Market Overview

It was another historic week in crypto as Bitcoin ripped to a new all-time high above $123,000 before retracing to $117,000. The rally was catalyzed by a mix of factors including renewed momentum as Washington lawmakers move to push focus on crypto-friendly legislation .

Altcoins were not left behind in BTC's ascent...or pullback.

Leading tokens in the Solana ecosystem brought back altcoin summer vibes with sharp gains. Pudgy Penguins (PENGU) was a big mover, doubling in value.

The ecosystem followed suit as the combined market cap of Solana-based tokens rose by 13% and broke the $200 billion barrier. The trading volume climbed 100% as trading activities spiked.

Source: CoinMarketCap

And that's just part of the story. Read more in our weekly recap on Solana.

Solana's Performance

There are no brakes yet for corporate interest in Solana. Solana treasury firm Upexi raised $200 million across two financing rounds to ramp up its SOL acquisition strategy .

BIT Mining, a crypto miner on the NYSE, plans to raise up to $300 million with a similar goal : buy Solana in phases. Who is next in the Solana treasury race?

SOL responded with a steady climb. It reached a weekly high of $167 before settling at $161, marking a 7% week-on-week rise.

Source: CoinMarketCap

Meanwhile, Solana’s flagship launchpad Pump.fun grabbed headlines. Its ICO

sold out in 12 minutes, raising $500 million. The Solana network executed nearly 75% of PUMP's token purchases .

L1 Ranking Update

Solana's total value locked (TVL) sank to $9.2 billion, down from last week’s $10.2 billion. This reduced its market share to 7%, leaving it vulnerable to losing its second position.

Source: DeFiLlama

DeFi

Solana's DEX volume mirrored the sentiment in the crypto industry by rising 40% in a week, reaching $3.3 billion.

Source: DeFiLlama

As the launchpad wars intensify, LetsBonk.fun is beating Pump.fun in weekly revenue and tokens graduated.

Biggest Winners & Losers

Top Performers

Biggest Losers

WhiteRock and Keep Network, which led in losses last week, posted further declines. Is a reversal in sight?

Source: CoinMarketCap

Latest Solana News

Pump.fun Acquires Kolscan, Signals Social Media Ambitions

Pump.fun has acquired Kolscan , a tool for mapping wallets tied to KOLs, as a core part of its plan to build a crypto-native social platform at scale.