Bittime - The price of Solana tokens, a layer-1 blockchain competitor to Ethereum, has bounced back after slumping.
After falling from a peak of $260 in late 2021 to $8 in early 2023, Solana has now shot to $160, its highest since January 2022.
Solana currently ranks as the fourth largest cryptocurrency (excluding stablecoins) by market capitalization, behind Bitcoin, Ether, and BNB.
CoinMarketCap data shows Solana's price increase of 44.8% in a month and 676% compared to last year.
High Activity on the Solana Blockchain
This price increase was driven by busy activity on the Solana blockchain. The blockchain is known for its second-largest NFT marketplace (based on all-time sales volume - $5.2 billion), a thriving DeFi ecosystem, and most recently, the ease of creation of memecoins by developers.
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Tren Memecoin
The memecoin trend is hitting the Solana blockchain . Since mid-December, Shiba Inu dog-themed tokens like Bonk and Dogwifhat have surged by 150% and 600% respectively in the past month.
The Dogwifhat community even managed to raise $700,000 in less than 4 days to display their token at the Las Vegas Sphere.
Also read: Dogwifhat Community (WIF) Raises Funds to Place Advertisements in Las Vegas
Not only dogs, cat-themed tokens such as Popcat are also festive. Popcat prices jumped fantastically by 3,205% in a month.
Additionally, political-themed memes such as “jeo boden” (Joe Biden), “doland tremp” (Donald Trump), and “elizabath whoren” (Elizabeth Warren) also attracted attention, with market caps reaching $71.8 million, $47.8 million respectively , and $8.8 million.
The general popularity of memecoins has also driven up the price of Solana. Coinbase, America's largest cryptocurrency exchange, even shared a guide on how to buy Solana memecoins on other platforms.
Also Read How To Buy Crypto:
Tren Airdrop
The project's token airdrop trend and the ease of use of Phantom Wallet, a popular crypto wallet in the Solana ecosystem, contributed to the rise in active Phantom Wallet users to more than 3 million per month (a 3-fold increase in a year).
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Why are Memecoins popular?
Although most memecoins have no real utility (Dogwifhat literally means "knitted hat dog"), interest in memecoins remains high.
Some people may hope to get rich quickly, while others are attracted to the unique community that has formed around memecoin.
Also Read Solana (SOL) Future & Solana ETF Predictions
However, keep in mind that rapid price increases are often followed by drastic drops. Investors must be careful and understand that not everything that looks attractive is worth much
Dear Beli Crypto from Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the Complete Guide on How to Buy Crypto at Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Read Also:
What is a Solana Virtual Machine (SVM)? Understanding the Core Technology Behind Solana
Get to know what Solana is, an Ethereum competitor
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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