In terms of network activity, Solana outperformed Ethereum, and its prices shot above $200. The need for meme currencies based on Solana is probably going to be the main driver of both of these factors. According to reports, the same has gotten worse recently, driving SOL to $202.35 at the time this piece was written. When Solana was last observed, she was registering $3.52 billion in trading volume overall.
SOL’s prices have surpassed $200 for the first time since December 2021. Interestingly, it shows about 800% growth in the previous year.
It’s possible that the series began on March 14, 2024, when several investors indicated that they would like to include BOME in their portfolio. Abbreviation for Book of Meme, it gained such much traction that, in just 56 hours after its inception, it recorded a $1.45 billion market valuation. The token is currently trading at $0.01768 and has decreased by 3.975 during the past day. Still, it represents an increase of 1841.29% over the preceding seven days.
SPL tokens saw a notable increase as well. Soon, a lot of investors might want to book profits. Memes are much like everything else in the cryptosphere: they are erratic. Analysts predict that meme currencies will be more volatile in the future.
As a result, some losses were minimized before the year was out. Price variations are estimated by SOL Crypto. It might still be able to maintain the momentum of stability and credibility in the market.
A few whales have started to profit from the price increase. In the past two days, one user, known as BU6N2Z, is alleged to have staked 200K SOL tokens on Binance. At the time, their approximate value was $39.85 million. A total of 1.23 million tokens have been staked on the platform, and 387k tokens, valued at roughly $77 million, are in their wallet.
SOL’s price has increased 7.71% in the last day, which is in line with increases of 44.05% in the previous seven days and 800.59% in the previous year. Despite the token being priced at $202.28 at the time this article was written, the 24-hour volume is down 12.67%.
Investors booking profits could be the next step for SOL. In other words, they might try to book a profit by selling all or a portion of their holdings. Meme coins are more prone to value drops over time, which is the cause behind their increased volatility. Experts think that the increase in value is due to the FOMO phenomenon, in which a large number of investors purchase meme coins in an attempt to ride the current wave. They start losing the tokens for a loss later on when they notice the decline in value.
It is premature to conclude how Solana’s numbers will perform in comparison to Ethereum.
