2 - 3 minute read
Solana, a decentralized blockchain platform, has re-entered the top 10 digital assets by market cap following an impressive rally of over 70% in the past seven days. According to CoinMarketCap data, Solana’s market cap has risen to over $9 billion in the last seven days, up from $5 billion.
This marks a significant turnaround for Solana, which had been negatively impacted by its association with Sam Bankman-Fried, the CEO of FTX, which collapsed in November. As a result, Solana’s price dipped as low as $9 and some of its top NFT projects moved to other blockchain networks.
However, positive sentiments have returned to Solana, as it has gained roughly 135% since the start of this year, making it one of the best-performing cryptocurrencies in 2023. The co-founder of a gaming project on Solana, Mamba, said that the network’s believers have been repaid for their faith as SOL gained 165% in 15 days. According to Mamba, Bankman-Fried’s departure was good for the blockchain, and the network’s technology is improving.
Solana’s active wallet has also risen by more than three times since FTX collapsed in November, according to Messari data. Delphi Digital data also shows that decentralized exchanges on Solana DEXs have seen an 83% increase in total active wallets since the beginning of 2023. The total number of active wallets on Solana increased to 83,000 from almost 45,000 per day.
This resurgence in interest in Solana coincides with the rise of a new memecoin, Bonk Inu, within its ecosystem. The memecoin rallied by over 130%, bringing back interest into the ecosystem. However, it has since crashed by over 38% in the last seven days.
Solana’s re-entry into the top 10 digital assets by market cap is a testament to the resilience of the platform and its technology, despite the challenges it has faced in the past. As the crypto market continues to evolve, Solana’s strong performance and growing ecosystem may make it a digital asset worth keeping an eye on in the future.