Solana crashes 70% from peak as whales dump $163M in tokens
Solana's price has fallen sharply, dropping 70% from its peak of $293 in January 2025. The token now trades near $87.23, facing further pressure from whale activity and declining trading volumes. Meanwhile, a new project called Pepeto is gaining attention, raising over $8 million in its presale despite the market downturn.
The decline in Solana's value comes after a whale unlocked 1.82 million SOL tokens on 21 March, worth around $163 million. This move added significant sell pressure to the token, contributing to its ongoing drop. Additionally, DEX trading volumes for SOL have collapsed by 62% since early February, largely due to fading interest in memecoins.
Regulatory developments have also played a role. On 18 March, the SEC classified SOL as a digital commodity, a decision that could influence future market behaviour. Despite these challenges, analysts point to potential catalysts for recovery, including the upcoming Alpenglow upgrade and ongoing ETF filings. Amid Solana's struggles, Pepeto has emerged as a standout performer. Its presale, which offers a fixed entry price unaffected by SOL's volatility, has attracted over $8 million in investments. Unlike Solana, Pepeto's price remains stable during the presale phase, shielding investors from market swings. The project is expected to list on Binance soon, with the official website serving as the only entry point before the presale closes permanently.
Solana's market value has shrunk by roughly 70% since its all-time high, though it still exceeds Pepe's 2024 peak market cap. The network's current challenges include whale sell-offs, reduced trading activity, and broader market uncertainty. Pepeto, however, continues to draw capital, offering investors a fixed-price opportunity ahead of its exchange listing.
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