After falling more than 80% in value over the past year, the digital currency Solana has grown significantly in 2023. The price of SOL has more than doubled this month and has grown by 58% over the past week.
According to Valx and quoted by Decrypt, the “Ethereum killer” managed to record the largest volume of transactions since the collapse of the FTX exchange in the past week.
This is a remarkable comeback for Solana. Just a month ago, Solana ended the year with a 94% price drop. The price of Solana reached the lowest level in the last two years – 8.17 dollars, and it was removed from the top twenty currencies of the digital currency market in the ranking of the CoinGecko site.
On Saturday, Solana managed to temporarily take over the position of the MATIC currency (MATIC) in the tenth place of valuable currencies by crossing the 9 billion dollar market value mark. The price of Solana is now at its highest level since the collapse of the FTX exchange.
One of the reasons for Solana’s recent positive performance was the launch of a meme token called BONK, which generated a lot of buzz over Christmas and sent Solana’s price to a seven-day high on New Year’s Eve.
According to Kevin Gekko, the BONK token managed to record a staggering 3300% increase in the first week of the new year. Although the burning of five trillion tokens failed to preserve the value of this token and its subsequent value decrease of 69%, this currency still has a market value of 57 million dollars. Even the price of BONK has increased by 20% in the last 48 hours.
Another possible contributing factor is the pre-programmed helium migration to Solana. This news, which was announced in September, was a wave of a slight increase in the price of SOL and a decrease in the value of the Helium token. But the team at Helium, a distributed wireless network that offers its native token as a reward for sharing its home Internet service, unanimously defended the long-term benefits of moving to Solana. They praised Solana’s speed and technical capabilities.
58% increase in the price of Solana; “Ethereum killer” returns to the scene! The first time in the blog Valx. appeared.
