Solana Network Activity Surges Amid Price Drop

The Solana network has seen a surge in activity despite a 20% drop in SOL's price over the past month. The token's exchange inflows have increased by 2,400% between June 11 and June 25, indicating steady selling pressure.

On-chain decentralized exchange volume rose 39% to $1.73 billion per day, with Solana capturing 95% of the on-chain tokenized equities market last week. The network handled over $1.3 billion in tokenized stock trading volume, driven by the launch of SpaceX IPO products on the blockchain.

Meme coin apps like PumpSwap and pump.fun are leading network fee generation, with analysts warning that much of the volume is organic. Solana's total value locked in DeFi apps fell 13% to $4.74 billion, but this reflects SOL's lower price rather than users withdrawing funds.