Solana has become the leading blockchain venue for tokenized Nvidia equity trading, surpassing all other networks with $88 million in spot volume and controlling 46.2% of XStocks assets under management, according to Dune Analytics data cited by Cryptopolitan. The chain's tokenization activity is driven largely by the popularity and liquidity of XStocks, which has emerged as the leading tokenization standard.
The tokenized Nvidia market is centered on the NVDAx token, which trades against USDC and is spread across 20 markets with a total of $6.9 million in liquidity. NVDAx is held by more than 207,000 wallets, with a supply of 321,802.47 tokens, each corresponding to one Nvidia share. NVDAx traded at $163.92, down more than 7% in 24 hours, and below the official Nasdaq close of $173.73 on Wednesday.
Meanwhile, Nvidia's actual stock recorded the largest opening bid from individual investors that Vanda Research has ever measured. Retail traders bought a net $111 million of Nvidia shares in the first 30 minutes of Thursday's session, more than 40 times a normal open. At 11:59 a.m. Eastern, the stock traded at $165.25, down 4.9% on the day but 11% above its intraday low of $148.80.
Wall Street analysts cut Nvidia targets after founder Jensen Huang's departure. Stifel lowered its target to $205 from $315 and kept a buy rating; Baird cut to $200 from $500 and moved to neutral; Bernstein held a $200 target. Bernstein analyst Stacy Rasgon said, "We find it hard to advocate stepping in here in size as there will no doubt be more allegations to come." KeyBanc's John Vinh added that Huang's departure "warrants a higher risk premium and lower valuation multiple for the stock."
On Hyperliquid, NVDA perpetual futures reached over $61 million in 24-hour volume with $128.5 million in open interest. The largest short position held $57.92 million in notional value with more than $20 million in unrealized profit. Polymarket odds of Huang being ousted from Nvidia rose to 80%, with a cutoff date of November 13. Nvidia is scheduled to report fiscal third-quarter results on Tuesday, November 17, and Huang is expected to testify to Congress before Thanksgiving.
