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. 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.

Source: crypto.news