Solana-based investment products have faced a record outflow of approximately $39 million, driven primarily by a significant slump in meme coin trading. This marks the largest outflow on record for Solana products and underscores the broader challenges within the meme coin sector.
Solana Faces Major Setback
According to the latest update from CoinShares, the decline in meme coin trading volumes has heavily impacted Solana. The latest weekly outflow brings the month-to-date figure to a negative $34.4 million.
Despite a year-to-date positive flow of $31 million, the total assets under management (AUM) for Solana investment products now stand at $1.130 billion. Additionally, the price of Solana has dropped by 2% on Monday, settling at $144.
Ethereum’s Contradictory Trends
In contrast, Ethereum-based investment products have shown better performance in terms of inflows. Last week, Ethereum products saw a positive flow of $4.2 million.
This latest figure brings the month-to-date total to $155.8 million and the year-to-date figure to an impressive $867 million. However, this positive flow has not translated into price stability. Ethereum experienced a 4% drop on Monday to $2,585, exacerbating its 26% decline over the past month.
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Source: https://www.crypto-news-flash.com/meme-coin-trading-declines-hit-solana-hard-39m-drained-while-digihorse-digi-gallops-ahead/?utm_source=rss&utm_medium=rss&utm_campaign=meme-coin-trading-declines-hit-solana-hard-39m-drained-while-digihorse-digi-gallops-ahead