Solana-backed products drew in record investment of $50 million last week, thanks to the sol token’s resilience during the altcoin crash

Solana-backed products drew in record investment of $50 million last week, thanks to the sol token’s resilience during the altcoin crash

Investors poured a record amount of cash into solana-backed products last week, encouraged by the sol token's steadfastness when the crypto market went into meltdown for two days, according to CoinShares' weekly flows . A record $49.4 million flowed into solana-backed products in the week to September 10, roughly the same amount that flowed into bitcoin-backed products in the month so far, the report released Monday showed. There is a total of $97 million in solana assets under management now. Last week, after El Salvador made bitcoin legal tender, cryptocurrencies sold off quite heavily. Bitcoin itself lost 11% over Monday and Tuesday, while ether fell 13%. The smaller altcoins came under even more intense pressure - dot and dogecoin dropped around 20%, while cardano's ada gave up 21.4%. By contrast, solana's sol token gained around 25% in that time and hit an later in the week. "During last week's price falls (sol's) price was a stalwart, outperforming a basket of the top 10 digital assets by 34%, having risen 24% week-on-week," digital asset management firm CoinShares said in its report. Sol is the seventh-largest coin by market capitalization, at $49 billion. Bitcoin, the largest by market cap, is worth around