market capitalization Solana It hit an all-time high late Friday, reaching a peak of over $82 billion, according to CoinGecko data. It has since declined slightly to about $80.5 billion, but is still above the 2021 high.
but Solana (SOL) price It is still well below the all-time high of $259.96 in November 2021. This is because there are more coins on the market now compared to 2021, pushing the overall market capitalization to new highs.
SOL is currently trading at $181, up nearly 9% in 24 hours and 21% over the past 7 days. Among the top 20 coins and tokens, SOL was the best performer over the past day. And today’s high is the highest since December 2021.
Solana Mania made an unexpected return last year. The blockchain, seen as a faster and cheaper competitor to Ethereum, was a favorite of collapsed cryptocurrency brand FTX. The failed exchange was heavily involved in the project and its token, SOL, which saw its price plummet by the end of 2022.
Some cryptocurrency observers thought the trial of former FTX crime boss Sam Bankman-Fried and the collapse of his cryptocurrency empire would lead to the downfall of the token and network.
Instead, Solana started booming again last November for a variety of reasons. Developers found Solana to be fast and cheap, major brands like Shopify and Visa wanted to use Solana’s blockchain, and low fees attracted meme coin traders to the chain.
SOL is currently the fifth largest digital asset by market capitalization. During the recent rise in cryptocurrency prices, interest in the network has surged. This is especially true as new meme tokens like BONK and Dogwifhat become popular.
Editor: Andrew Hayward
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The views and opinions expressed by the author are for information purposes only and do not constitute financial, investment or other advice.
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