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Solana’s Largest Meme Coin Hits The Vegas Strip

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Solana’s newest memecoin star, Dogwifhat [WIF], is set to make an appearance on the iconic Vegas Sphere after successfully raising $681k in just three days. WIF’s price and market cap have grown by leaps and bounds, with more investors and traders betting on the token’s popularity. The price reached an all-time high, making it the largest meme coin on the Solana blockchain.

WIF’s rapid ascent has sparked conversations about its evolving beyond the realm of meme-based cryptocurrency and transitioning into a more serious contender in the world of alternative digital assets, or altcoins.

Dogwifhat is leveling up! From meme to might, it now hits a $3 billion cap. With its mascot set to dazzle Las Vegas’ Sphere, is WIF shedding its meme status for altcoin fame?

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Solana's Largest Meme Coin Hits The Vegas Strip 2

Sporting an image of a dog donning a hat as its logo, the project claims to be “the most sophisticated meme coin ever made. In contrast to Dogecoin, which operates on its proprietary blockchain, dogwifhat leverages Solana’s fast and scalable chain, thus facilitating smart contracts and decentralized applications. WIF harnesses SOL functions such as lower charges attached to transactions, large scale, and seamless interoperability with other blockchains, ensuring a smooth trading experience for users.

Solana’s Meme Coin Boom

The meme coin craze has escalated to unprecedented levels as one anonymous trader purportedly amassed a fortune. On November 26, 2023, the trader acquired 2.58 million WIF tokens for a mere $310, or 5.288 SOL. As reported by TronWeekly, they sold these tokens for an astounding $1.4 million, marking an incredible return of over 451,000%.

Overall, the Solana meme coin ecosystem is exploding, with a nearly $7 billion valuation, representing around 10% of the total market. Recently, Messari CEO Ryan Selkis lauded Solana’s standout features, such as a seamless trading experience highlighted by tools like Phantom and Backpack, DEXscreener trading integration, minimal fees, and rapid transaction processing. In a market cluttered with speculative tokens, these elements collectively distinguish the blockchain, setting it apart from the rest.

A disclaimer: Investors should exercise caution when dealing with meme coins, as they are subjected to market volatility and inherent risks. It is advisable to conduct thorough research before considering any investment in these assets.

Shiba Inu Resilience: Surge, Slump, And Spectacular Recovery Amid Market Volatility

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Shiba Inu’s price has decreased 25% from $0.000045 on March 5th to $0.000033, which has left many questions in our minds. As a result, intense selling pressure arose from this sharp fall. However, SHIB is making efforts to regain the price level of $0.00003.

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Source: Tradingview

SHIB’s price chart shows a sudden sharp correction following a period of very high gains, which is not unusual for SHIB’s volatile nature. There was an incredible rise in the digital asset that pushed it to some of its highest levels ever and was immediately followed by a rapid drop.

Despite the chaos, there is a glimmer of hope. As per sentiment analysis conducted by Santiment, traders are fairly bullish on SHIB’s chances for recovery. The same sounded for Dogwifhat (WIF), another meme coin that had a stunning run and jumped 640% from $0.3068 on February 23 to an all-time high of $2.27 on March 6th. During the period, SHIB alone had an impressive rally of 378%.

Shiba Inu Resilience Amidst Market Volatility

The meme coin frenzy helped these assets to higher highs, and despite the recent market-wide retracement, Shibarium investors remain bullish on their recovery. Shiba Inu has seen record levels of bullish discussion on social media, with Santiment mentioning buying SHIB for holding purposes, apparently spurred by recent price and market cap increases.

SHIB’s market cap rose to $20.96 billion from 23rd February to 6th March, just like what we saw in December 2021 as it catapulted into the top 10 cryptocurrencies. This amazing move from just $5.22 billion on February 6 added a good sum of $15.74 billion within one month alone.

There has been a 9.39% drop in the last 24 hours, with SHIB trading at $0.00003173; it, however, showed a 170% gain over the past week. This period of high losses was promptly followed by optimism among proponents, who later built up their faith again in SHIB, which might make them a popular token once more.

As the crypto market continues to navigate through uncertain waters, the steadfast spirit of Shiba Inu serves as a testament to the enduring belief in the asset’s recovery and growth. With traders and investors rallying behind SHIB, the future looks promising for this beloved meme coin.

Related Reading | Ripple Boosts Enterprise Solutions With Standard Custody Acquisition

Top 6 Memecoins Surges Rapidly While Bitcoin Experienced Huge Spike & Ethereum Shine

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Bitcoin (BTC) and Ethereum (ETH) have been commanding significant attention in the dynamic cryptocurrency landscape. BTC is edging closer to its previous all-time high, while ETH has exhibited remarkable resilience by overcoming substantial resistance levels. Despite these notable performances, the overall market sentiment remains bullish, with numerous altcoins demonstrating impressive growth trajectories. Memecoins, in particular, have emerged as focal points, drawing attention with their exceptional gains.

Top 6 Memecoins Rapid Surge

Within the realm of memecoins, Pepe (PEPE) has emerged as a standout performer, experiencing an unprecedented surge of 400% over the past week. At its pinnacle, the memecoin reached an impressive peak of $0.00000766. Presently, PEPE continues to maintain momentum, trading at $0.00000716, marking a substantial 32.80% increase in price and an impressive 80% surge in trading volume within the last 24 hours.

PEPE 7D graph coinmarketcap 1
Source: CoinMarketcap

Dogwifhat (WIF) has captured significant interest, boasting a weekly surge exceeding 338%. The memecoin currently valued at $1.63, WIF showcases stability despite a marginal 6.81% decrease in price, accompanied by a modest 8.56% decline in trading volume within the last 24 hours.

WIF 7D graph coinmarketcap
Source: CoinMarketcap

Floki (FLOKI) has also made waves within the cryptocurrency community, exhibiting a remarkable 320% gain over the past week. Presently the memecoin is trading at $0.0001536, FLOKI demonstrates resilience with a slight 4.23% increase in price, juxtaposed with a notable 26% decrease in trading volume within the last 24 hours.

FLOKI 7D graph coinmarketcap
Source: CoinMarketcap

Bonk (BONK) Solana based memecoin has witnessed a surge of over 205% in the past week, currently trading at $0.00003664. Despite experiencing a significant 45% increase in price, BONK also boasts a remarkable 108% surge in trading volume within the last 24 hours, indicating heightened investor interest.

BONK 7D graph coinmarketcap 2
Source: CoinMarketcap

Shiba Inu (SHIB) a well known memecoin has showcased robust growth, boasting a notable 178% increase over the last week and currently trading at $0.00002711. With a commendable 22% rise in price and a modest 2% increase in trading volume within the last 24 hours, SHIB continues to captivate market participants.

SHIB 7D graph coinmarketcap 1
Source: CoinMarketcap

The pioneering memecoin, Dogecoin (DOGE), has recorded impressive gains of 92% over the last week, trading at $0.1674. DOGE has experienced an 18% increase in price and an impressive 80% surge in trading volume within the last 24 hours, underscoring its enduring appeal within the cryptocurrency ecosystem.

DOGE 7D graph coinmarketcap
Source: CoinMarketcap

Moreover, several altcoins, including Bitcoin Cash (BCH), Cardano (ADA), Polkadot (DOT), and Solana (SOL), have reported substantial gains in their weekly charts. BCH surged by an impressive 70%, ADA by 33%, DOT by 31%, and SOL by 28%, as per data sourced from CoinMarketCap, further illustrating the widespread bullish sentiment pervading the cryptocurrency markets.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Bitcoin (BTC) has recently surged, surpassing the $66,000 mark. As of the latest update, BTC is priced at $66,256, boasting a 24-hour trading volume of $65.53 billion and a market capitalization of $1.30 trillion. Notably, BTC has seen a 6.02% increase in price within the last 24 hours, with an impressive gain of 28% over the past week.

BTC 7D graph coinmarketcap 21
Source: CoinMarketcap

Renowned crypto analyst CryptoCon has conveyed an optimistic outlook for Bitcoin’s future trajectory, hinting at a potential early Christmas for enthusiasts of the digital asset. This optimism follows Bitcoin’s recent breakthrough of a significant resistance level just a fortnight ago. Subsequent to this breakthrough, two new price targets have emerged: Level 3, marked at $85,334, and the Cycle Top Band, positioned at $115,000.

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However, it’s crucial to recognize that the indication of $115,000 as the cycle top by the Cycle Top Band isn’t set in stone. Historical data indicates that Bitcoin often surpasses previous all-time highs (ATHs), leading to an upward extension of the bands and the possibility of attaining even loftier prices. Therefore, while $115,000 may appear to be a significant milestone, it might not signify the ultimate peak.

The significance of the Cycle Top Band only materializes when Bitcoin’s price interacts with it, signaling a potential conclusion of the cycle. This methodology has proven effective in the past, with Bitcoin’s price movements aligning with this pattern throughout the last three cycles.

Furthermore, Ethereum (ETH) has broken out from a major resistance level of $3,500. Currently, ETH is priced at $3,560.83, accompanied by a 24-hour trading volume of $23.33 billion and a market capitalization of $427.77 billion. Over the last 24 hours, ETH has observed a 3.63% increase in price and a notable 14% surge over the past week.

ETH 7D graph coinmarketcap 22
Source: CoinMarketcap

Ethereum is currently positioned for significant growth, as underscored by insights from Rekt Capital, a prominent crypto analyst. Rekt Capital points out that Ethereum has recently surpassed its Macro Range, which was previously marked in red, indicating a significant breakthrough in its price movement. This development signals a potential shift in the market dynamics.

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However, in order to sustain this upward momentum, Ethereum now faces the crucial task of solidifying the former resistance level represented by the orange zone as a new support level. This transition is essential for Ethereum to consolidate its gains and pave the way for further price appreciation. Successfully establishing this support level would provide a strong foundation for Ethereum to ascend to higher price levels with greater stability and confidence.

Despite the challenges ahead, the current trajectory of Ethereum’s price action is encouraging. The market sentiment is optimistic, reflecting growing confidence in Ethereum’s long-term prospects and its ability to navigate through evolving market conditions.

Altcoin Acceleration: Predicting 2x to 4x Surge Post-Bitcoin Stability

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The recent explosive gain in the value of Bitcoin has set the stage for what observant insiders believe will be an unprecedented growth phase for alternative digital currencies, also known as altcoins. Lately, since Bitcoin has been giving enormous returns, alternative coins are considered an opportunity by market investors.

However, the complex association between Bitcoin and altcoins has been a subject of interest among many observers, with alternative coins often seen as playing catch-up to Bitcoin’s dominance. However, with an anticipated stabilization of Bitcoin, analysts propose that alternative coins are set to exceed the leading currency by a substantial difference.

Analysts Predict Altcoins’ Potential for 2x to 4x Gains

Well-known crypto-analyst Michaël van de Poppe waded into the situation, noting that Bitcoin remains strong regarding market capitalization, and alternative coins are yet to show their strength fully. “That’s usually what happens when strength is surrounded by Bitcoin alone,” van de Poppe remarked. Alternative coins could be 2x to 4x in value once Bitcoin stabilizes; this indicates a positive note for investors who seek portfolio diversification.

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Van de Poppe’s optimism particularly extends to Ethereum, one of the top altcoins in the market. ‘Altcoin market cap is slowly gaining upwards,” he noted, pointing out a shift towards alternative coins. He expects Ethereum to be bullish, with price targets ranging from $4,500 to $5,000.

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Additionally, a number of alternative coins are attracting attention and showing impressive gains. Among these, some popular alternative coins like Solana (SOL), Ripple (XRP), Avalanche (AVAX) and Cardano (ADA) have experienced significant price increases over the past week.

Another analyst, Rekt Capital, echoed van de Poppe’s sentiment but with a focus on the ongoing breakout observed in the number of alternative coins. “Altcoins are breaking out left and right today,” said Rekt Capital, echoing the theme that the momentum in the market for alternative cryptocurrencies is yet to peak. The analyst highlighted the first quarter of the year and its early stage moments as he seemed upbeat about the continuation of likely further upside, sharing the opinion that the altcoin market capitalization was trending up.

However, investors are getting used to such dynamism in cryptocurrency, where developments around Bitcoin have already influenced altcoins. More so, with experts already predicting that altcoins are set to rise in value after Bitcoin’s stabilization, opportunities abound for those looking to capitalize on the diverse offerings within the cryptocurrency market.

Related Reading | XRP Price Analysis: Will the Surge Continue This Week? 

Bonk’s Epic Comeback: Solana’s Shiba Inu Soars 471% In Trading Volume

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In a dramatic turn of events, Bonk (BONK), the canine-themed cryptocurrency riding on Solana’s (SOL) blockchain, has experienced a staggering surge in trade volume, marking a remarkable 471% increase within a span of just 24 hours.

This unprecedented surge in trade volume has been closely accompanied by a remarkable uptick in the price of BONK, signaling what enthusiasts are dubbing an epic comeback for the digital asset. Market analysts note that such heightened volatility often triggers intensified trading activities, with seasoned traders capitalizing on the fluctuations to optimize their gains.

At the time of reporting, BONK was exchanging hands at $0.00001266, reflecting an impressive surge of 12.04% over the past day and a notable 22% increase over the course of the week. The total trading volume for BONK in the preceding 24 hours exceeded a staggering $305 million, underscoring the resurgence of interest in this once-slumbering cryptocurrency.

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Bonk's Epic Comeback: Solana's Shiba Inu Soars 471% In Trading Volume 17

Solana’s BONK Leads Crypto Resurgence Amidst Buoyant Market Sentiment

The resurgence of BONK comes amidst a generally buoyant atmosphere in the broader cryptocurrency market, with flagship digital assets like Bitcoin (BTC) witnessing positive movements. BONK, which had previously experienced a downturn after reaching its zenith of $0.0000349 in mid-December, attempted a brief rally in early January before retracing its steps.

However, the bulls have evidently rekindled their efforts to resuscitate BONK’s fortunes, evident from the cryptocurrency’s consecutive days of substantial gains. In today’s trading session, BONK scaled intraday highs of $0.000013 before encountering a temporary barrier.

Driving the recent surge in BONK’s price and trading volume are several positive developments within the Solana ecosystem. Notably, Solana-based Armada has unveiled BONK rewards, a program enabling users to lock their BONK tokens and earn rewards through various community-driven BONK Eco products such as BonkBot, SVB, and BONKswap.

This remarkable resurgence isn’t confined to BONK alone; other canine-themed cryptocurrencies within the Solana network are also experiencing a boom. Dogwifhat (WIF), another meme coin operating on Solana’s blockchain, witnessed a rapid 30% surge shortly after its listing on major cryptocurrency exchange Bitfinex, albeit retracing some gains. Presently, WIF has managed to reclaim its upward trajectory, posting an approximate 25% gain over the past 24 hours.

As the cryptocurrency market continues to evolve, the resurgence of BONK and its counterparts underscores the enduring appeal of canine-themed digital assets within the burgeoning Solana ecosystem, leaving investors and enthusiasts alike eager to witness the unfolding chapters of this crypto saga.

Cuban’s Dogecoin Endorsement: A $3.5 Billion Crypto Power Move

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In a recent Ask Me Anything (AMA) session on an undisclosed platform, Dogecoin advocate Mark Cuban, entrepreneur and former Dallas Mavericks principal owner, reaffirmed the NBA team’s steadfast support. Confirming their commitment to the meme-inspired cryptocurrency, Cuban responded to community queries, assuring that the Mavericks continue accepting Dogecoin.

This affirmation is a continuation of the Mavericks’ pioneering decision in March 2021 to integrate Dogecoin into their payment options for tickets and merchandise. This move underscored the team’s willingness to embrace the growing mainstream acceptance of digital currencies. Worth noting is Cuban’s decision to sell a majority stake in the Dallas Mavericks to Miriam Adelson’s family in November, valuing the franchise at an impressive $3.5 billion. Despite this sale, Cuban retains a partial stake and continues to actively manage the team.

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Mark Cuban

The AMA session provided a window into Cuban’s evolving stance on digital assets, as he engaged with the cryptocurrency community. Beyond Bitcoin and Ethereum, Cuban revealed his interest in crypto projects like Polygon and Injective. However, he cautioned that navigating the volatile crypto market requires thorough individual due diligence.

Cuban Questions Music NFTs, Praises Dogecoin

Cuban’s diversified crypto portfolio showcases a balanced approach, blending established mainstream cryptocurrencies with emerging digital assets. When the discussion turned to tokenization, particularly in relation to sports teams and real estate, Cuban expressed skepticism about the added value of such initiatives. This stance reflects a cautious approach to newer forms of digital asset applications. Similarly, his views on music NFTs (non-fungible tokens) were reserved, noting the niche market’s struggle to find a “compelling aspect.”

When questioned about Bitcoin Layer 2 solutions and scaling, Cuban downplayed their significance. Instead, he emphasized the importance of applications with unique utility in the blockchain space. Cuban dismissively responded to inquiries about the “dogwifhat” meme coin and the Solana ecosystem, showcasing his discerning approach to the vast and dynamic world of cryptocurrencies.

In summary, Mark Cuban’s reaffirmation of the Dallas Mavericks’ support for Dogecoin highlights the team’s ongoing commitment to embracing digital currencies. His diverse crypto portfolio and cautious approach to newer digital asset applications underscore the dynamic and evolving nature of the cryptocurrency landscape, where due diligence and utility take precedence in the eyes of this billionaire entrepreneur.

Solana’s (SOL) Faces Setback Amidst Market Volatility

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Solana (SOL) took a hit yesterday by registering a significant decline, hitting a low of $87. The persistent struggle to breach the $100 level over the past 15 days has raised concerns among investors. However, experts suggest that this may not cause extreme worry, given the broader context of the crypto market, which has struggled to sustain levels above $1.6 trillion in 2024.

SOL 7D graph coinmarketcap 13

Despite the recent setback, SOL had an impressive 84% gain in December, sparking optimism among investors. The surge in December was attributed to the fear of missing out (FOMO) on Solana SPL token listings and airdrops. Tokens like Jito (JTO), BONK, and Dogwifhat (WIF) fueled the rally, with projects offering exclusive deals for users of the Solana Saga Phone.

However, the tide seems to be turning as BONK faced a 15% correction, and JTO declined by 19% between January 17th and 18th. A contributing factor to SOL’s correction was the excessive optimism surrounding airdrop expectations. Some launches took longer than expected, and the boosts to decentralized applications (DApps) were often short-lived.

Solana’s Ecosystem And Growth Factors

Analysts and influencers compiled lists of promising opportunities, but most tokens failed to achieve substantial valuations and volumes. In December, IcedKnife highlighted anticipated Solana ecosystem launches, including Kamino, Drift, Tensor, Jupiter, Parcl, and Marginfi, raising hopes for SOL’s performance.

Optimism for SOL’s token performance also stems from the growth in deposits within Solana Network’s decentralized finance (DeFi) industry. The total value locked (TVL) in SOL tokens peaked at 15.4 million on December 19, indicating a 60% growth compared to the previous month. Despite stabilizing nearly 14 million, Kamino, Orca, and Solend DeFi applications exceeded $150 million in deposits each.

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Source: DefiLlama

Solana’s network activity has grown in transactions and volumes but still lags behind competitors like BNB Smart Chain and Polygon. Solana witnessed an 8.5% decline in transactions and active DApp users in the last seven days. However, it leads in absolute transactions at 72.3 million, partly due to lower costs.

Solana’s heavy reliance on heavy-processing validation has drawn criticism, but it also presents opportunities for DApps requiring extensive bandwidth. The network became the third-largest in NFT marketplace volumes, with NFT volumes reaching $270.5 million, trailing Ethereum by only 20%.

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Source: CryptoSlam

Related Reading | dYdX Crushes Uniswap’s Dominance with $757M Volume

Solana ETF Soon? FTI’s Bold Hint

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Franklin Templeton [FTI] has set its sights on Solana, praising the blockchain’s vision and accomplishments in a recent post. The global investment firm expressed admiration for Solana’s unique approach to decentralized blockchains, emphasizing its potential to reduce information asymmetry through a single atomic state machine. Notably, FTI lauded the diverse activities on the SOL blockchain during Q4 2023, including developments in decentralized finance [DeFi], meme coins, NFT innovation, and the emergence of the trending Solana meme coin, Dogwifhat.

The post triggered speculation within the crypto community, with attention drawn to the possibility of Franklin Templeton exploring its next exchange-traded fund [ETF] on the SOL network. A user pointed out the correlation between the ETF tweet and the launch of the BWIF meme coin on Solana, suggesting a potential connection.

The meme coin gained rapid popularity amidst SOL’s bullish price action, spurred by the recent approval of the Bitcoin spot ETF. Users speculated that FTI’s tweet could be a teaser for the inclusion of Solana in its ETF filing, hinting at a significant development in the pipeline.

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Solana ETF Soon? FTI's Bold Hint 23

While Franklin Templeton previously faced criticism for changing its profile picture to a laser-eyed symbol, the company responded humorously, “You are unsure how to feel about Laser Eye Ben? Just think instead of Ben wif hat.”

The name Ben is in honor of Benjamin Franklin, for whom the company is named. and the wif hat is a reference to the trending Shiba Inu puppy donning a knitted hat.

Solana In Still Waters

Despite the positive sentiments, SOL’s price experienced a 5% decline in the past seven days, raising questions about the immediate impact of FTI’s tweet on the cryptocurrency’s market performance. Some analysts believe that the fifth-biggest altcoin may not necessarily depend on the ETF narrative for price appreciation, suggesting a unique trajectory for the blockchain platform.

Coinbase CEO Brian Armstrong shared optimism about Solana’s future, stating that major altcoins like SOL could find a place in future ETF lineups. He further envisioned the possibility of crypto index funds resembling traditional indices like the S&P 500, catering to various subsets of the crypto market such as DeFi, NFTs, and staking.

As the crypto community awaits further developments, Franklin Templeton’s interest in Solana adds an intriguing layer to the ongoing narrative of blockchain innovation and ETF possibilities in the crypto space.

Solana Meme Coins Experience An 80% Price Plunge Following December Frenzy

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The Solana ecosystem witnessed a surge in December as bonk tokens embarked on a multi-week rally, surpassing 1,000% gains and securing listings on major exchanges such as Binance and Coinbase.

However, the fervent demand for meme coins built on the Solana network appears to have waned in the past week. Newer tokens struggled to establish a substantial community, and the prices of recent favorites continued to plummet.

The dog-themed token bonk (BONK), which had seen a remarkable 1,000% surge over three months, is now down over 70% from its December peak, despite being listed on prominent exchanges.

Dogwifhat, known for featuring a dog wearing a hat, has experienced an almost 80% decline after generating excitement by providing early holders with a return of over 10,000% on their capital.

Solana Dominates As Other Tokens Struggle To Recover

Other less-known tokens like popcat (POPCAT) and chipi (CHIPI), both cat-themed, have witnessed drops of over 90% since reaching their all-time highs. Despite this, their communities remain hopeful for a potential revival.

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The Solana ecosystem, which had flourished in December with the rise of bonk tokens, saw increased activity on the network. The prices of Solana’s Saga phone soared to over $5,000, and SOL’s market capitalization quickly surpassed that of other major tokens.

Last week’s metrics revealed that Solana became the top choice among on-chain traders, surpassing Ethereum in trading volumes and network fees on a seven-day rolling basis.

The blockchain garnered attention for its fast transactions, low fees, and a flurry of meme coin launches, propelling SOL token prices from $38 at the start of November to nearly $120 in early December.

As valuations became increasingly volatile towards the end of December, profit-taking ensued, and newer launches struggled to gain traction. Capital seemed to shift towards opportunities on other blockchains, marking a shift in the crypto landscape.