SOLANA

The Solana ecosystem allure seemed to lull this week as native tokens from major projects by market capitalization snapped down from multiweek bull runs hinting at profit-taking from early investors.
Data from Coingecko shows meme coin bonk (BONK) fell 13% in the past 24 hours, dogwifhat (WIF) dropped 15%, while smaller but hyped token analos (ANALOS) dropped over 50%.

Tokens of decentralized exchange Orca (ORCA) slid 9%, while Jito's JTO - a governance token - dropped 6%. SOL prices slumped approximately 4% before recovering, with futures traders taking on $13 million in losses in liquidations the past 24 hours.

Pullbacks were likely a sign of profit-taking from early investors in these projects, who probably made significant returns on their initial positions as prices jumped.

Meanwhile, trading volumes on Solana-based decentralized exchange (DEX) applications remained high, with tokens worth $1.44 billion changing hands in the past 24 hours. That accounted for 26% of all DEX trading volumes across the crypto space, higher than usual players Ethereum, Arbitrum and BNB Chain.
Solana DEX volumes have steadily captured total market share. (DefiLlama)
The Solana ecosystem boomed early this month as bonk tokens started a multiweek run of over 1,000%, grabbing listings on influential exchanges Binance and Coinbase.