Solana defies overall market trend to hit new all-time high market cap
Solana defies total market model to hit unique all-time high market cap Solana defies total market model to hit unique all-time high market cap
Solana's market cap has hit a anecdote high of $80 billion, however the value per token is serene trading far below its all-time high.
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Solana (SOL) broke unique ground on March 15 after an 11% rally introduced its market capitalization to a brand unique all-time high of $82.5 billion at a impress of $186.77 per token despite the total downtrend, which saw the market contract by 4%.
This fulfillment surpasses its prior height market cap of roughly $77.9 billion â noticed in November 2021 at its all-time high of $259.96 â signaling solid investor self assurance and a rising ardour in the digital asset.
SOL was trading at $181.35 as of press time â up 9.29% at some stage in the final 24 hours, with a market cap hovering fair above $80 billion, per CryptoSlate records.
Sol ecosystem thriving
Adding to Solana’s impressive week, the community saw a anecdote-breaking selection of most modern addresses, with a day to day moderate of 738,040 unique addresses based on a seven-day intelligent moderate.
This uptick in unique addresses highlights the rising neighborhood and ardour in the Solana ecosystem, which saw a green day of trading, with most tokens recording well-known beneficial properties.
DEX native tokens â including Raydium and the lately launched Jupiter and Jito â saw double-digit beneficial properties at some stage in the final day.
RAY and JUP were up extra than 30%, while JITO recorded beneficial properties 10%.
Meanwhile, the largest Solana-based memecoins like WIF and BONK saw a drawdown mimicking the wider market as traders grew to grow to be to smaller cap tokens on DEXs amid renewed memecoin frenzy.
Memecoin fever
The present enthusiasm surrounding Solana is basically fueled by the shiny trading exercise associated to newly launched memecoins on the community following a dramatic surge in memecoins this twelve months.
Mighty beneficial properties were noticed in memecoins like Dogwifhat, Popcat, and Bonk, which have posted beneficial properties ranging from 117% to 554% at some stage in the final 30 days. This surge in memecoin exercise has drawn powerful attention to Solana, highlighting its utility and rising relevance in the crypto condominium.
The appeal of memecoins on the Solana community has been attributed to their accessibility and entertainment value. The model shows a broader ardour in intriguing with the crypto market in a fun and accessible procedure.
Solana Market Info
On the time of press 8:04 pm UTC on Mar. 15, 2024, Solana is ranked #5 by market cap and the value is up 12.67% at some stage in the final 24 hours. Solana has a market capitalization of $81.7 billion with a 24-hour trading volume of $13.84 billion. Be taught extra about Solana ›
Crypto Market Summary
On the time of press 8:04 pm UTC on Mar. 15, 2024, the whole crypto market is valued at at $2.6 trillion with a 24-hour volume of $201.84 billion. Bitcoin dominance is currently at 51.88%. Be taught extra concerning the crypto market ›
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Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. That specialise in monetary journalism, he now focuses on crypto reporting.
News Desk
CryptoSlate is a comprehensive and contextualized source for crypto info, insights, and records. Focusing on Bitcoin, macro, DeFi and AI.
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Solana is a high-efficiency blockchain platform that utilizes a definite consensus algorithm called “Proof of History” to form quick transaction speeds and low bills.
Bonk is the first Solana canine coin for the folks, by the folks with 50% of the whole present airdropped to the Solana neighborhood.
Raydium is an automatic market maker (AMM) and liquidity provider constructed on the Solana blockchain for the Serum decentralized replace (DEX).
Jito Community enhances the Solana ecosystem with its JitoSOL liquid staking resolution and a fluctuate of MEV (Maximum Extractable Cost) choices.
Jupiter (JUP) is a blockchain that operates on a Java-coded platform.
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