UPDATED: March 14, 2024, 9:36PM EDT
Solana SOL
+10.98%
cryptocurrency’s market capitalization reached an all-time excessive of $81.1 billion on Friday morning in Asia, in accordance with The Block’s Worth Web page. The market cap’s earlier excessive was round $77.9 billion in November 2021.
The value of Solana rose by 10% up to now 24 hours to $183.55 at round 9:30 a.m. Hong Kong time, whereas its all-time excessive value of $259.96 — recorded in November 2021 — stays distant.
Memecoin-driven exercise
“It’s memecoin-led chain exercise that’s driving SOL up,” Benjamin Stani, director of enterprise improvement at Matrixport, instructed The Block. Solana blockchain-based memecoins have excelled within the markets up to now day — Dogwifhat jumped 20%, Popcat surged 35%, and Bonk added 10%.
Stani stated that Solana-based Bonk and Dogwifhat are the primary non-Ethereum meme tokens that hit billion-dollar market capitalization. “It implies that there’s clear utilization for Solana, and the talk about non-EVM chains not being related, I feel, is clearly settled,” Stani added.
Colosseum Co-founder Clay Robbins beforehand instructed The Block that memecoins are “having a second” on Solana as they’re enjoyable and accessible.
Earlier this week, Solana community up to date its report for the every day variety of new addresses on the blockchain. The variety of every day new addresses, primarily based on a seven-day transferring common, reached 738,040 on Wednesday, in accordance with The Block’s Knowledge Dashboard.
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About Writer
Danny Park is an East Asia reporter at The Block writing on subjects together with Web3 developments and crypto rules within the area. He was previously a reporter at Forkast.Information, the place he actively coated the downfall of Terra-Luna and FTX. Based mostly in Seoul, Danny has beforehand produced written and video content material for media corporations in Korea, Hong Kong and China. He holds a Bachelor of Journalism and Enterprise Advertising and marketing from the College of Hong Kong.