The swift rise of the ecosystem and current inclusions on Coinbase have helped SOL and MLN recover from their existing lows, where the market generally fluctuates sideways.
Significant cost corrections like the one seen in May inflict major pain for most market competitors and have the potential to be a trial by death for troubled projects, as token holders capitulate and sell their holdings for whatever cost is offered.
While such periods are useful in helping to shake weak hands and erase unnecessary projects, they additionally offer those with solid performance the chance to stand out from the crowd and capture the attention of anxious investors seeking a safe haven throughout turbulent markets.
2 projects that have held up better than the major cryptocurrencies and are down less than 22% from their highs in the face of the May 19 market crash are Solana (SOL) and Enzyme (MLN).
Enzyme has outperformed each of in terms of recovery after the current correction, as the MLN token surged 150% from a low of USD 75.50 on June 4 to a high of USD 185 on June 7, driven by record trading volume of USD 45 million in a 24-hour span.
Enzyme is a decentralized finance (DeFi) protocol developed for on-chain asset management and aimed at empowering investors to produce, scale and monetize investment tactics that manage to be used by other members of the Enzyme partnership.
Even though there were no relevant developments for the protocol once the cost started to rise significantly since June 4, the June 8 revelation that MLN would be coming to Coinbase Pro seems to be the driving force behind the existing token cost growth, which shows that the Coinbase impact still has the potential to shift the cost of a token.
The second token that immediately rebounded from the May slump is Solana (SOL), a layer-one collaborative proof-of-stake protocol capable of processing well over 65,000 transactions per second (TPS).
Encouragement for the scheme began to recover on June 2 following the announced launch of NFT's platform, Metaplex, which gives "an extremely new approach for NFT stores" on the Solana blockchain.
This announcement has been followed by a sequence of other project launches on Solana, including the decentralized lending and borrowing algorithmic platform Solend and the decentralized derivatives exchange, Moët Finance.