Source: Cointelegraph Original: "{title}"
At the beginning of 2025, the enthusiasm of cryptocurrency investors surged again. Despite potential selling pressure of up to $55 million from Pump.fun, it pushed Solana's price back above the psychological threshold of $200.
In the broader cryptocurrency space, investor enthusiasm is growing due to the upcoming inauguration of Donald Trump as the President of the United States, with net deposits on the Aave lending platform surpassing the peak levels of the 2021 bull market.
After a $55 million transfer from Pump.fun's charged account to the Kraken cryptocurrency exchange, Solana's price rose by about 10%, exceeding $200.
Solana (SOL) rebounded after dropping to $189 around 5 PM UTC on January 1.
The price of memecoin began to rise around 6 PM UTC after a related charged account from the memecoin launch platform Pump.fun transferred $55 million worth of SOL to the Kraken exchange.
SOL/USD, 1-hour chart. Source: Cointelegraph/TradingView
On January 1, Pump.fun made two deposits to Kraken. Solscan data shows that the first transfer of $22.8 million worth of SOL occurred at 4:37 PM UTC, followed by a second transfer of $32.7 million worth of SOL at 5:45 PM.
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The net deposits on the decentralized finance (DeFi) platform Aave reached $33.4 billion, setting a new historical high for the lending protocol and surpassing levels during the 2021 bull market.
The protocol also expanded its business scope in 2024, adding BNB Chain, Scroll, ZKsync Era, and Ether.fi to its list of supported markets.
Following Trump's victory in the U.S. elections on November 5, there was a surge in the total value locked and activity in DeFi due to expectations of a more favorable regulatory environment and pro-crypto policies.
Market capitalization growth in the digital asset industry in 2024. Source: The TIE Terminal
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According to data from DefiLlama, the total value of stablecoins on Solana increased by $1 billion in December, primarily driven by USD Coin (USDC).
The influx of these funds highlights the acceleration of stablecoin applications and the rise of the Solana network in 2024, particularly in the DeFi space.
Data shows that Solana currently has approximately $5 billion in total value locked (TVL) in stablecoins, with nearly $4 billion being USDC.
Tether's USDt (USDT) is the second most popular stablecoin on Solana, valued at around $1 billion.
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Despite a decline in the overall market capitalization of memecoins in December, the total revenue of the Solana memecoin generator Pump.fun has approached $400 million.
Blockchain analytics platform Lookonchain reports that Pump.fun has so far earned 2,016,391 SOL tokens, bringing its total revenue to nearly $398 million. It is reported that Pump.fun has deposited over $300 million worth of SOL tokens into Kraken and exchanged for $41 million in USD Coin (USDC).
Pump.fun had an impressive start this year, with decentralized application revenue reaching $106 million in November, making it the first month for a Solana DApp to surpass $100 million in revenue.
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A California resident is suing three Asian banks, accusing them of failing to conduct basic checks that could have prevented cryptocurrency scammers from stealing nearly $1 million from him.
In a lawsuit filed in California district court on December 31, 2024, Ken Liem's attorney claims their client received a contact about cryptocurrency investment opportunities on LinkedIn in June 2023, after which he became a victim of a pig-butchering scam.
Liem's attorney stated that their client was persuaded over several months to transfer funds to individuals suspected of cryptocurrency fraud, who posed as representatives to make investments on his behalf.
His attorney said the funds were transferred to accounts at Fubon Bank in Hong Kong, Chuangxin Bank, and DBS Bank in Singapore, and then the scammers moved the funds to third-party accounts.
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According to data from Cointelegraph Markets Pro and TradingView, most of the top 100 cryptocurrencies by market capitalization closed in the green this week.
Among the top 100, the DeXe (DEXE) AI launchpad token surged over 68%, becoming the biggest gainer of the week; closely followed by SPX6900 (SPX), which gained momentum after its listing on Binance Futures on December 10, with a weekly increase of over 53%.
Total value locked in DeFi. Source: DefiLlama
Thank you for reading our summary of this week's most impactful DeFi dynamics. Please join us next Friday for more stories, insights, and education on this dynamic field.
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