Solana’s market capitalization is now over $90 billion after a 10 percent gain for SOL. Token prices have risen just under $205, their highest level since Dec 2021.
Furthermore, SOL Altcoins are starting to gain momentum after Bitcoin dropped from its all-time highs in last week.
Binance token fell by 1.5% to $571 on the same day. BNB’s $88 billion market cap at the time this article was written ranked it as fifth.
Sol just flipped the bnb again. Balance is being restored pic.twitter.com/9ByOlFITH8
— Bluntz (@Bluntz_Capital) March 17, 2024
Memecoin Degens
Solana’s activity has been primarily driven by the meme coin craze, as degens have aped in to the Book of Meme token (BOME).
The price of the meme coin soared by 31,000% within two days. It peaked at $0.026 per unit on 16 March before starting its decline.
The Solana network has become a major concern, just as it was in the past. congestedThe transaction will not be successful.
DeFiLlama reports that Solana’s DeFi total locked value has recently exceeded $4 billion. This figure is up 193% from the start of the year. However, SOL’s price has had a big impact on it.
Altcoins are on the Rise
Solana is making impressive gains this Monday, but other altcoins have done even better.
Avalanche, or AVAX as it is commonly known, has gained a staggering 17.5% during the past 24 hour period to its highest value since May 20,22. AVAX, at the time this was being written, had risen to $61.55, having traded above $62 on Monday morning in Asia.
Avalanche Memecoins is what analysts are already pointing to as the possible cause.
$JOE The AVAX /AVAX memecoin szn has started to get hot.
It’s higher https://t.co/KfdIvLUhwD pic.twitter.com/hw09WkoygQ
— K A L E O (@CryptoKaleo) March 17, 2024
Shiba Inu has a good performance today. It is up 12.7%.
Near Protocol (NEAR), which has reached $8.50 in early Asian trading, is also up 16%.
Additionally, Bitcoin’s dominance Altcoins are beginning to bubble and the calls for an altseason have started to rise again.
Altcoins have risen by up to 50% today. It’s normal to see a large correction. Keep it in mind for future use. next time.
The truth is that the world does not work like this. next You’ll flinch every time there is a major correction. Again.
— Kaduna (@CryptoKaduna) March 18, 2024
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Source: cryptopotato.com
