Immune to the Wave of Crypto Outflows
While CoinShares’ head of research, James Butterfill, has noted in the report that crypto product outflows have cooled, dropping to $11.2 million during the week ending September 1, the run on negative sentiment over the last seven weeks has reached $342 million.
Notably, Solana has experienced an inflow worth $700,000 over the past week, while investors have pulled out $8.6m and $3.2m from Polygon and Ethereum, respectively, during the same period.
Although the 10th biggest digital asset by market cap has registered an impressive 95.5% YTD gain, SOL has predominately traded between $20 and $25 since the beginning of 2023. At press time, the coin was trading at $19.35.
Solana has accumulated $14.1 million in inflows in the past nine weeks.
Positive Developments Within the Network
Solana’s positive weekly inflow record follows a series of recent developments within the network, on top of improved performance and reliability, with only one outage reported in 2023.
Despite a longstanding association with Ethereum, on September 1st, MakerDAO Co-Founder Rune Christensen proposed building the project’s new native chain based on Solana’s codebase fork.
On August 23, reports indicated that Shopify had integrated Solana Pay with its payment options, with the support of stablecoin USD Coin (USDC).