When Bitcoin set a brand new all-time excessive earlier this week, it pushed Solana—and most different main digital belongings—to the very best value it has been for a very long time.
The $139.96 it noticed on Tuesday, March 5 was the very best SOL has been since January 2022.
However now, though Bitcoin has slipped beneath $67,000, the Solana value has pushed previous the excessive it noticed on Tuesday and erased the dip it took when Bitcoin crashed. On the time of writing, Solana is altering arms for $141.15 after having gained 6% since yesterday and seven% since final week, based on CoinGecko.
Yesterday noticed sky-high buying and selling quantity as $9.5 billion price of SOL modified arms. Actually, there have solely been three different days in early September 2021 when the quantity was greater. On the time, U.S. comic Steve Harvey had simply modified his Twitter profile image to a Solana Monkey Enterprise NFT and despatched the value hovering to just about $200.
The present swell of quantity has little question been helped alongside by the frenzy over meme cash, like BONK and Dogwifhat. Collectively the 2 meme cash noticed greater than $1 billion price of buying and selling quantity yesterday, based on CoinGecko information.
Their dominance within the Solana meme coin ecosystem actually cannot be overstated. BONK and WIF every noticed a minimum of 3 instances extra quantity than the subsequent hottest Solana meme coin, Myro.
One other meme craze has been a batch of goofy presidential candidate-themed cash—like BODEN, TREMP, and DANOLD. Threat-loving merchants who purchased up the meme cash earlier this week noticed it soar as excessive as $8.98 yesterday. However as with many meme cash, the rally was short-lived. On the time of writing, BODEN is buying and selling for $0.0000000001384.
Solana co-founder Anatoly Yankovenko has even been joking that if the Democratic Nationwide Occasion would do effectively to make use of “Boden wif hat” in advertising and marketing campaign supplies.
However meme cash can transcend their joke origins, he mentioned. Earlier this morning he weighed in on the legitimacy of meme cash in response to a Twitter thread from Lumida Wealth CEO Ram Ahluwalia on the subject.
The funding advisor CEO had been arguing that getting cash with onchain digital belongings, like Dogwifhat, is not any much less legit than buying and selling conventional belongings.
“At a sure degree of financial safety a meme coin turns into a tradition coin,” Yakavenko wrote in response, “and at one other degree of financial safety a tradition coin turns into a retailer of worth.”
