In just the past day, the value of Solana’s native token (SOL) has increased by approximately 5%. This growth propelled its overall market capitalization to surpass $100 billion.
In the broader context of cryptocurrencies, the cost of Solcoin (SOL) escalated due to a general market shift. For instance, this movement propelled the price of Ripple (XRP) to a record high, increasing approximately 10% over the past day.
At the moment of writing, Solana’s SOL is experiencing an approximately 4.7% increase, with each token currently valued at roughly $206. This places Solana’s total market capitalization at approximately $100.2 billion. For a short while, this surge propelled SOL past Binance‘s BNB to become the fourth-largest digital currency by this measure. However, a subsequent adjustment undid this shift in rankings.
Over the past year, SOL is up by more than 130%.
After the fall of FTX in November 2022, the Solana network encountered major hurdles. Since key executives of the exchange, who were also strong supporters of Solana and held large amounts of SOL, were directly impacted by the collapse, it resulted in a steep drop of almost 70% in the price of Solana, due to widespread fear in the market.
The failure of FTX has sparked doubts about the lasting durability of the Solana network. It’s been calculated that around 20% of Solana-associated ventures have received financial backing from FTX or its related entity, Alameda Research.
On the other hand, there’s been a fresh wave of investor attention towards the Solana system. Notably, projects like Pump.fun and the decentralized crypto exchange Raydium have seen a significant increase in activity during the last couple of months.
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2025-01-16 19:20