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Solana recorded 58% increase in second week of 2023


Solana is doing quite well in 2023 after declining by more than 80% the previous year. CoinGecko reports that the price of SOL has increased by more than 58% in the most recent week to reach $23.70, more than doubling this month.

The formerly well-known “Ethereum killer” experienced its largest trading volume since the week of the catastrophic collapse of cryptocurrency exchange FTX, which in November brought down Solana and the majority of the crypto market.

Solana has made a significant comeback

According to CoinGecko data from less than a month ago, SOL finished the year down 94%, hit a two-year low of $8.17, and dropped out of the top twenty coins.

Now, Solana briefly removed Polygon MATIC off the list of the top 10 cryptocurrencies by market cap. Solana’s market capitalization surpassed $9 million on Saturday afternoon. Additionally, its price has increased since when FTX peaked. Over the weekend, Solana’s price increased by 21% in just one day.

BONK, a Solana-based meme token that generated a lot of excitement around Christmas and drove the price of SOL to its highest point in seven days at the start of the new year, contributed to recent good news for Solana. Coin collectors appeared pleased to welcome a new dog-themed coin to the market, joining Dogecoin (DOGE) and the Ethereum-based token Shiba Inu (SHIB).

In the first week of the year, BONK’s price increased by an astounding 3,300%, albeit only to $0.00000487, according to CoinGecko. BONK still has a market cap of $57 million even after a subsequent burn of five trillion tokens failed to keep its price rising and its price dropped by 69 percent last week. In fact, over the past two days, the price has increased by 20%.

Crypto Wireless Network Relocating to Solana

The fact that Helium will relocate to Solana could possibly play a role. When the news broke in September, SOL’s price increased somewhat while Helium’s native token’s value decreased. However, the Helium team, a distributed wireless network that rewards users with cryptocurrency tokens in exchange for sharing their home internet access, has come out in support of Solana’s long-term advantages.

Amir Haleem, CEO of Nova Labs, told Decrypt that actions can be taken and immediate results are obtained. He claimed that Solana’s much-lauded transaction speed will make it “quite a bit easier” to complete development projects.

About MahKa

MahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

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