Tag Archives: Solana blockchain

Expert Sees SOL Reaching 50% Of ETH’s Market Cap This Cycle

July 16, 2024 RecentlyHeard Leave a comment

Solana (SOL), the fifth largest cryptocurrency within the business, noticed a notable resurgence over the weekend, in step with the broader market rally and Bitcoin’s (BTC) rebound in direction of the $63,000 mark for the primary time in over per week.

SOL’s worth has efficiently recovered from the losses of the previous few months, surpassing the $150 degree and overcoming key resistance partitions, coupled with an optimistic assertion from Daniel Cheung, co-founder of the hedge fund Syncracy Capital, who believes that SOL is exhibiting comparable fractal patterns harking back to the third quarter of 2021, probably resulting in explosive features.

Extra Features Forward For SOL

In a social media submit on Sunday, Cheung expressed his bullish perspective on SOL’s worth motion because the token closed the previous week on a bullish be aware, additionally drawing comparisons to the third quarter of 2021, from which SOL’s worth started its rise from a low of $27 on the finish of July that 12 months, ultimately reaching its present all-time excessive of $259 in November 2021.

Cheung additionally drew parallels to the fourth quarter of 2020, highlighting that in each instances, essentially the most vital returns are simply across the nook, suggesting that additional worth features are on the playing cards within the final half of the 12 months, as was the case in 2021.

Associated Studying

Cheung additional emphasised that Solana is anticipated to stay a hub for on-chain exercise all through the remainder of this market cycle because of its accessibility to retail buyers, making it an interesting asset.

The potential introduction of a Solana exchange-traded fund (ETF), which is anticipated to have a considerable impression on SOL’s worth, coupled with the rising likelihood of Trump’s re-election, serves as further gas for the Solana ecosystem, Syncracy Capital’s co-founder said.

Solana Market Cap Projection

In an attention-grabbing statement, Daniel Cheung additionally said that he believes the Solana ecosystem can ” possible” attain 50% of Ethereum’s market capitalization this cycle as optimism across the blockchain grows.

At present, Solana boasts a market cap of $71 billion, considerably decrease than Ethereum’s $403 billion. Nonetheless, based on Cheung’s evaluation, if SOL had been to achieve 50% of Ethereum’s market cap, its market capitalization would attain a staggering $280 billion, triggering an exponential rise in SOL’s worth and pushing it to new all-time highs.

Associated Studying

It stays to be seen whether or not this latter state of affairs will play out, with expectations of a extra favorable regulatory framework within the US, with the potential for brand new laws for the business with a Trump victory within the November election and the potential approval of the anticipated Solana ETF market.

Nonetheless, Solana is buying and selling at $152 on the time of writing, up over 6% within the 24-hour time-frame and a big 438% year-to-date.

Featured picture from DALL-E, chart from TradingView.com

Bitcoin

Crypto Pundit Forecasts $600 Price Target

July 11, 2024 RecentlyHeard Leave a comment

In latest weeks, Solana (SOL), the fifth largest cryptocurrency available on the market, skilled a interval of decline, hitting a two-month low of $121 on Friday. The coin’s worth struggled to interrupt above the $188 stage in Could, leading to a steady downtrend additional exacerbated over the previous seven days with the overall market’s correction.

Nevertheless, crypto analyst Jelle has sparked optimism by suggesting the potential for substantial positive aspects for SOL within the coming months, paying homage to the fabled “Solana Summer time” of 2021.

Analyst Attracts Parallels To 2021’s “Solana Summer time”

Jelle took to social media to share an evaluation of SOL’s worth motion, drawing parallels between its present conduct and the occasions of the summer season of 2021. The analyst famous months of consolidation, characterised by decrease highs whereas sustaining assist above the $120 stage.

Jelle emphasised that SOL is rebounding from the weekly Relative Power Index (RSI) midlevel, mirroring the sample noticed in July 2021. Inspired by these similarities, Jelle boldly believed in Solana’s future, setting a goal of $600 for this market cycle.

Associated Studying

Through the Solana Summer time of 2021, the value of SOL greater than tripled between July and November. The coin’s market capitalization grew considerably from a pre-summer low of $10 billion to a formidable excessive of $63 billion by the tip of the yr, ultimately main the SOL’s worth to its present all-time excessive of $259.

Jelle’s optimistic outlook implies the potential for even larger positive aspects this time. A surge from the present buying and selling worth of $141 to $600 would signify a exceptional 352% improve, surpassing the coin’s present worth.

Nonetheless, Solana faces speedy resistance simply above its present buying and selling worth at $143, a formidable barrier that has confirmed difficult for the token over the previous six days.

The following targets are the 200-day Exponential Transferring Common (EMA) and the $150 resistance stage. The 200-day EMA has served as an important assist stage for the token over the previous six months, contributing to its worth appreciation within the first quarter of this yr, reaching a yearly excessive of $210 on March 18.

Regaining the 200-day EMA can be crucial for Solana Bulls, as it could place the token to focus on and surpass its subsequent impediment at $170.

Market Cap Sees Double-Digit Decline

Delving into key monetary metrics to gauge Solana’s blockchain efficiency and worth correlation, Token Terminal knowledge exhibits that Solana’s totally diluted market capitalization is $80.78 billion. Nevertheless, this determine represents a decline of 11.9% over the previous 30 days.

Associated Studying

The circulating market capitalization of Solana, which considers the variety of tokens actively buying and selling available in the market, at present quantities to $64.54 billion. Just like the totally diluted market cap, this metric has skilled an 11.4% lower in worth over the previous 30 days, together with SOL’s worth.

Nevertheless, regardless of the latest market dip, Solana’s token buying and selling quantity over the previous 30 days has remained comparatively steady, with a buying and selling quantity of $77.37 billion, indicating continued curiosity from bullish buyers.

Featured picture from DALL-E, chart from TradingView.com

Bitcoin

Expert Reveals 7 Top Solana Meme Coins To Watch Amid ETF Approval Hopes

July 9, 2024 RecentlyHeard Leave a comment

Solana-based meme cash have emerged as notable contenders within the crypto market, outperforming the biggest cryptocurrencies akin to Bitcoin (BTC) and Ethereum (ETH) in current months.

With cash like Bonk Inu (BONK) hovering almost 7,000% year-to-date, the potential approval of Solana ETFs filed by asset managers VanEck and 21Shares in the US, is seen as a possible catalyst for these tokens, based on market professional Leshka.

In a current evaluation, Leshka defined that Solana memes have grow to be the dominant narrative of this market cycle, elevating expectations for his or her potential development following a possible Solana ETF market approval by the US Securities and Trade Fee (SEC).

High Solana Meme Cash To Watch

Leshka began by depicting cat-based meme coin POPCAT, which has recorded a 55% worth improve prior to now two weeks.

At the moment buying and selling at $0.448, POPCAT is the 4th largest meme coin on Solana with a market capitalization of $441 million. Leshka considers it one of the vital related mid-cap memes on Solana, highlighting a “sturdy neighborhood” regardless of missing intrinsic worth.

Associated Studying

Subsequent, Leshka highlighted the MICHI token, one other cat-based meme coin within the Solana ecosystem. Based on the analyst, the upcoming launch of MichiSwap, Michi non-fungible tokens (NFTs), and the Michi NFT Market may catalyze additional worth will increase for MICHI within the coming months.

Bonk Inu, one other meme coin that has gained important consideration in current months, was additionally talked about by the analyst, which has recorded a 20% worth improve prior to now fourteen days, at the moment buying and selling at $0.00002413.

Leshka highlighted how Bonk Inu, which initially supported the Solana neighborhood, has expanded its consumer base and built-in into decentralized finance (DeFi), cross-chain messaging protocols and NFT marketplaces as key to its development prospects, positioning Bonk Inu as one other meme coin with the potential for additional features.

Political Meme Cash

Shifting on, Leshka spotlighted Dogwhifhat (WIF), at the moment the highest Solana-based meme coin out there cap, which has gathered over $1.6 billion in report time.

Leshka believes that Dogwhifhat “symbolizes progress in futuristic transactions” and is a beacon for “forward-thinking people.” Nonetheless, the token has recorded a steep worth drop within the month-to-month timeframe of almost 40%.

Lastly, the analyst highlighted political memes primarily based on the Solana ecosystem, particularly these associated to US politicians, which have gained important traction because the upcoming November elections strategy.

Leshka famous OBEMA, a meme coin that includes Michelle Obama, as a “dangerous play” missing inherent worth or anticipated monetary achieve. Nonetheless, the analyst identified the potential for a 10x-20x return if Joe Biden have been to depart the presidential race.

Leshka additionally talked about BODEN, a meme coin that includes Joe Biden. Though its recognition has waned, an “sudden occasion” within the race for the White Home may give it a remaining increase, particularly if the president manages to win the election in November.

Solana’s native token SOL was buying and selling at $138.70 when writing, down over 13% month-to-month, however up 540% year-to-date.

Featured picture from DALL-E, chart from TradingView.com

Bitcoin

Solana Meme Coins Outperform Ethereum 800% YTD

July 5, 2024 RecentlyHeard Leave a comment

Within the first quarter of the yr, Solana-based meme cash have emerged because the frontrunners, surpassing Ethereum’s meme coin ecosystem and synthetic intelligence (AI) tokens, in line with a latest report by market information platform CoinMarketCap.

This shift in recognition signifies a change in dynamics inside the cryptocurrency market, with meme cash gaining traction and difficult beforehand dominant narratives corresponding to good contracts, decentralized finance (DeFi), and non-fungible tokens (NFTs).

Solana Ecosystem Dominates Development Chart

The CoinMarketCap report highlights that the Solana ecosystem has persistently topped the expansion chart for the previous eight months, with over 20 new tokens launched in Q2 alone.

Ethereum’s ecosystem adopted carefully behind with 14 new tokens, whereas Derivatives and Stablecoins witnessed comparatively lesser progress with 5 and 4 new tokens, respectively. This surge in Solana-based token choices signifies a rising curiosity within the community and its potential.

Associated Studying

Solana’s meme coin ecosystem, specifically, has gained important momentum in value efficiency and recognition since October 2023. Though Ethereum stays the dominant blockchain, Solana’s rising prominence suggests a noteworthy pattern within the crypto house.

Apparently, SOL memes have considerably outperformed ETH memes, delivering a median return of 8,469% in comparison with 962% for Ethereum, as seen within the chart under.

Prime Solana and Ethereum meme cash winners. Supply: CoinMarketCap

As “speculative capital” from different chains rushed into Solana, attracted by the explosive rallies of tokens like dogwifhat (WIF) and Bonk Inu (BONK), extra meme cash skilled value surges, attracting extra consideration and capital.

The highest winners within the meme coin house embrace the cat characters MEW, POPCAT, and E book of Meme (MEME). These tokens have outperformed even the most well-liked ones like WIF, BONK, Ethereum’s Pepe coin (PEPE), and Shiba Inu (SHIB).

Notably, political memes additionally emerged as a preferred subcategory, with the main MAGA (TRUMP) meme coin gaining over 5100% year-to-date, largely resulting from vocal help for crypto from former President Donald Trump and the acceptance of crypto for marketing campaign donations.

Ethereum Tops Payment Earnings Rankings

Regardless of Solana’s important beneficial properties, Ethereum continues to dominate the Layer 1 (L1) good contracts market, representing 62.11% of the foremost L1s. The report notes that Ethereum’s latest milestone was propelled by the SEC’s approval of Ethereum Spot ETFs.

Nevertheless, Binance Sensible Chain (BNB) and Solana have additionally gained traction, including $42 billion and $18 billion to their market share amongst L1 networks. Solana at the moment leads with over 1.6 million energetic every day addresses, adopted by BNB with 1 million energetic addresses.

Associated Studying

In Q2, Ethereum skilled document low fuel charges, reaching ranges not seen since 2020 because of the rising adoption of Layer 2 options and the market pleasure surrounding Solana-based meme cash.

Regardless of representing 62% of the market cap amongst main L1s, Ethereum accounted for 70% of the every day income, producing roughly $2.7 million. Solana ranked second with round $900,000 in every day income.

In accordance to Lookonchain, Ethereum topped the payment earnings rankings previously yr with $2.728 billion, adopted by Bitcoin with $1.302 billion.

Different notable networks embrace Tron ($459.39 million), Solana ($241.29 million), Binance Sensible Chain ($176.56 million), Avalanche ($68.83 million), zkSync Period ($59.77 million), Optimism ($40.4 million), and Polygon ($23.91 million).

Regardless of each platforms experiencing success in varied monetary metrics and progress charts, Solana’s native token, SOL, has considerably outperformed Ethereum’s ETH token.

As of the present buying and selling value, SOL is valued at $143.25, showcasing a year-to-date progress of 650%. ETH has seen a extra modest surge of 68% throughout the identical time-frame, at the moment buying and selling at $3,310.

Featured picture from DALL-E, chart from TradingView.com

Bitcoin

Solana Price Braces For Potential Crash Below $100 Amid Investigation Rumors

June 25, 2024 RecentlyHeard Leave a comment

The Solana value has skilled a pointy decline over the previous month in keeping with the broader market correction, intensifying issues as rumors of a possible investigation into the favored blockchain platform have lately surfaced.

Regulatory Storm Brewing?

In a social media submit on X (previously Twitter), market knowledgeable Crypto Bitlord, who has a substantial following of over 300,000 folks, hinted at a rumored investigation into Solana. The submit learn:

We’re listening to rumors that SOL is underneath investigation and an enormous case is about to be made public. This has been brewing for weeks and couldn’t come at a worse time.

Associated Studying

Whereas no particular particulars concerning the jurisdiction or company conducting the alleged investigation into Solana have been disclosed, the US has been on the forefront of an ongoing crackdown on the cryptocurrency trade because the collapse of the FTX crypto change in late 2022.

The aftermath of the FTX incident resulted in a collection of lawsuits and expenses in opposition to varied trade executives. Notable figures like Binance’s former CEO Changpeng Zhao (CZ) and Coinbase have confronted authorized scrutiny.

A comparable state of affairs will be drawn with XRP and Ripple, as they’ve been engaged in a posh authorized showdown over the sale of the digital asset.

For Crypto Bitlord, who has contributed to tasks reminiscent of Shiba Inu (SHIB), Floki Inu (FLOKI), and Pepe Coin (PEPE), the potential influence on the Solana value is critical. In response to skeptical feedback, Bitlord warned, “Don’t cry when SOL is $3 once more.”

Nonetheless, till additional information emerges concerning the alleged investigation, these statements stay speculative. Solana’s founders have made no official statements concerning these rumors.

Solana Value Evaluation

The Solana value has skilled important losses throughout varied time frames, with declines of over 9%, 18%, and 22% prior to now seven, fourteen, and thirty days, respectively. Nonetheless, regardless of the downward pattern, buying and selling quantity for SOL has remained sturdy, surpassing $2.8 billion prior to now 24 hours alone, in accordance with CoinGecko knowledge.

Digital asset funding agency CoinShares reported notable inflows into varied altcoins following the latest value weak spot, with Solana seeing inflows of over $2.7 million. This means that regardless of the value decline, some traders see potential worth in SOL and are strategically coming into the market.

Associated Studying

Nonetheless, the Solana value faces a essential check because it approaches essential assist ranges. At present, SOL is buying and selling simply above a four-month assist degree at $127, which marked the uptrend when the Solana value reached a yearly peak of $210 in mid-March.

If promoting stress intensifies and this assist is damaged, SOL may retrace right down to $117, representing the token’s subsequent important mid-term assist degree.

Different assist partitions for SOL within the occasion of a sustained bearish transfer are on the $109 and $102 ranges. These ranges must be watched intently by bullish traders seeking to forestall Solana from falling beneath $100.

Solana price — The every day chart exhibits SOL’s value trending downwards. Supply: SOLUSD on TradingView.com

Featured picture from DALL-E, chart from TradingView.com

Bitcoin

Over 1 Million New Crypto Tokens Launched Since April

May 16, 2024 RecentlyHeard

The crypto neighborhood created over a million tokens throughout all chains up to now month, with Solana and Ethereum main the crypto token frenzy. In keeping with Coinbase’s director, these numbers doubled the tokens created in Ethereum between 2015 and 2023.

Associated Studying

Over 22,000 New Crypto Tokens Created Every day

Coinbase’s director Connor Grogan shared on X that 1 million tokens have been launched since April 1, 2024. The tokens created within the Ethereum Community account for 36% of the overall quantity, with 372,642 tokens launched up to now month and a half.

In keeping with Dune Analytics, 327,553 tokens, round 88% of the overall, have been launched on the Layer-2 blockchain Base. The surge was seemingly propelled by the memecoin frenzy that has taken over this cycle.

The creation of tokens has exponentially elevated since April. Supply: Dune Analytics

Moreover, Ethereum and Arbitrum noticed a considerably smaller variety of new crypto tokens launched, with 21,474 and 19,284 new tokens, respectively.

Nevertheless, Solana took the crown after seeing the creation of 643,227 tokens since April 1. Out of these, 464,563 are memecoins, per Dune Analytics. Furthermore, Grogan highlighted that Solana registers a median of 20,000 new tokens every day.

As reported by Solana Ground, on Monday, the blockchain reached a brand new all-time excessive (ATH) in newly created tokens, with 23,000. This could possibly be attributed to the market pump propelled by the return of famend crypto dealer Roaring Kitty. Since his comeback to social media, a number of new memecoins have been created, and the highest ones have surged.

🚨 BREAKING: Over 23K New SPL Tokens created on @solana within the final 24 hours, a brand new all-time excessive. pic.twitter.com/cn4ARy0KwC

— SolanaFloor | Powered by Step Finance (@SolanaFloor) May 14, 2024

The crypto neighborhood reacted to the astonishing numbers, with many expressing issues. One consumer identified that almost all of those tokens are “simply spam to farm sniper bots.” He alleged that some individuals launch tokens “simply to rug pull bots that auto-bought.”

One other consumer playfully added, “The ethical of the story is don’t purchase initiatives created after February 2024.” This yr, buyers have seen many undertaking launches promising large returns. As an alternative, buyers have suffered rug-pull and different scams.

Overabundance Of Altcoins?

On the finish of April, DeFi researcher and Web3 investor Thor Hartvigsen pointed out that whereas solely 4 months into the yr, the market had seen an enormous improve within the provide of altcoins.

Consequently, this improve accounted for $8.6 billion in extra liquid provide injected into the market. Hartvigsen added that crypto initiatives will unlock $70.5 billion through the years, with many tokens launched in 2023 “additionally unlocking this yr with many cliffs ending.”

Furthermore, the market observer highlighted that the typical float in market capitalization and totally diluted valuation (FDV) for the tokens launched in Q1 2024 was simply 13.6%.

To him, that is solely “the tip of the iceberg,” because the crypto market will proceed to be flooded with new provides and tokens. He provided a listing of classes he believes will see the best variety of new tokes this yr.

His record included Modular Infrastructure protocols, Liquid Restaking Tokens (LRTs), Bridges and Cross-Chain Messaging options, and Perpetual Decentralized Exchanges (DEXes).

Associated Studying

On Tuesday, DeFi researcher Ignas shared a listing based mostly on the just lately launched low-float tokens shared by Hartvigsen. In keeping with him, these tokens are down by 63.6% on common.

In keeping with the researcher, tokens like JUP, ONDO, and STRK have registered a 49.2%, 30.5%, and 74.2% lower from ATH costs.

crypto, TOTAL — The overall crypto market capitalization is at $2.28 trillion, in line with the weekly chart. Supply: TOTAL on TradingView

Featured Picture from Unsplash.com, Chart from TradingView.com

Bitcoin

Eclipse And Neon EVM Drive Solana-Ethereum Integration For Blockchain Interoperability

May 3, 2024 RecentlyHeard

Layer 2 (L2) blockchain Eclipse and developer-oriented bridge Neon EVM have shaped a brand new collaboration to implement adjustments within the blockchain panorama, rising interoperability and scalability with the combination of Ethereum (ETH) and Solana (SOL).

Aiming to mix the capabilities of each blockchains, Eclipse has consolidated the compatibility between the Ethereum Digital Machine (EVM) and the Solana Digital Machine (SVM) by deploying Neon Stack.

Solana And Ethereum Integration

The first goal of this collaboration is to combine Solana’s transaction dealing with capabilities, which might course of hundreds of transactions per second, into Ethereum.

This integration will probably be facilitated by Neon Stack, a standardized growth stack that allows good contract builders to realize Ethereum Digital Machine compatibility on Solana Digital Machine-based blockchain networks. Eclipse plans to leverage Neon Stack on its SVM L2 to facilitate this integration.

The Neon Stack consists of Neon EVM good contracts and Neon Proxy. It has been stay on the Solana mainnet since July 2023. It has deployed quite a few Ethereum-native Solidity decentralized functions (dApps), together with decentralized finance (DeFi), gaming, and decentralized exchanges (DEXs), on Solana from its present codebase.

Neon EVM-Eclipse Partnership For Cross-Chain Improvement

Davide Menegaldo, Chief Industrial Officer (COO) of Neon EVM, expressed enthusiasm for Neon Stack and the collaboration, stating:

With Neon Stack, we’re paving the best way for high-performance, scalable dApps infrastructure that transcends the constraints of conventional blockchain architectures and redefines computational effectivity. We’re happy to see Eclipse as the primary trade accomplice to make the most of the Neon Stack.

Alternatively, Neel Somani, founding father of Eclipse Labs, the corporate behind the event of the Layer 2 blockchain, additionally emphasised the significance of the partnership, saying:

Our collaboration with Neon Stack allows builders to seamlessly deploy their dApps from EVM chains to Eclipse, additional strengthening the harmonization between Solana and Ethereum. Solidity builders who want to construct on a high-performance L2 that leverages the strengths of the SVM can lastly achieve this.”

Apparently, the Ethereum ecosystem hosts over 13,000 dApps, with solely a small fraction, 0.4%, cross-chained with Solana. This collaboration between Neon EVM and Eclipse may additionally present additional alternatives for builders to construct new dApps with the brand new integration.

In sum, it’s believed that builders will be capable of construct superior dApps that leverage the options of Ethereum and Solana, together with their respective native ecosystems and digital machines, by leveraging the design of the NEON Stack and Eclipse.

As of the present replace, the native token of NEON EVM, NEON, is buying and selling at $1.0135. It has proven a 2.6% restoration over the previous 24 hours, aligning with the general constructive motion within the cryptocurrency market. Nevertheless, through the previous 7 days, the token has witnessed a worth decline, experiencing a virtually 8% drop.

Featured picture from Shutterstock, chart from TradingView.com

Disclaimer: The article is offered for academic functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your personal analysis earlier than making any funding choices. Use data offered on this web site completely at your personal danger.

Bitcoin

Solana Projected To Reach $500 This Year Despite Market Meltdown, Expert Predicts

May 1, 2024 RecentlyHeard

Solana (SOL), presently ranked because the fifth largest cryptocurrency with a market capitalization of $56 billion, has skilled a major decline amid the current market meltdown affecting the digital asset area.

Over the previous 24 hours, SOL has witnessed an 8% drop, reflecting the broader market downturn. Regardless of this setback, specialists imagine that if the cryptocurrency maintains assist above the $120 worth degree, it holds notable potential for a powerful worth restoration within the coming months.

Bullish Worth Outlook And Key Help Ranges To Watch

After reaching a yearly excessive of $209 on March 18, SOL’s present buying and selling worth is $124. Nevertheless, in response to crypto market specialists, SOL nonetheless has a promising outlook.

Altcoin Sherpa, a famend analyst, suggests that if the altcoin market continues to say no, the $120 worth degree could turn out to be an space of great curiosity for SOL.

Altcoin Sherpa maintains a bullish sentiment, strongly believing that SOL can doubtlessly exceed $500 this yr. Such a surge would signify a major 300% worth enhance from present ranges, constructing upon the spectacular 426% year-to-date worth development.

It’s value noting that this projection is almost double SOL’s earlier all-time excessive (ATH) of $259, reached over the last crypto market bull run in November 2021.

Along with the analyst’s deal with the $120 worth mark, different main resistance ranges for SOL have been recognized. These embrace $110, $102, and the essential long-term assist degree at $74, representing SOL’s uptrend construction over the previous six months.

Solana Dominates Blockchain Buying and selling Quantity

In keeping with a current CoinGecko report, Solana has secured its place because the second-largest blockchain by buying and selling quantity, commanding a considerable 21.3% market share in March 2024.

The blockchain platform skilled a notable month-to-month development of 244.8%, with buying and selling quantity surging to $40.05 billion, a major enhance from $11.61 billion in February.

Solana’s efficiency within the first quarter of 2024 was equally important. It accounted for 14.4% of all decentralized trade (DEX) buying and selling quantity, totaling $62.31 billion.

This represents a quarter-on-quarter (QoQ) development of 242.7% in comparison with the earlier quarter’s quantity of $18.18 billion. Regardless of robust development, Solana’s market share in the identical quarter ranked fourth, trailing behind Binance Good Chain (BSC).

In keeping with CoinGecko, Solana’s buying and selling quantity has been drastically bolstered by a number of components. Firstly, the doubling within the worth of Solana’s native token, SOL, has attracted elevated consideration and buying and selling exercise on the platform.

Moreover, the community has witnessed giant airdrops from tasks equivalent to Jito (JTO) and Jupiter (JUP), additional fueling buying and selling quantity. Furthermore, the surge in memecoins on the Solana community has considerably contributed to its buying and selling quantity.

Notably, the launch of Guide of Memes (BOME) in March proved profitable, because it achieved a market capitalization of $1 billion inside two days. BOME additionally secured listings on crypto exchanges like Binance and Bybit, additional amplifying buying and selling exercise on Solana.

Featured picture from Shutterstock, chart from TradingView.com

Disclaimer: The article is offered for instructional functions solely. It doesn’t signify the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your personal analysis earlier than making any funding selections. Use data offered on this web site fully at your personal danger.

RecentlyHeard USA: Your quick and reliable source for the latest news and stories across the United States. Stay informed with our timely updates on national headlines, politics, and impactful narratives.