Blockchain News

Solana Re-enters Top 10 Digital Asset With Impressive 135% Rally

According to CoinMarketCap data, Solana flipped Polygon on January 15 to become the tenth largest crypto asset by market cap, following a seven-day boom that saw it soar by more than 70%.

Following FTX’s demise in November, SOL’s price performance suffered as a result of its partnership with Sam Bankman-Fried. Positive attitudes appear to have returned to the digital asset, as it has gained around 135% since the beginning of this year, making it one of the best-performing cryptocurrencies in 2023.

At the height of the panic, Solana was trading for as little as $9, and two of its top NFT projects abandoned it in favour of other blockchain networks.

However, its tremendous price performance over the last two weeks has more than quadrupled its worth to $23.34 at the time of publication. It has re-entered the top ten digital assets by market cap as a result of its spectacular surge.

Solana’s market worth increased from $5 billion to almost $9 billion in the last seven days, according to CoinMarketcap data.

Mamba, the co-founder of a gaming project on Solana, stated that the network followers’ devotion has been repaid as SOL gained 165% in 15 days. Mamba believes that SBF’s departure was beneficial to the blockchain, and that the network’s technology is advancing.

According to Messari data, Solana’s active wallet has increased more than threefold since FTX’s demise in November. According to Delphi Digital research, decentralised exchanges on Solana DEXs have witnessed an 83% increase in total active wallets since the start of 2023.

Delphi Digital reports that the total number of active wallets on Solana has climbed to 83,000 from over 45,000 every day.

As previously reported by BeinCrypto, Solana’s rising wallet numbers coincided with the emergence of a new memecoin, Bonk Inu, within its ecosystem. The memecoin increased by more than 130%, reviving interest in the ecosystem. However, it has dropped by more than 38% in the last seven days.


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