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Solana Sets New All-time High Market Cap Against Market Downtrend
Solana (SOL) made significant strides on March 15 as it surged 11%, achieving a record-breaking market capitalization of $82.5 billion with each token priced at $186.77. This remarkable accomplishment occurred amidst a general market contraction of 4%.
This new high surpasses its previous peak market cap of around $77.9 billion, which was established in November 2021 during its all-time high of $259.96. This achievement underscores the robust investor confidence and a mounting interest in this digital asset.
Sol Ecosystem Flourishing
Further enhancing Solana’s impressive performance, the network witnessed an unprecedented influx of new addresses, averaging 738,040 new addresses daily based on a seven-day moving average.
This surge in new addresses underscores the expanding community and interest in the Solana ecosystem, with a majority of tokens recording substantial gains during a positive trading day.
- DEX native tokens like Raydium, Jupiter, and Jito experienced double-digit growth, with RAY and JUP surging over 30% while JITO saw a 10% increase.
- On the other hand, major Solana-based memecoins such as WIF and BONK mirrored the broader market downturn as investors shifted towards smaller cap tokens on DEXs amid renewed interest in memecoins.
Memecoin Craze
The current fervor surrounding Solana can be largely attributed to the vibrant trading activity related to newly launched memecoins on the network, following a significant upsurge in memecoins this year.
Memecoins such as Dogwifhat, Popcat, and Bonk have displayed impressive gains ranging from 117% to 554% over the past 30 days. This spike in memecoin activity has propelled Solana into the spotlight, showcasing its functionality and increasing relevance in the cryptocurrency realm.
The rising appeal of memecoins on the Solana network can be attributed to their accessibility and entertainment value, reflecting a broader trend of engaging with the crypto market in a lively and approachable manner.
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