Solana's market capitalization hits a new record, SOL price surges 25% in the month.
Solana's market cap reaches a milestone of $81 billion, officially surpassing its previous high set back in November 2021.
Market cap of Solana hits new record, SOL price up 25% in the month. Image: CoinDesk
Amidst the rapid growth of the cryptocurrency market, Solana stands out with significant developments.
The number of active wallet addresses on its network has reached an unprecedented level, with over 738,040 wallets created daily, according to data provided by The Block.
Simultaneously, Solana's (SOL) market capitalization has just established a new high at $81.1 billion. The previous peak market cap Solana touched was approximately $77.9 billion back in November 2021.
Solana's market cap has increased by more than 24% over the past week. Source: CoinMarketCap
For several days now, SOL has consistently appeared on the top gainers' list in the crypto market. Its price has risen more than 10% in the last 24 hours and surged nearly 60% over the month. At the time of reporting, SOL is trading at $178 per token and remains significantly below its all-time high of $259.96 reached during the previous bull season. However, SOL is currently correcting downwards along with the broader market downturn.
1-hour chart of SOL/USDT pair on Binance at 10:15 AM on March 15, 2024
What has caused this blockchain to become more active than before? Many believe the emergence of memecoins has acted as a catalyst for Solana's upward trajectory. Several memecoins within its ecosystem have shown significant growth in recent days. Notably, dogwifhat has surged by 20%, Popcat by 35%, and Bonk by 10%.
Highlighted memecoins on Solana. Source: CoinGecko
Moreover, Bonk and dogwifhat, despite being based on Solana, have become the first non-Ethereum memecoins to achieve billion-dollar market caps, largely due to their accessibility and nature.
