Solana
Why Solana is down 2.5% today
Analysis
Solana (SOL) fell about 2.5% 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 pressure SOL due to heightened security concerns. While Cointelegraph noted a surge in active Solana addresses, the exploit-related headline likely dominated near-term trading and outweighed the more constructive usage data.
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.