With its sharp decline from a peak of over $260 in late 2021 to a low of roughly $8 in early 2023, the token powering Solana, a layer-1 blockchain that rivals Ethereum, has had some difficult times. But Solana has a redemptive arc, just as the character of any good film.
Are you aware of Solana price rise, know all about it
On Wednesday, Solana hit a high of $160, the most since January 2022. Based on market capitalization, it ranks as the fourth largest cryptocurrency (excluding stablecoins) after bitcoin, ether, and BNB, respectively. It has experienced a monthly increase of 44.8% and a yearly increase of over 676%, as per CoinMarketCap data.
In addition to its decentralized finance (DeFi) ecosystem and, more recently, developers’ capacity to produce memecoins on its chain more quickly than I can compose this article, the token’s blockchain is widely recognized for its NFT marketplace, which stands as the second largest by all-time sales volume at $5.2 billion.
Therefore, it is not unexpected that the token is experiencing growth and traction along with the blockchain.
In recent weeks, a number of politically motivated memecoins also gained traction, like jeo boden, doland tremp and the elizabath whoren, with market capitalizations of $71.8 million, $47.8 million and $8.8 million, respectively, at the time of publication.
