Bittime - The price of Solana briefly surpassed $200 on Sunday evening 03/31/2024, reaching that figure for the second time since 2021. However, the increase did not last long, with the price of SOL falling back to around $190 on Monday. Solana still needs to rise to around $260 to set a new record high, according to CoinGecko.
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Price Increase Post FTX Incident
After a period of stagnation following the collapse of FTX, Solana is back in demand towards the end of 2023. This increase in interest is driven by a combination of airdrops and the memecoin speculative trend. The Solana ecosystem will soon host another airdrop, with cross-chain messaging protocol Wormhole preparing to release their W token. Some of these tokens will be unlocked on the Solana blockchain.
Price Increase Followed by TVL Increase
The total value locked (TVL) of DeFi (Decentralized Finance) protocol Solana has seen a gradual increase since mid-November, currently standing at around $4.6 billion. This increase was likely driven in part by "farming" activity to obtain airdrop allocations, according to DeFiLlama.
Rising Solana Network Activity
The Solana network has also seen a significant increase in stablecoin volume recently. According to Blockworks Research, Solana processed more than $100 billion (around Rp. 1,000 trillion) in USDT and USDC transfers in the last few days.
Also Read Solana Blockchain Network Overwhelmed, Congested and Security Threats
The Explosion of Memecoin SOlana
However, memecoins are becoming the hottest trend in the Solana ecosystem. Platforms like DEX Screener have turned this low-cost layer-1 blockchain into a popular hub for newly launched token speculation, hoping to emulate the success of Dogecoin (DOGE).
Important figures in the crypto world, including Ethereum co-founder Vitalik Buterin, have recently responded to the memecoin phenomenon.
While some see it as a sign of moral impropriety in the crypto industry, others believe that memecoins represent the future of crypto marketing strategies.
Also Read How To Buy Crypto:
Interest from Institutional Investors
Solana is also attracting interest from institutional investors. Grayscale's Solana Trust (GSOL) has seen its market price rise over the past three weeks. GSOL's net asset value per share (NAV), which reflects the underlying value of each share, is currently near its highest point since the product began trading in April 2023. This is not Grayscale's only investment in Solana - their staking fund launched last month, including SOL is among the assets at stake.
21Shares and VanEck are just a few other companies offering exchange-traded products (ETPs) that provide exposure to the Solana ecosystem.
Current Price of Solana (SOL).
According to the current bittime market, the price of 1 SOL to IDR is at IDR 2,873,554 and has decreased by -8.48% in the last 24 hours.
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How to Buy Solana (SOL) on Bittime
You can buy and sell Solana (SOL) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Solana (SOL) is available on Bittime with the market pair SOL/IDR . To be able to buy SOL IDR at 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 Complete guide on how to buy Solana (SOL) on Bittime .
Monitor price chart movements for Solana (SOL), Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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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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