unchanged at $10.16 billion but still clung to the second position. Ethereum sits at the top of the DeFi ladder with $69.4 billion in TVL.
Source: DeFiLlama
After two consecutive weeks of downturns, Solana's weekly DEX volume climbed 11% to $2.5 billion.
Source: DeFiLlama
Fierce competition is breaking out in the trenches of Solana's launchpad ecosystem.
On July 3, Jupiter entered the fray with the launch of Jupiter Studio, which immediately turned heads by generating $100 million in volume on its first day alone.
Meanwhile, the dominance of Pump.fun is being challenged as LetsBonk overtakes it in both daily revenue and trading volume, capturing the spotlight in the short term. Pump.fun still commands the broader battlefield with stronger performance over the monthly chart.
Bonk (BONK): +65.29% (driven by LetsBonk's explosive rise)
Moo Deng (MOODENG): +29.82%
Rekt (REKT): +29.35%
Aura (AURA): +27%
Useless Coin (USELESS): +26.42%
WhiteRock (WHITE): -49.15%
Keep Network (KEEP): -34.59%
Zebec Network (ZBCN): -23.89%
Chintai (CHEX): -14.83%
Jito (JTO): -13%
Source: CoinMarketCap
Solana-based meme coin platform Pump.fun will launch its PUMP token on July 12, offering 150 billion tokens at $0.04 each over a 72-hour sale. The drop will make 15% of its 1 trillion token supply available, with more details to come.
The first U.S. Solana staking ETF, launched by REX-Osprey under the ticker SSK, saw $12 million in inflows and $33 million in trading volume on the first day, marking a strong start for staking-enabled crypto ETFs.
Most tokens launched on Pump.fun and LetsBonk are likely created by bots, according to Coinbase's Conor Grogan, who noted some accounts are generating a new token every three minutes.
Follow Pump.fun as it prepares to launch its token.
Pay attention to LetsBonk as it impacts Bonk's performance.
Keep track of public companies adding SOL to their corporate treasuries.
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