On 21 Dec, Around 6 p.m. EST, Solana (SOL) hit a nearly 20-month high of $95.10, marking a nearly 40% increase in less than a week. The SOL hasn’t increased that much since April 2022. Trading volume in the platform’s decentralised exchanges (DEXs) increased by 33%, reaching a series high on 15 December.
Meme coins like BONK have also contributed significantly to the quality. With its recent 24 hr trading volume of $634 Million USD, BONK’s 7 day 24 hr trading volume rose to $1.93 Billion USD. Joe Lee, CEO and founder of DefiDive, highlighted the cash flow into Solana as a result of memecoin activity and also introduced tech-benefit trades with USDT, SOL, and BONK.
Yesterday, Solana’s market cap surpassed that of XRP, placing it in fifth place on CoinMarketCap. DefiLlama identifies Solana’s Total Value Locked growth and increasing demand from merchants holding SOL tokens as the key drivers for positive behaviour in general. Strong transactions, huge trading volumes and meme currency recognition all help make Solana a standout business in the cryptocurrency space.
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