Solana becomes the leading venue for tokenized Nvidia stock trading

Solana has become the leading venue for tokenized Nvidia (NVDA) stock trading. The chain surpassed all other networks with $88M in spot volume. 

Solana recorded peak activity around tokenized NVDA stocks, with climbing volumes in the past day. During European trading hours, NVDA activity continued gaining speed, breaking above $88M at one point. 

As Cryptopolitan reported, NVDA shares posted immediate deep losses following the recent scandal around Jensen Huang. NVDA is also gaining longer-term focus, as the repercussions for the company become clear. 

Solana carries 46.2% of XStocks assets under management, more than any other chain. 

For now, XStocks is also the leading tokenization standard, which also draws in the most significant liquidity.

Solana’s XStocks leads in NVDA liquidity

Tokenized equities are still experimental, and markets vary in their liquidity. As of November 12, XStocks holds the biggest liquidity for NVDA tokenized equity. 

Trading volumes for NVDA do not always translate into available liquidity. The NVDA/USDC contract has the most significant market depth at over $3M. 

In total, the NVDAx token is spread through 20 markets, with a total of $6.9M in liquidity. NVDAX is held by over 207K wallets, with a supply of 321,802.47 tokens, each corresponding to an NVDA share. The recent price drop is also seen as a spot buying opportunity, in the case of a rapid NVDA recovery in the coming days. The stock already bounced from a recent local low of $156, showing that even the scandal was not enough to push the asset permanently to a lower price range.

Other versions, like NVDAon, have practically no liquidity and extremely low volumes. Simple tokenization, even for high-profile equities, does not guarantee liquidity or trading activity. 

NVDAx traded at $163.92, down by over 7% in the past 24 hours. The price is lower than the official position of $173.73 on Nasdaq ahead of the opening bell on Thursday.

Crypto markets retain their advantage of trading 24/7 and front-running the ongoing uncertainty around Nvidia. Both spot markets and perpetual futures speculate on NVDA ahead of the official market opening. The behavior of on-chain markets, whether spot or perpetual futures, may point to the upcoming price moves for NVDA after the opening bell. 

NVDA still trends in perpetual futures markets

NVDA remains among the top 10 traded assets on HIP-3. Perpetual futures reached over $61M in the past 24 hours, with $128.5M in open interest. 

While perpetual futures are more accessible, their volumes lagged behind the recent spot interest in tokenized NVDA shares. NVDA trading activity returned to baseline, following a recent one-month peak in selling volumes. 

NVDA perpetual futures gained popularity as a tool for leveraged shorting. The largest short position holds $57.92M in notional value, with over $20M in unrealized profit. NVDA remains a short-term speculative asset on HIP-3, while traders shifted to gold, oil, and silver, leaving semiconductor equities with lower volumes. 

Based on Hyperliquid activity, semiconductor stocks are no longer seen as a bullish bet, instead leading whales to open risky shorts in expectation of ongoing price drops. 

Shorting NVDA is turning into a high-conviction trade, supported by prediction markets. On Polymarket, the odds of Huang being ousted from Nvidia are up to 80%, with a cutoff date on November 13.