Solana News: Jupiter, Bonk and Pump.Fun Duke It Out in Launchpad Trenches

Market Overview

It was a relatively muted week for the top 10 (non-stablecoin) cryptocurrencies, with Bitcoin hitting a ceiling at $110.3K despite Drake mentioning BTC in a new song. The Drake curse strikes again? Additionally, Bitcoin futures are showing renewed strength as open interest rises.

The leading altcoins secured single-digit gains, but Solana’s still barely moving. Solana’s top ecosystem tokens added pretty much nothing to their combined market cap while trading volume slid 12%.

Source: CoinMarketCap

Despite this performance, digital asset products (funds, ETFs, and ETPs) based on Solana received $21.6 million in inflows, the highest in 69 weeks.

Here is the weekly recap.

Solana's Performance

Solana continues to attract attention from major traditional finance (TradFi) players. This week, DeFi Development Corp added $2.7 million worth of SOL to its treasury, bringing its total holdings to $98 million.

At the same time, Amber Group, a Nasdaq-listed firm, is set to invest $25.5 million into digital assets, including Solana and Bitcoin, as part of a broader push to bring crypto into the institutional mainstream.

While the U.S. SEC has postponed its decision on a proposed Solana ETF by Fidelity, the market response has been notably calm. SOL remains steady at $150, as the delay had been expected.

Source: CoinMarketCap

L1 Ranking Update

Solana’s total value locked (TVL) stayed largely unchanged at $10.16 billion but still clung to the second position. Ethereum sits at the top of the DeFi ladder with $69.4 billion in TVL.

Source: DeFiLlama

DeFi

After two consecutive weeks of downturns, Solana’s weekly DEX volume climbed 11% to $2.5 billion.

Source: DeFiLlama

Fierce competition is breaking out in the trenches of Solana’s launchpad ecosystem.

On July 3, Jupiter entered the fray with the launch of Jupiter Studio, which immediately turned heads by generating $100 million in volume on its first day alone.

Meanwhile, the dominance of Pump.fun is being challenged as LetsBonk overtakes it in both daily revenue and trading volume, capturing the spotlight in the short term. Pump.fun still commands the broader battlefield with stronger performance over the monthly chart.

Biggest Winners & Losers

Top Performers

• Bonk (BONK): +65.29% (driven by LetsBonk’s explosive rise)

• Moo Deng (MOODENG): +29.82%

• Rekt (REKT): +29.35%

• Aura (AURA): +27%

• Useless Coin (USELESS): +26.42%

Biggest Losers

• WhiteRock (WHITE): -49.15%

• Keep Network (KEEP): -34.59%

• Zebec Network (ZBCN): -23.89%

• Chintai (CHEX): -14.83%

• Jito (JTO): -13%

Source: CoinMarketCap

Latest Solana News

Pump.fun Gears Up for Token Debut

Solana-based meme coin platform Pump.fun will launch its PUMP token on July 12, offering 150 billion tokens at $0.04 each over a 72-hour sale. The drop will make 15% of its 1 trillion token supply available, with more details to come.

Solana Staking ETF Makes Strong Debut

The first U.S. Solana staking ETF, launched by REX-Osprey under the ticker SSK, saw $12 million in inflows and $33 million in trading volume on the first day, marking a strong start for staking-enabled crypto ETFs.

Bots Dominate Meme Coin Launches

Most tokens launched on Pump.fun and LetsBonk are likely created by bots, according to Coinbase’s Conor Grogan, who noted some accounts are generating a new token every three minutes.

What You Can Do Now

• Follow Pump.fun as it prepares to launch its token.

• Pay attention to LetsBonk as it impacts Bonk's performance.

• Keep track of public companies adding SOL to their corporate treasuries.