Solana captured 95% of the tokenized stock market: a record week and hidden signals
The past week was triumphant for Solana in the tokenized assets segment. According to my data, this network accounted for 95% of all tokenized stock trading volume across all blockchains. The figure soared to a record $1.29 billion — more than the entire previous month combined.
The main catalyst for this surge was the launch of the SPCX token, pegged to the SpaceX IPO. Investors are actively shifting to real-world asset-linked instruments, and Solana is acting as the dominant hub here. The network's speed and low fees make it an ideal platform for such experiments, as confirmed by the numbers.
Contrast with SOL's Dynamics
However, behind this impressive growth lies a fundamental imbalance. The SOL asset itself shows weak dynamics: the price remains more than 75% below its all-time high of around $295. The total value locked (TVL) in the network is stuck at approximately $5.7 billion, whereas in September 2025 this figure reached $13 billion. A decline of more than half is a serious signal for holders.
Currently, traders are debating whether the coin has formed a local bottom or if further correction awaits. The rise in tokenized stock activity against the backdrop of the token's weakness is a classic sign of divergence between speculative demand for assets within the ecosystem and confidence in the base asset.
My analysis: Solana's success in the tokenized stock niche is a strong argument for the network's long-term development, but it does not negate the need to restore confidence in SOL as an investment tool. Until TVL begins to grow in sync with trading volumes, it is premature to talk about a trend reversal.