Solana
Why Solana is down 8.3% today
Analysis
Solana (SOL) fell 8.3% over the past 24 hours as risk sentiment around the ecosystem weakened following reports that Solana DeFi platform Step Finance is investigating a $29 million treasury wallet compromise, which can trigger sell-offs amid security concerns. While Cointelegraph noted a surge in active Solana addresses, that upbeat usage signal appears to have been outweighed by the immediate impact of the reported incident.
Contributing Factors (2)
Solana DeFi platform Step Finance investigating $29 million treasury wallet compromise
The attack sent Step Finance's native STEP token plummeting more than 60% as the protocol enlists security firms to investigate the incident.
Active Solana addresses spike 115%, four in 10 merchants take Bitcoin: Month in Charts
Activity on Solana has spiked as new AI tech makes it easier than ever to launch memecoins. Meanwhile, Ethereum is plugging away at future-proofing and bringing down fees.
Move Details
Explanation Confidence
High confidence in the explanation based on source reliability and timing.