Solana continues to assert its dominance in the decentralized exchange (DEX) ecosystem, outperforming Ethereum Mainnet and Base in weekly DEX volume for the second consecutive week.
Record-Breaking Performance on Solana
Over the weekend, Solana achieved a significant milestone, with its true transaction per second (TPS) exceeding 1,400 tx/sec. Meanwhile, pumpdotfun’s total revenue on the Solana blockchain crossed the $400 million mark, highlighting the network’s growing traction in the crypto space.
Adding to Solana’s momentum, @circle Treasury minted 250 million USDC on the network, further strengthening its position as a leading blockchain for stablecoin transactions.
Whale Movements Raise Eyebrows
Notable whale activity has drawn attention as the wallet 7qw9C…NbSZL made significant transactions. After hoarding SOL eight months ago, the whale recently recharged 50,227 SOL (worth $9.4 million) to Kraken. If sold, this move could yield a profit of $1.227 million.
This whale had previously withdrawn 86,777 SOL from Kraken and Coinbase during June and July 2024 at an average price of $162.72. Over the past three weeks, the whale deposited 81,227 SOL to exchanges, securing a profit of $2.326 million in the process.
Market Implications
Solana’s impressive metrics underscore its growing appeal as a high-performance blockchain, but the activities of large holders like 7qw9C…NbSZL could introduce volatility. The potential sell-off of SOL by this whale might impact market sentiment and price dynamics in the short term.
As Solana cements its position as a leading blockchain, investors should remain vigilant and closely monitor both network developments and whale behavior.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.