Solana Breaks All-Time High Market Cap
Solana (SOL) surpassed its previous peak market capitalization on March 15, reaching a new all-time high of $82.5 billion at $186.77 per token. Despite a 4% market contraction, SOL’s price hike signals strong investor confidence in the digital asset.
Currently trading at $181.35, SOL has seen a 9.29% increase over the past 24 hours, with a market cap just above $80 billion according to CryptoSlate data.
Sol Ecosystem Thriving
The Solana network experienced a surge in new addresses, averaging 738,040 new addresses daily. This uptick reflects a growing community and interest in the Solana ecosystem, leading to a positive day of trading with significant gains in DEX native tokens such as Raydium, Jupiter, and Jito.
RAY and JUP surged over 30%, while JITO saw a 10% increase in value. However, memecoins like WIF and BONK faced a downturn as investors explored smaller cap tokens on DEXs.
Memecoin Fever
The recent excitement around Solana can be attributed to the vibrant trading of newly launched memecoins on the network amid a surge in memecoin popularity. Memecoins like Dogwifhat, Popcat, and Bonk have seen impressive gains ranging from 117% to 554% in the past 30 days, drawing attention to Solana’s utility in the crypto space.
The accessibility and entertainment value of memecoins on Solana have contributed to their appeal and the broader interest in engaging with the crypto market in an entertaining manner.
The original article Solana defies overall market trend to hit new all-time high market cap was first published on CryptoSlate.
