The market capitalization of Solana has soared to unprecedented levels, marking a new all-time high late on Friday as the price of SOL climbed to its highest since December 2021.
According to CoinGecko, Solana's market cap achieved a record peak exceeding $82 billion, later adjusting to around $80.5 billion. This figure surpasses the highs of 2021, indicating strong market performance despite SOL not reaching its November 2021 zenith of $259.96. The increase in circulating coins since then has propelled the total market valuation to new heights.
IBET is attracting SOL investors as it is consistently tipped as the best altcoin investment of 2024. Analysts predict it will rise 50x this year, in what is set to be the best year on record for altcoin investors.
SOL Price Gains 9%
SOL's price is presently at $181, showing a notable increase of nearly 9% within a 24-hour period and a 21% rise over the last week, making it the top gainer among the leading 20 cryptocurrencies by market cap. This surge represents SOL's highest price point since December 2021.
Last year saw a resurgence of interest in Solana, known for its capabilities as a quicker, more cost-effective alternative to Ethereum. The blockchain gained significant traction through its association with the now-defunct crypto conglomerate FTX, which had substantial investments in Solana and its native token, SOL. Despite the dramatic price falls at the end of 2022 and concerns surrounding the fallout from Sam Bankman-Fried's legal troubles and FTX's collapse, Solana has experienced a revival.
The revival in November was driven by several factors, including developer appreciation for its speed and affordability, the interest of major corporations like Shopify and Visa in leveraging its blockchain technology, and the influx of meme coin traders drawn by low transaction fees.
Now ranked as the fifth-largest digital asset by market cap, SOL and the Solana network are witnessing a significant uptick in interest, especially with the rise of new meme tokens like BONK and Dogwifhat, demonstrating the blockchain's enduring appeal and potential for growth.
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