News

Solana Surges: Price Breaks $160, Ecosystem Expands, And Magic Eden Launches $ME Token

Solana’s ecosystem has been buzzing with activity over the past 30 days. Its price briefly surged past $160 before sliding back to $147, reflecting high volatility amidst global crypto developments.

Despite the price fluctuations, Solana’s ecosystem continues to grow, with Total Value Locked (TVL) rising to an impressive $5.15 billion.

Solana Ecosystem Growth and TVL Expansion

The Solana ecosystem has seen its TVL grow to $5.15 billion, driven largely by the stablecoin market, which accounts for nearly $4 billion. In addition, Solana recorded 1.74 million active addresses within a 24-hour period, a 50% increase from last week. Trading volumes remain strong, hitting $2.5 billion, although fees and revenue have been trending downward.

DeFi and DePIN Activity

DeFi activity in the Solana ecosystem has been relatively flat, with only a few platforms showing notable growth. Kamino saw a modest 5% rise, while Jupiter grew by a substantial 78%. In contrast, Solana’s DePIN (Decentralized Physical Infrastructure Networks) sector has experienced more robust growth, with Render and Nosana rising 25% and 40%, respectively.

Related Post

NFT Market on the Rise

The launch of Magic Eden’s $ME token and its upcoming airdrop have given the NFT market on Solana a significant boost. According to data from NFTPulse, Solana now dominates most NFT categories, further solidifying its position as a major player in the NFT space.

Overall, Solana’s ecosystem is continuing to grow despite market volatility, with increasing TVL, active addresses, and NFT activity signaling that the platform is on a positive trajectory for further development.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: alexandarilich/123RF // Image Effects by Colorcinch

Will Izuchukwu

Will is a News/Content Writer and SEO Expert with years of active experience. He has a good history of writing credible articles and trending topics ranging from News Articles to Constructive Writings all around the Cryptocurrency and Blockchain Industry.

Share
Published by
Will Izuchukwu

Recent Posts

Solana’s $3.2M Entrepreneur Story & BlockDAG’s $1 Potential

How Solana Transformed an Entrepreneur’s Life & Why BlockDAG Could Be the Next Millionaire Maker…

1 hour ago

SOL Market Cap Hits $100 Billion as Possible Infinaeon Long-Term Price Targets Surge

The SOL price has surged to well over $200 as its market capitalization exceeded $100…

6 hours ago

Binance Coin Whales Reap Big Profits as Polkadot Struggles; A New Crypto Presale Is Dominating Investor Attention

BNB is already flashing signs of a bearish sentiment despite launching a new stablecoin while…

9 hours ago

Three Crypto That Surprised The Market: Rollblock, Cardano, and XRP

The crypto market is no stranger to unexpected twists. However, the recent performances of Rollblock,…

9 hours ago

As Bonk (BONK) and Pepe (PEPE) Shine, Rollblock (RBLK) Captures the Market’s Attention With Upcoming Reveal

Meme coins are back with a bang and are as insanely volatile as ever! Bonk…

9 hours ago

2024’s Top 9 Crypto Staking Platforms to Make Passive Income

Staking has become one of the most effortless ways to generate passive income in the…

12 hours ago