Solana's Native Cryptocurrency, SOL, Is Trading Below US$137 (AU$219)

Solana's native cryptocurrency, SOL, is trading below US$137 (AU$219), representing a 52% drop from its all-time high of US$295 (AU$474) on January 19.

Solana's native cryptocurrency, SOL, is trading below US$137 (AU$219) at the time of writing, marking a 52% drop from its all-time high of US$295 (AU$474) on January 19, according to CoinMarketCap data.

The token has also declined 41% over the past month. This aligns with a significant reduction in the total value locked (TVL) across the Solana ecosystem, which also suffered a decline of about 40%.

A declining TVL means users are withdrawing assets from the blockchain's decentralised applications (dApps), rendering less network usage, which equates to less value for SOL.

Solana's biggest decentralised exchange (DEX), Raydium, experienced the steepest decline, with TVL decreasing by 40% in just 30 days. Other major protocols also saw significant losses, including Jupiter DEX, -23%; Jito liquid staking, -39%; and Sanctum, -39%.

These contractions have directly impacted on-chain volumes, which decreased from a weekly total of US$97 billion (AU$155.9 billion) in mid-January to US$11 billion (AU$17.7 billion) this week.

Moreover, around US$300 million (AU$480 million) has left the Solana ecosystem, with most of the flows moving to Ethereum (ETH), Sui Network (SUI), and Base, among others. In the last 3 months, Solana has seen a net outflow of over $1 billion (AU$1.57 billion), with most of the flows also going to Ethereum.

Fun No More

Data from CoinGecko shows Solana's memecoin market was the hardest hit, with many coins experiencing double-digit daily losses, pushing their respective market caps 80–90% below peak levels.

The total market cap of Solana's memecoins, including coins from Pump.fun, fell from US$25 billion (AU$40 billion) in December 2024 to US$8.6 billion (AU$13 billion) by late February —a decline of over 60% in less than three months.

Looking at data, around 8 million tokens have been launched since Pump.fun took off, which generated around US$550 million (AU$882 million) in revenue.

As if that wasn’t disastrous enough, Pump.fun's X account recently got hacked, with the scammers promoting a phony "PUMP" token. The platform confirmed the hack on its official Telegram channel.