Solana surpassed Ethereum in terms of network activity, and SOL prices surged beyond $200. Both aspects are likely to be driven by a key factor: demand for Solana-based meme coins. The same has reportedly intensified in recent times, pushing SOL to $202.35 at the time of writing this article. Simultaneously, Solana was last seen recording a total trading volume of $3.52 billion.
It is the first time since December 2021 that SOL’s prices have crossed $200. Notably, it highlights the growth of ~800% in the last one year.
The series may have kicked off on March 14, 2024, when a number of investors expressed their interest in having BOME in their portfolio. Short for Book of Meme, its popularity grew so much that it ended up recording a market cap of $1.45 billion in just 56 hours of its launch. The token has been down by 3.975 in the last 24 hours and is listed at $0.01768. However, it marks a rise of 1841.29% in the previous seven days.
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SPL tokens also recorded a significant surge. Many investors may soon be looking to book profits. The cryptosphere is volatile, and meme coins are no different. Speculatively, analysts anticipate meme coins to exhibit greater volatility. This resulted in a couple of losses being reduced prior to the end of the year. SOL crypto price prediction estimates fluctuations. It could still carry forward the momentum of market credibility and stability.
Some of the whales have begun to capitalize on the price rise. One, identified as BU6N2Z, is said to have staked 200K SOL tokens in Binance in the last two days. They were roughly valued at $39.85 million at that time. The total tokens staked on the platform come to 1.23 million, while 387k tokens worth ~$77 million are in their wallet.
The current price of SOL is up 7.71% in the last 24 hours, further reflecting a jump of 44.05% in the previous seven days and 800.59% in the last year. The 24-hour volume is down by 12.67% despite the token being listed at $202.28 at the time of articulating this piece.
For SOL, the next step could be for investors to book profits. Meaning, they may look to sell their holdings, or a part of their holdings, to book profit. The reason is that meme coins are more volatile, with values likely to plummet over time. Analysts believe the rise in value is courtesy of the FOMO trend, wherein many investors buy meme coins to be a part of the ongoing wave. It is later when they see the drop in value and begin losing the tokens for a loss.
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Solana’s numbers can go either way, with only time to tell how it works against Ethereum.
