Thursday 8 October was a huge news day for Solana, and SOL still fell 5.7%.
The news:
• Securitize put 12 US stocks on Solana as tokens, each backed by a real share. Its own stock (SECZ) closed up 11%.
• Orca, a top Solana exchange, merged with Loopscale into Formation to build a venue for tokenized stocks.
• Samsung Wallet is adding USDC on Solana for 82 million US Galaxy phones, starting the last week of October.
• pump.fun let any new coin pair to an older pump.fun coin.
Why SOL fell from $116 to $106 anyway:
1. Most of it isn’t live yet.
2. Money was leaving crypto: the US 10-year yield hit 5.36% (highest since 2002), Bitcoin fell four days straight, and US spot Solana ETFs lost $19.9M in five days.
Onchain, traders didn’t wait. 443 new coins were paired to four hot coins in one night. Only 2 real coins passed $100K, both paired to Pack.
Data: dydt Solana onchain data (SOL/USDC swaps from deep pools, pump.fun pairs), plus CoinDesk, Decrypt, Benzinga and SolanaFloor reporting.
Follow for the daily read of the chain. Not financial advice.
#shorts #solana #crypto
