Solana, which soared above $100 over the weekend, has cooled slightly. As of this writing, SOL is trading at $109.20, down 11% over the past day.
But SOL in particular has remained above $100 since surpassing that milestone on Saturday. This increase is part of a broader positive trend in the cryptocurrency market, with Solana ranking as the fourth-largest cryptocurrency asset by market capitalization. This triggered a lot of trading activity. Last day’s trading volume reached $5.6 billion, according to CoinGecko.
In fact, SOL achieved its highest daily trading volume of the year ($6.2 billion) and is on track to beat it again today. This is now more than double the trading volume of BNB tokens on Binance over the past day. BNB is a utility token on the Binance cryptocurrency exchange used for trading and paying fees. Solana recently converted BNB, making it the 4th largest asset by market cap on CoinGecko.
Meanwhile, Bitcoin and Ethereum, the largest cryptocurrency assets by market capitalization, each received a 4% haircut. As of this writing, Bitcoin is trading at $41,861.48 and Ethereum is trading at $2,197.27.
Both BTC and ETH rose on anticipation of possible spot ETF approval. Although a handful of Ethereum ETF applications have only recently been filed with the Securities and Exchange Commission, analysts expect the SEC to make decisions on several Bitcoin ETF applications within the next two weeks.
Solana’s recent achievements are particularly notable given its links to the fallen cryptocurrency empire FTX and disgraced cryptocurrency mogul Sam Bankman-Fried. Despite the chaos surrounding the FTX bankruptcy in November 2022, Solana showed a remarkable recovery, growing 880% year-over-year. This rebound is further highlighted by a sharp increase in network activity and an increase in new addresses on the Solana network.
Institutional interest has been accompanied by a lot of meme coin activity. Solana meme coin BONK has fallen slightly since rising to #69, but remains firmly in the top 100 assets. BONK hit an all-time high after it began trading on Coinbase. Despite its meteoric rise, it is still an incredibly volatile meme coin. Currently trading $0.00001615, down 15% from yesterday.
There’s also a newer dog-themed meme coin, Dogwifhat. On Friday it rose to $0.33. This is an all-time high for the coin, which began trading on December 13th. However, it has since lost some of that momentum and is currently trading at $0.15, down 30% in the last 24 days. hour.
Editor’s note: This article was created with the help of AI. Edited and fact checked by Stacy Elliott.
