Following the general market rally that has taken place over the previous two weeks, Solana (SOL) has reached a 2-year excessive, pushed primarily by BONK and dogwifhat (WIF) main meme coin buying and selling quantity surges. Certainly, SOL is presently buying and selling at $142.28, based on CoinMarketCap. Subsequently, the token is now at its highest degree since January 2022.
Solana has been surging massively during the last 24 hours, up greater than 11%. Furthermore, that improve has occurred as Bitcoin (BTC) has corrected over the previous couple of days. But, it nonetheless surpassed its all-time excessive of $69,000 earlier this week. Subsequently, a bunch of tokens reached related highs.
Solana (SOL) Reaches Highest Leve Since 2022 Amid Meme Coin Surge
Because the begin of the 12 months, the digital asset market has had excessive hopes for its efficiency. Led by the approval of Spot Bitcoin ETFs simply 10 days into the brand new 12 months, the market anxiously awaited what might come from elevated institutional funding. Up to now, solely two full months into 2024, a number of these expectations have been met.
Bitcoin (BTC) has already reached an all-time excessive this month, and regardless of slipping again a bit, different property have seen related surges. Amongst them is Solana (SOL), which has reached a 2-year excessive this week, pushed primarily by the surging quantity of meme cash like BONK and WIF.
Simply yesterday, Solana noticed buying and selling volumes attain the $9.5 billion degree. Furthermore, the ecosystem has solely had three different days with increased volumes; all of which occur in 2021. But, the 2 beforehand talked about meme cash led the best way, equating to greater than $1 billion in buying and selling quantity between them.
The final two weeks have seen meme cash surge in worth and recognition. Though Shiba Inu (SHIB) and Dogecoin (DOGE) stay well-liked, a bunch of others have thrown a wrench into the market. Moreover, their affiliation with the Solanan blockchain has solely helped to extend the worth of SOL.
Nevertheless, during the last 24 hours, it seems as if the meme cash have come again to earth. BONK is presently down greater than 13.6% in that time-frame, whereas Dogwifhat is down 16%. Nonetheless, their efficiency doesn’t look like hindering the general worth improve that SOL has loved all through the final day.
