News

Solana, the world's sixth-largest cryptocurrency by market capitalization, has plummeted by 3% to $146.76 , according to CoinMarketCap, following President Trump's executive order on a national crypto reserve.

The cryptocurrency, which has a market cap of more than $74.7 billion , was listed among the possible reserve cryptocurrencies by Trump in a recent TruthSocial post .

On Thursday, Trump signed the order establishing the country's first crypto reserve , but Trump officials have not outlined concrete plans to buy new Bitcoin or other cryptocurrencies like Solana, dampening enthusiasm for the executive order.

Despite the underwhelming news for the community, in the last 24 hours, Solana's trading volume has jumped by more than 12%, reaching $4.8 billion .

Anatoly Yakovenko, Solana’s co-founder, recently expressed discontent with Solana's possible inclusion in a government-run reserve or stockpile. "If you want decentralization to fail you’d put the government in charge of it," he told followers on social media, emphasizing that his preference was for "no reserve."

Solana's inclusion in a digital asset stockpile has also raised alarm from some in the industry: "Proposals for a U.S. digital asset stockpile that includes XRP, ADA, ETH, and SOL are concerning," said Jason Yanowitz, co-founder of Blockworks. "If a plan like this moves forward, there must be transparent, rigorous standards and frameworks for asset selection. Without a clear framework, we risk arbitrary asset selections, which would distort the markets and drive a loss of public trust."

Last month, Solana saw outflows exceeding $485 million as investors shifted to safer assets like Bitcoin. The decline stemmed partly from a scandal involving Argentine President Javier Milei and the Solana-based LIBRA memecoin, along with broader unease with the Trump memecoin . Growing concerns about these tokens contributed to the retreat from Solana-based memecoins.

“Overall, there is a broader flight towards safety in crypto markets, with Bitcoin dominance increasing 1% in the past month to 59.6%,” said a Binance Research report.