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- The development activity of Solana has increased.
- Developers are putting in more effort to improve the blockchain.
Solana seemed to have the best first week of any top-twenty coin this year. $SOL has recovered remarkably after falling more than 41% in the wake of the FTX debacle. Solana was formerly a favorite of Sam Bankman-Fried and was reportedly dubbed an “Ethereum killer.” The current $SOL price is $16.17, and there has been $1,167,814,860 worth of trades in the past 24 hours as per CoinMarketCap.
Solana Based Meme Coin Also Got Noticed
The increase last week was brought on by the launch of the $BONK coin, an alternative to SHIB that was developed by Solana developers with a Shiba Inu theme. Even though the launch party was short-lived, $BONK nonetheless surpassed all other significant cryptocurrencies for the week. As per reports, $SOL’s market indicators were also bullish, implying that the rally will continue in the coming days.
Solana is a layer-1 proof-of-stake blockchain network that enables programmers to build non-fungible currencies and decentralized finance apps (DeFi) (NFTs). $SOL’s price fluctuated between $0.50 and $1.50 for the rest of the year after its launch in March 2020. Then, during the 2021 crypto bull run, $SOL became one of the top-performing assets, with its price reaching $55.91 by May 2021. $SOL’s price fell as low as $23.49 in July 2021. But it rose again in the second half of the year, reaching an all-time high of $258.93 in November 2021.