Solana's 62% DEX crash deepens as whale unlocks $163M in SOL tokens
Solana's trading activity has dropped sharply since early February, with decentralised exchange (DEX) volume falling by 62%. The decline follows a slowdown in memecoin trading, while fresh sell pressure emerged after a major holder unlocked 1.82 million SOL tokens. Meanwhile, a new project called Pepeto has raised over $8.23 million in its presale, offering traders an alternative during the market downturn.
On March 21, 2026, a whale released 1.82 million SOL tokens worth $163 million, increasing sell pressure on the network. This move came just days after the US Securities and Exchange Commission (SEC) classified Solana as a digital commodity on March 18. The token's price has since struggled, dropping 70% from its all-time high of $293 to its current level of $87.23. The Fear Index for SOL now stands at 11, reflecting deep market uncertainty.
Despite the downturn, analysts point to upcoming developments like the Alpenglow upgrade and potential ETF filings as possible catalysts for a recovery. Yet, for SOL to return to its peak, it would need to rise by over 230%. In contrast, Pepeto has gained attention by raising more than $8.23 million in its presale since launching on March 23, 2025. Unlike SOL, Pepeto's presale offers a fixed entry price, shielding early investors from volatility. The project claims to provide protection and potential gains in fear-driven markets, with targets of 100x to 300x growth from presale to listing. However, the token has not yet begun public trading, so no market value or listed capitalisation exists at this stage. Pepeto's upcoming Binance listing has added to its appeal, as traders seek alternatives amid Solana's prolonged slump.
Solana's DEX volume and price remain under pressure, with no immediate signs of a rebound. The unlocking of 1.82 million SOL tokens and weak memecoin activity have worsened the downturn. Pepeto, meanwhile, continues its presale phase, attracting funds with promises of high returns. Its performance will only become clear once trading begins after the Binance listing.
