In the last days of February, Solana value saw a sudden increase of 13%, reaching US$124. This rise was preceded by the meteoric rise of the meme cryptocurrency Dogwifhat (WIF), as well as a broader rally in the cryptocurrency market.
Market data, according to TradingView indicates that Solana is trading at $131.51, with a cumulative growth of 18% in the last 24 hours and an increase of 25% in the last week.
Despite these advances, the token price is still 50% below its all-time high reached in November 2021. The capitalization of the asset exceeds 54.5 billion dollars, placing it in fifth place in the cryptocurrency ranking. SOL’s daily trading volume increased by 214% in the last 24 hours, reaching US$6.7 billion.
As for the reason behind Solana’s price increase, lKey factors include overall cryptocurrency market momentum. The 28th of February, Bitcoin (BTC), industry leader, exceeded US$64,000, marking its highest level since November 2021. Although this rise resulted in losses worth $800 million for traders.
A memecoin and Solana
Additionally, much of the activity on the SOL network is linked to the rise of the meme cryptocurrency Dogwifhat (WIF). According to CoinGecko, the price of this memecoin it is up 11% in the last 24 hours and an impressive 147% over the week. Although it reached an all-time high of $0.8853, it experienced a 10% decline, settling at $0.797.
This token, with a logo representative of a dog in a hat, was launched in mid-December last year, and has since experienced growth of more than 50,000%. Furthermore, the market capitalization of memecoins has increased by 28.5%, reaching $33.5 billion.
In parallel, the total value locked (TVL) in Solana protocols has reached an annual maximum, amounting to 2.4 billion dollars according to DefiLlama. Numerous decentralized sites on the SOL blockchain are showing positive dynamics.
This panorama contrasts with the end of last year, when the price of SOL exceeded $110 for the first time in a year and a half. On that occasion, the increase was also driven by a marked interest in meme cryptocurrencies, as well as increased activity in the decentralized finance (DeFi) sector.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
