Solana Defies Slumping On-Chain Metrics as DeFi Development Corp Snaps Up 17K SOL
Solana's price refuses to buckle despite fading network activity—just as a major player makes its move.
The quiet before the storm?
While transaction volumes dip, DeFi Development Corp's 17,000 SOL purchase screams institutional confidence. Either that, or another hedge fund chasing last quarter's performance.
Liquidity speaks louder than metrics
The chain's resilience mirrors 2021's 'build now, profit later' mentality. Traders seem untroubled by dwindling on-chain signals—for now.
One thing's certain: when whales accumulate during lulls, retail eventually follows. Whether that's smart money or greater fools at work? That's crypto.
Solana sees reduced on-chain activity in June, DeFi Corp continues SOL acquisition
The Solana blockchain experienced a decline in network activity in June, with notable drops across key metrics, including REV, app revenue, and DEX volumes, according to a report by Blockworks Research.
Solana's REV, which measures the economic demand for transacting on its blockchain, dropped 48% to $63 million in the past month — although it generated 31% of global demand for on-chain transactions, leading TRON and Ethereum, which saw demand of 28% and 23%, respectively.
App revenue also declined by $150 million in June, representing a 38% decrease from the previous month. Despite the decline, Solana apps accounted for 35% of all app revenues across blockchains, with Binance Smart Chain coming in second at 17%, noted Blockworks analysts.
Likewise, Solana DEXs recorded $90 billion in revenue in June, with meme coins accounting for 61% of the total exchange volume. This reflects a 35% decline month-on-month, although DEX volume is still up 50% from last June.
The decline in Solana's on-chain activity comes amid an increase in SOL acquisitions by publicly traded companies in the past months.
DeFi Development Corporation announced it purchased 17,760 SOL on Thursday after raising an additional $112 million from a private placement. The purchase, which was made at an average price of $153 per SOL, boosted its total holdings to 640,585 SOL — including $97.3 million in staking rewards.
Other companies acquiring Solana as their primary reserve asset include Upexi, Sol Strategies and Classover Holdings.
SOL trades at $152 on Friday, down 0.4% at the time of publication.
