Solana (SOL) took the hardest hit as crypto investment products saw modest inflows of only $30 million last week. Ethereum recorded just $4.2 million in inflows, while Bitcoin led with $42 million.
Solana (SOL) suffered record outflows last week as crypto investment products saw modest inflows, according to a recent CoinShares report.
The poor inflows were attributed to recent macroeconomic data, which suggested the Federal Reserve is unlikely to cut interest rates by 50 basis points (bps) in September. This led to a slowdown in demand for riskier assets like cryptocurrency.
Solana experienced outflows of $39 million, marking its largest negative flow on record. This sharp decline follows the previous week's inflows of $4.5 million, indicating a notable shift in investor sentiment toward SOL.
The record outflows in Solana were accompanied by a sharp decline in trading volumes of SOL-based meme coins, according to CoinShares. This suggests that waning demand for these assets played a key role in Solana's downturn.
“Solana saw outflows of $39 million, the largest on record, as it faced a sharp decline in trading volumes of meme coins, on which it heavily relies,” an excerpt in the report read.
CoinGecko data showed a 4.4% drop in the market capitalization of Solana meme coins. The top three - Dogwifhat (WIF), Bonk (BONK), and Book of Meme (BOME) - declined nearly 5% since the Monday session began.
Dwindling trading volumes for these tokens, coupled with speculation about a potential ETF denial, contributed to the negative trend for SOL flows. Meanwhile, Tron-based tokens surged following Justin Sun's announcement of SunPump, a token generator launched by Sun.io, which caused trading volumes and revenue metrics for newly created tokens to skyrocket.
Tron's SunPump allows for the creation of meme coins on the Tron blockchain. It has already launched over 5,500 meme coins and generated significant TRX revenue. With this record of success, SunPump positions itself as a direct adversary to Solana's popular pump.fun platform.
The latter recently recorded a surge in transaction fees to $5.3 million within 24 hours. As chatter around SunPump continues, there is speculation that Tron meme coins could replace Solana meme coins, with Justin Sun highlighting a massive liquidity pool.
“For me, when it comes to the whole “Why TRON, why SunPumpMeme?” thing, the biggest flex is that $60 billion in TRON USDT. No other blockchain protocol has a liquidity pool this massive. Meme coin platforms live and die by liquidity, and TRON's got it in spades,” Sun noted.
notably, Tether's (USDT) stablecoin on TRON boasts a circulation far more massive than any other blockchain protocol. Solana, which currently stands as the most dominant chain on metrics of meme coin activity, only has about $1.9 billion of USDT circulating on it. Conversely, up to $60 billion worth of USDT circulates on the TRON blockchain.
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