GuShiio.com The withdrawal of US$1 billion in pledged funds in a single week, and the cliff of daily users fell by nearly 60%. Solana Ecology is experiencing its most severe test in nearly six months.
Author: Frank, PANews
The withdrawal of US$1 billion in pledged funds in a single week, and the cliff of daily users fell by nearly 60%. Solana Ecology is experiencing its most severe test in nearly six months. As platforms such as Pump.fun poured out more than US$600 million in chips, major validators shook their pledge confidence due to the SIMD proposal, and a vacuum period when the MEME craze subsided, SOL tokens plunged 57% in 40 days, leading the decline in mainstream currencies.
When data changes on the chain form a death intersection with the market selling wave, how will this public chain giant, once regarded as the “Ethereum killer”, break through the double strangulation of ecological reconstruction and capital flight?
Pledge withdrawal accelerates: US$1 billion in funds fled in a single week
In the past week, the amount of pledges on Solana’s chain decreased by 5.97 million tokens, and in the past month, it decreased by 3.61 million tokens. It can be seen that in the past week, in order to avoid downside risks, many large pledge households have begun to withdraw SOL funds. The weekly decline was approximately 1.5%, and the reduction in pledged funds was approximately US$1 billion.
Judging from the changes in the Solana network, on February 23, the Solana network underwent drastic network changes. The number of active users and new wallets in a single day dropped by about 90% on the same day, and then returned to normal levels. This violent fluctuation is most likely caused by the collective shutdown or shutdown of some trading robots on the chain that day, but it also exposed the problem of the excessive proportion of robots in the Solana network from this perspective.
Data as of February 28 shows that the current level of active users has also dropped significantly from its high in October last year. On October 22, the number of daily active addresses reached a maximum of 8.78 million, and on February 27, the data dropped to 3.71 million, a drop of about 58%.
Concentrated selling of 5 giant whales: US$317 million chips hit the market
Recently, many large SOL holders have chosen to sell tokens or unpledge them. PANNews has conducted incomplete statistics based on information exposed on social media. Five giant whales sold about 2.09 million SOL units in a short period of time, worth approximately US$317 million, with an average selling price of approximately US$151.
Among them, a total of 236,000 tokens have been depledged at the AMekyY73RJBd4urgZ2HvWV8yFzvk4nRsGmahuJcWiQri address. So far, only 60,000 tokens have been sold. I wonder whether the remaining tokens will continue to be sold in the near future.
In addition, Pump.fun is also a major player in online sales. As of February 28, Pump.fun has sold a total of approximately 3.02 million SOL tokens, with a total cash amount of approximately US$610 million. In the most recent month, Pump.fun sold a total of 440,000 SOL units worth approximately US$78.39 million. This makes the already panicked market even worse.
However, as the popularity of MEME dropped, Pump’s data also continued to decline. On February 23, Pump.fun’s active users dropped to a minimum of 41,000, and returned to around 180,000 the next day. Overall data has dropped by more than half in the past month.
Crypto brokerage service provider FalconX is also one of the important channels for large households to escape. According to statistics from PANNews, the number of SOL tokens transferred from FalconX to Binance in February reached 386,700, worth approximately US$66 million. However, deeper research found that large households seemed to have fled first as early as January. In January, the number of SOL transferred from FalconX to Binance reached 1.37 million, worth US$315 million, and the average transferred price was approximately US$229. And this data value is much higher than other months.
Of course, some people left and others ran in. During the two days from February 27 to 28, large households with the address of EhuKBFXyUYgwc4nUMJMQHjY4A7w5nTTrMtY6z4TtZSFK bought 83,000 SOL tokens, spending a total of US$10.88 million, and the average entry price was approximately US$134.
Impact of SIMD proposal: shrinking pledge revenue triggers panic among verifiers
However, overall, there are still a small number of funds entering the market, and the majority are large sellers. The main reasons are not only from changes in the overall macro environment that have caused financial markets to shake, but also the uncertainty of the Solana ecosystem itself. The recently launched SIMD-0228 proposal proposes to modify the issuance curve of SOL tokens. The prerequisite for reducing the inflation rate is to reduce pledge income. Therefore, for many large validator nodes, this has also become an important factor of uncertainty in the short term. (Related reading: Solana Inflation Revolution: Proposal SIMD-0228 sparks controversy in the community, and the risk of a “death spiral” is hidden behind the 80% additional issuance cut)
Under the internal and external troubles, Solana’s ecological data and token market prices are facing double pressure. As of the afternoon of February 28, SOL prices fell by 57% in the past 40 days, becoming the mainstream token with the largest decline in recent times.
At present, the new narrative has failed to lead the industry and the MEME track is gradually stalling. How Solana can keep its popularity on the chain may become the biggest problem.
