Solana Decreased, Investment Outflow Breaks Record Of IDR 603 Billion

Solana slumped, the outflow of investment broke a record of IDR 603 billion (Photo; Doc. Medium)

The popularity of meme coins on Solana's network, which has skyrocketed, is now starting to fade, triggering the largest outflow of investment in Solana's history. Based on a recent report from CoinShares, Solana-based investment products experienced an outflow of 39 million US Dollars (approximately IDR 603 billion) in the past week, the highest record triggered by a sharp drop in the volume of meme coin trading on the platform.

The crypto market, which again shows a bearish trend, also affects Solana's performance. Although the total inflow of digital asset investment products was recorded at 30 million US Dollars (around Rp462 billion), this figure is relatively low when compared to the previous trend. However, in the midst of this situation, Bitcoin actually leads with an inflow of 42 million US Dollars (around Rp648 billion), indicating strong investor confidence in the world's largest crypto asset.

Ethereum also recorded an inflow of 4.2 million US Dollars (approximately IDR 64 billion), despite an imbalance with the new provider that attracted 104 million US Dollars (approximately IDR 1.6 trillion) while Grayscale experienced an outflow of 118 million US Dollars (approximately IDR 1.8 trillion). On the other hand, XRP received an inflow of 0.4 million US Dollars (approximately IDR 6.1 billion) over the same period.

According to a CoinShares report, weekly trading volume fell drastically to 7.6 billion US Dollars (approximately IDR 117 trillion), only about 50% of the volume of the previous week. This decline comes amid market uncertainty over the Federal Reserve interest rate policy, which is expected not to lower interest rates by 50 basis points in September.

Regionally, the flow of investment shows a highly varying pattern. The United States, Canada, and Brazil recorded inflows of 62 million US Dollars (approximately Rp956 billion), 9.2 million US Dollars (approximately Rp141 billion), and 7.2 million US Dollars (approximately Rp111 billion) respectively. Meanwhile, Sweden also reported an inflow of 2.2 million (approximately Rp33.9 billion). However, the largest outflow occurred in Switzerland and Hong Kong, amounting to 30 million US Dollars (approximately Rp462 billion) and 14 million US Dollars (approximately Rp216 billion).

This situation shows that despite optimism for some major digital assets such as Bitcoin, the market is still volatile, especially for Solana-based projects that have to face tough challenges amid shifting market sentiment.