Solana tokenized stock holders jump 5x but why is SOL price down?

Solana has reached a record 1.5 million tokenized equity holders, with the number growing fivefold since August, even as SOL continues to struggle near $100 following weeks of selling pressure. Summary Solana’s tokenized stock holders have reached a record 1.5 million, up fivefold since August, even as SOL continues to struggle near $100. Much of the tokenized stock trading takes place through stablecoins, meaning higher trading volumes do not necessarily create direct demand for SOL. Blockworks found that memecoin trading pairs and token rewards contributed to the rise in tokenized stock holders, with $31 million distributed to more than 360,000 wallets. SOL has remained under selling pressure throughout October, while withdrawals from Solana ETFs have added to the weakness in its price. According to an October 26 post from Solana, citing Blockworks data, the number of addresses holding tokenized stocks on the network has reached a new all-time high. However, the rapid growth has not translated into a corresponding recovery in SOL, which has fallen from approximately $124 at the beginning of October. The difference comes down partly to how tokenized stocks are traded and distribut...