Solana (SOL) briefly crossed the $200 mark on Sunday evening, marking solely the second time it has reached this threshold since 2021. This follows Solana decentralized trade (DEX) quantity just lately overtaking the amount noticed on Ethereum (ETH) DEXs.
The rally was short-lived, because the cryptocurrency retreated to round $190 on Monday. To set a brand new all-time excessive, Solana would wish to climb to roughly $260, based on knowledge from CoinGecko.
After months of stagnation following the collapse of FTX, Solana’s ecosystem has seen a resurgence in curiosity, pushed by airdrops and memecoin hypothesis. The cross-chain messaging protocol Wormhole is about to launch its W token, with a portion of the provision unlocking on the Solana blockchain. This anticipated airdrop has contributed to the elevated exercise on the community.
Airdrop allocation farming has performed a job within the regular progress of Solana’s DeFi ecosystem. The full worth locked in Solana’s DeFi protocols has been on an upward trajectory since mid-November, at the moment sitting at round $4.6 billion, as reported by DeFiLlama.
Solana has additionally skilled a major improve in stablecoin quantity, processing greater than $100 billion in USDT and USDC transfers on a number of days final week, based on knowledge from Blockworks Analysis.
Memecoins have turn out to be the newest development within the Solana ecosystem, with platforms like DEX Screener enabling customers to take a position on new tokens resembling Slerf. This phenomenon has sparked a debate inside the crypto neighborhood, with influential figures like Ethereum co-founder Vitalik Buterin weighing in on the aim and potential of memecoins.
Institutional curiosity in Solana rising
Institutional curiosity in Solana has additionally been on the rise. Grayscale’s Solana Belief (GSOL) has seen its market worth climb for 3 consecutive weeks, with its internet asset worth per share nearing its highest level because the product started buying and selling in April 2023.
Grayscale has additionally included Solana in its just lately launched staking fund, which goals to optimize staking rewards for traders. Different corporations, resembling 21Shares and VanEck, supply exchange-traded merchandise that present publicity to the Solana ecosystem.
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