Solana is eyeing topping its last month’s gains, surging to $76 and propelling SOL to a remarkable 440% surge in the past year. Currently holding the sixth rank, the token is also on the verge of surpassing the market cap valuation of the Ripple-affiliated XRP token. According to data, SOL’s market cap currently stands at $32.7 billion, narrowly behind XRP’s valuation of $34.1 billion.
The swift ascent of the token is underscored by the soaring sales of its crypto phone, which has experienced a more than tenfold increase in the past 48 hours. As per Raj Gokal, COO of Solana Labs, the crypto phone is on track to sell out before the new year. This surge in sales has set records since the phone’s launch on May 8. In response to this heightened demand, co-founder Anatoly Yakavenko has proposed a price hike for the Saga. The price was initially reduced from $999 to $599 in August due to declining sales.
Yakavenko’s proposal to increase the price aligns with the frenzy surrounding the Solana meme coin, Bonk Inu [BONK], which has witnessed a staggering 1,100% surge in the last 30 days. The growing popularity of BONK has attracted significant investor interest and market activity, with major crypto exchanges Coinbase and Binance recently adding the token to their listings.
Solana’s BONK Token Riding High On FOMO
The appeal of BONK is attributed to the prevailing meme coin trend, investor FOMO [fear of missing out], and its association with the high-performing Solana network. Meanwhile, Solana Mobile has announced a restriction on future orders, limiting them to one mobile device per household.
Amidst this momentum, Solana blockchain is set to further benefit from upcoming initiatives led by prominent crypto firms, including Galaxy Digital, Deutsche Bank’s DWS Group, and Dutch market maker Flow Traders. Recent reports indicate that these digital asset-focused entities are seeking regulatory approval for their planned Euro-denominated stablecoin within the next 12 to 18 months, further contributing to Solana’s positive trajectory.