USD 1 billion fleeing in a single week, daily active users fell by nearly 60%. Solana faces MEME ebbs and inflation variables

Author:Frank , PANews

The withdrawal of US$1 billion in pledged funds in a single week and the daily active users fell by nearly 60% - Solana ecosystem is undergoing the most severe test in the past six months. With the over $600 million in chips on platforms such as Pump.fun, and the large validators have shaken their pledge confidence due to SIMD proposals, coupled with the vacuum period when the MEME boom has receded, SOL tokens plummeted by 57% in 40 days to lead the mainstream currency.

When the abnormal data movement on the chain and the market sell-offs form a death intersection, how will this public chain giant, once regarded as an "Ethereum killer", break through the double strangle between ecological reconstruction and capital flight?

Pledge withdrawal accelerates: US$1 billion in a single week

In the past week, the amount of pledged on Solana on-chain has decreased by 5.97 million tokens, and 3.61 million in the past month. It can be seen that in the past week, in order to avoid the risk of decline, many large pledge investors have begun to withdraw SOL funds. The decline in a single week was about 1.5%, and the reduction in pledge funds was about $1 billion.

Judging from the changes in Solana network, on February 23, Solana network experienced drastic network changes. The number of new wallets for active users in a single day decreased by about 90% on the same day, and then returned to normal levels. This violent fluctuation is most likely caused by the collective downtime or shutdown of some trading robots on the chain that day, but it also exposed the problem of the excessive proportion of robots in Solana network from this perspective.

Data as of February 28 show that the current active user level has also dropped significantly from its high in October last year. On October 22, the highest number of daily active addresses reached 8.78 million, and the data on February 27 dropped to 3.71 million, a decrease of about 58%.

​5 giant whales sell in a concentrated manner: US$317 million chips

impact the market

Recently, many large SOL coin holders have chosen to sell tokens or unstaken. PANews has conducted incomplete statistics based on information exposed on social media. Five giant whales sold about 2.09 million SOLs in a short period of time, worth about US$317 million, and the average selling price was about US$151.

Among them, the AMekyY73RJBd4urgZ2HvWV8yFzvk4nRsGmahuJcWiQri address has been unstaked for a total of 236,000 pieces, and only 60,000 pieces have been sold so far. I wonder if the remaining tokens will continue to be sold in the near future.

In addition, Pump.fun is also a major force selling on the chain. As of February 28, Pump.fun sold about 3.02 million SOL tokens, with a total cash out of about US$610 million. In the past month, Pump.fun sold a total of 440,000 SOLs, worth about US$78.39 million. This made the already panicked market even worse.

However, as the popularity of MEME declined, Pump's data continued to decline. On February 23, the lowest active users of Pump.fun dropped to 41,000, and recovered to around 180,000 the next day. The overall data has dropped by more than half in the past month.

Crypto brokerage service FalconX is also one of the important channels for big players to escape. According to PANews statistics, the SOL tokens transferred from FalconX to Binance in February reached 386,700, worth about US$66 million. However, a deeper study found that large investors seemed to have fled first as early as January. In January, the number of SOLs transferred from FalconX to Binance reached 1.37 million, worth US$315 million, with an average transfer price of about US$229. This data value is much higher than that in other months.

Of course, some people left the field and some people ran into the field. From February 27 to 28, a large player with the address EhuKBFXyUYgwc4nUMJMQHjY4A7w5nTTrMtY6z4TtZSFK bought 83,000 SOL tokens, spending a total of US$10.88 million, and the average entry price was about US$134.

SIMD proposal shock: Shrinking pledge income triggers panic among

validators

However, overall, the funds entering the market are still in a small number of funds, and the majority of the big sellers are selling. The main reasons are not only caused by changes in the overall macro environment that have caused shocks in the financial market, but also include the uncertainty of Solana Ecology itself. The recently launched SIMD-0228 proposal proposes to modify the issuance curve of SOL tokens. The prerequisite for reducing inflation is to reduce pledge returns. Therefore, for many large validator node investors, this has also become an important factor in the uncertainty in the short term.

Under internal and external troubles, Solana's ecological data and token market prices are both under double pressure. As of the afternoon of February 28, SOL price has fallen by 57% in the past 40 days, becoming the mainstream token with the largest decline in recent days.

At present, the new narrative has not emerged as leading the industry and the MEME track has gradually stopped. How Solana can maintain its popularity on the chain may become the biggest problem.