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Solana wallet provider Phantom expands its ecosystem with a strategic acquisition amid slowing market activity.
Bitcoin declined 4% week-on-week to $114,100, with $223 million pulled from global crypto funds—the first weekly outflow in 15 weeks.
Investors appeared to be locking in profits after a strong run, triggering a broader pullback across altcoins. Solana dipped too, but has slightly recovered from its weekly lows.
Across the Solana ecosystem, market value fell 8%, and trading volumes dropped 33%, repeating last week’s trend. OG meme coin TROLL was the standout performer after gaining 221%.
However, zooming out paints a positive picture: Solana’s market cap has grown by more than a fifth over the past month, reaching $231 billion.
Let’s go over what happened in Solana land this week!
Solana fell to $155 but has since rebounded to $166, slashing weekly losses to 10%.
This comes as Solana’s CME futures volume and open interest more than tripled in July, hitting new all-time highs as ETF momentum picks up. Trading volume surged 252% to $8.1 billion, while average open interest rose 203% to $400.9 million.
Source: CoinMarketCap
Meanwhile, the much-anticipated Seeker phones have begun shipping to over 50 countries. With over 150,000 pre-orders, the device is expected to generate at least $67.5 million in gross revenue for Solana Mobile, a subsidiary of Solana Labs.
Please note that there is no official coin for Seeker as of yet, so don’t fall for any scam coins pretending to be one. Refer to official Solana accounts for accurate information.
Solana’s total value locked fell slightly to $9.8 billion, remaining firmly in second place ahead of BNB
It was a big slide for Solana’s DEX volume, tumbling 29% this week, marking a shift after a strong performance in July.
Top Performers
Pump.fun finally turned green after several weeks of down-only. As has been the case, meme coins were this week’s big movers on Solana’s ecosystem.
Biggest Losers
Phantom Acquires Solsniper To Boost Solana Trading Tools
Phantom has acquired Solana-based trading platform Solsniper, bringing its team and high-speed analytics tools into the fold while continuing to operate the service independently.
Solana Faces Quantum Test in $120K Crypto Security Bounty
<a href="https://cointelegraph.com/news/bounty-to-be-paid-to-whoever-breaks-bitcoin-s-cryptography-by-naoris” rel=”nofollow noopener” target=”_blank”>Cybersecurity firm Naoris is offering a $30,000 reward to anyone who can break Ed25519, the cryptographic algorithm securing Solana, as part of a broader $120,000 bounty targeting encryption standards across major blockchains like Bitcoin and Ethereum.
Credix Exploited for $4.5M, Promises Full User Reimbursement
Solana-based lending platform Credix was exploited for $4.5 million after an attacker gained admin access and minted unbacked tokens to drain liquidity pools. The team pledged to reimburse users fully within 48 hours.
- Monitor Solana’s price movements as the token and broader market continue to retrace recent gains.
- Track Solana Mobile’s Seeker device rollout, with shipments now on their way to customers across multiple regions.
- Stay updated on potential SEC decisions regarding SOL ETFs, as several firms have recently submitted amended filings.
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Source: coinmarketcap.com