Solana has become the leading venue for tokenized Nvidia (NVDA) stock trading, surpassing all other networks with $88 million in spot volume. Activity around tokenized NVDA shares climbed through the past day, accelerating during European trading hours and at one point breaking above the $88 million mark.

The surge in on-chain activity follows a turbulent stretch for the underlying stock. As Cryptopolitan reported, NVDA shares posted immediate and steep losses after the recent scandal involving Jensen Huang. The stock is also drawing longer-term attention as the repercussions for the company come into clearer view.

Solana's XStocks leads in NVDA liquidity

Solana carries 46.2% of XStocks assets under management, more than any other chain. XStocks is currently the leading tokenization standard, a position that also draws in the deepest liquidity. That concentration means tokenized-equity trading is, for now, anchored on a single network rather than distributed across the broader crypto landscape.

Tokenized equities remain experimental, and liquidity varies widely across venues. As of November 12, XStocks held the largest liquidity for tokenized NVDA equity. Trading volume does not always translate into available depth, but the NVDA/USDC contract carries the greatest market depth at more than $3 million.

In total, the NVDAx token is spread across 20 markets with combined liquidity of $6.9 million. It is held by more than 207,000 wallets, with a supply of 321,802.47 tokens, each corresponding to one NVDA share. The recent price drop is also seen as a spot buying opportunity in the event of a rapid NVDA recovery in the coming days. The stock has already bounced from a recent local low of $156, showing that even the scandal was not enough to push the asset permanently into a lower price range.

Other tokenized versions, such as NVDAon, have practically no liquidity and extremely low volumes — a sign that simple tokenization, even of high-profile equities, does not guarantee trading activity.

NVDAx traded at $163.92, down more than 7% over the past 24 hours. The price sits below the official quote of $173.73 on Nasdaq ahead of Thursday's opening bell. Crypto markets retain their advantage of trading 24/7, and both spot markets and perpetual futures have been speculating on NVDA ahead of the official market open. On-chain market behavior, whether in spot or perpetual futures, may point to upcoming price moves once the opening bell rings.

NVDA still trends in perpetual futures markets

NVDA remains among the top 10 traded assets on HIP-3, Hyperliquid's framework for deploying on-chain perpetual futures markets. Perpetual futures volume exceeded $61 million over the past 24 hours, with $128.5 million in open interest. While perpetual futures are more accessible, their volumes lagged behind the recent spot interest in tokenized NVDA shares. Trading activity has returned to baseline following a recent one-month peak in selling volumes.

NVDA perpetual futures — derivative contracts that trade without a fixed expiry — have gained popularity as a tool for leveraged shorting. The largest short position holds $57.92 million in notional value, with more than $20 million in unrealized profit, according to Coinglass tracking. NVDA remains a short-term speculative asset on HIP-3, while traders have shifted toward gold, oil, and silver, leaving semiconductor equities with lower volumes.

Based on Hyperliquid activity, semiconductor stocks are no longer seen as a bullish bet, with whales opening risky shorts in expectation of ongoing price declines. Shorting NVDA is turning into a high-conviction trade, supported by prediction markets. On Polymarket, the odds of Huang being ousted from Nvidia have reached 80%, with a cutoff date of November 13. With the Polymarket cutoff set for November 13 and the Nasdaq opening bell due Thursday, the prediction-market clock and the equity-market calendar now point to the same narrow window.

Source: Cryptopolitan