MEMETOON

Bitcoin’s high march has been put on hold. After reaching 100 million won last week, it appears to have entered a lull for a while. As Bitcoin takes a breather, other major virtual assets are also taking a break. Among these, Solana (SOL) is attracting attention as it is riding the ‘meme coin’ trend, breaking the highest trading volume every day, and its price is rising alone.Based on CoinMarketCap, a global coin price site, on the 18th, the price of Bitcoin is trading at 91.27 million won, up 3.2% from the previous day. After the price of Bitcoin fell below 100 million won on the 15th, it fell to 86 million won on the 17th.As a result, major altcoins are also plummeting. Ethereum, the second-largest virtual asset in market capitalization, recorded its highest price of 5.33 million won per unit on the 14th, but on the 15th, when Bitcoin&#39;s 100 million won level collapsed, Ethereum also gave up the 5 million won level and is trading at 4.8 million won.On the other hand, Solana, which ranks in the top 5 in market capitalization, is on the rise alone. On this day, according to CoinMarketCap, Solana price is trading at 270,955 won, up 9% from the previous day. The price is a whopping 44% increase compared to the 11th, 7 days ago.Solana is a virtual asset that emerged in 2020 with the nickname ‘Ethereum Killer’. Its advantage is that it can process more transactions per second at a lower price than Ethereum. Last January, Solana-based NFT (non-fungible token) trading volume exceeded Ethereum-based NFT trading volume for the first time.Behind Solana’s dominance is the meme coin craze. Meme Coin is a virtual asset created based on a popular image meme on the Internet. Since it was published simply for interest, it has no technical purpose or particular use. Famous meme coins based on Solana include DogwithHat (WIF), which rose 700% in price over the past month and emerged as the 46th largest market capitalization coin, and Bonk (BONK), which rose 111% over the same period and ranked 64th.In addition to the rapid rise of Dogweed Hat and Bonk, interest in Solana appears to be growing with the launch of BOME (Book of Meme), a new meme coin based on Solana, on the 14th. After its launch, BOME showed a price increase of about 2000% in the week after being listed on Binance, and its market capitalization increased to $1.45 billion (KRW 1.93 trillion).Trading volume and total fees are also hitting record highs every day. According to DeFirama, a DeFi (decentralized finance) information site, the daily trading volume of the Solana blockchain on the 15th was $3.52 billion (KRW 4.69 trillion), surpassing that of Ethereum.Xangle, a virtual asset information platform, explained, “The strength of the Solana ecosystem is due to the influx of funds and users through airdrops, improved accessibility through Binance Web3 wallet integration, and ease of trading due to low gas fees.”A sudden surge in network activity also caused a temporary disruption to the Solana blockchain. For about 20 minutes starting around 8 PM on the 16th, about half of transactions occurred on the Solana network.Meanwhile, as the meme coin fever heats up, the market is continuously pointing out that people should be cautious about investing. This is because, as it is only a temporary ‘fad’ without a long-term goal, price fluctuations can be large depending on changes in market conditions.Original Link : https://biz.chosun.com/stock/money/2024/03/18/UBEXMHJPSNFYDJMN5SMGQJLN4E/?utm_source&#61;naver&amp;utm_medium&#61;original&amp;utm_campaign&#61;bizTwitter Link : https://twitter.com/memetoonk/status/1770112677463134487

Bitcoin is slowing down... Why is Solana so dominant ‘up 2000% in one week’? (chosunbiz)

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