The beginning of 2025 has brought renewed excitement to crypto investors, boosting Solana’s price back above the $200 psychological mark despite a potential selling pressure of $55 million from Pump.fun.
Pump.fun Transfers $55 Million Worth of SOL to Kraken Exchange
Solana’s price rose about 10% to more than $200 following a transfer of $55 million worth of SOL from Pump.fun’s fee account to the Kraken cryptocurrency exchange. Solana (SOL) made the recovery after dipping to $189 at around 5:00 pm UTC on January 1st.
Timeline of Events
Its price began to rise at around 6:00 pm UTC after the fee account associated with the memecoin launch platform Pump.fun transferred $55 million worth of SOL to the Kraken exchange. Solscan data shows that Pump.fun made two deposits to Kraken on January 1st:
- The first transfer was worth $22.8 million and occurred at 4:37 pm UTC.
- The second transfer, valued at $32.7 million, took place at 5:45 pm.
Solana Price Rebound
SOL/USD, 1-hour chart. Source: Cointelegraph/TradingView
The price rebound is a significant development for Solana investors, who had been watching the market anxiously as the price dipped below $200.
Aave Net Deposits Hit Record Highs
In other DeFi news, Aave’s net deposits have surpassed record highs of the 2021 bull market, reaching an impressive $33.4 billion. This milestone marks a new all-time high for the lending protocol and highlights its growing popularity among investors.
Aave Expands Presence in 2024
The protocol has also expanded its presence in 2024 by adding several new markets to its supported list of markets, including:
- BNB Chain
- Scroll
- ZKsync Era
- Ether.fi
Potential New Markets for Aave
Aave may add several new markets in 2025, pending community approval. Some of the potential new markets include:
- Sonic
- Mantle
- Linea (Ethereum layer-2 scaling solution)
- BOB (Bitcoin layer-2 solution)
- Spider Chain
- Aptos
DeFi Market Overview
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green. The DeXe (DEXE) artificial intelligence launchpad token rose over 68% as the week’s biggest gainer, followed by the SPX6900 (SPX) coin, up over 53% on the weekly chart.
DeFi Market Growth
Total value locked in DeFi. Source: DefiLlama
The growth of DeFi has been driven by expectations of a friendlier regulatory environment and pro-crypto policies following Trump’s US electoral victory on November 5th.
Solana Adds $1 Billion Worth of Stablecoins in December
Solana onboarded an additional $1 billion in stablecoin total value in December, primarily in USD Coin (USDC), according to data from DefiLlama. The inflows highlight accelerating stablecoin adoption and the Solana network’s rise to prominence in 2024, particularly in DeFi.
Pump.fun Revenue Nears $400 Million
Solana memecoin generator Pump.fun’s overall revenue is nearing $400 million despite a downturn in the overall market capitalization of memecoins in December. Blockchain analytics platform Lookonchain reported that Pump.fun transferred $55 million worth of SOL to the Kraken exchange, contributing to its growing revenue.
DeFi Market Overview
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green. The DeXe (DEXE) artificial intelligence launchpad token rose over 68% as the week’s biggest gainer, followed by the SPX6900 (SPX) coin, up over 53% on the weekly chart.
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