Ethereum

2024

Solana

DeFi

Solana, Ethereum’s Layer-1 competitor has continued its remarkable price surge despite the overall market consolidation. On Sunday, March 17, the <a href="https://coingape.com/price/solana/" target="_blank" rel="noopener">Solana (SOL) price</a> surged by another 10%, surpassing $200 for the first time since December 2021. With gains of over 800% in the past year, Solana has significantly narrowed the gap with its all-time high levels 
<h3 id="what-s-behind-the-solana-sol-price-rally">What’s Behind the Solana (SOL) Price Rally?</h3> 
Over the weekend, Solana network activity surged past Ethereum’s as demand for Solana-based memecoins intensified, leading to strain on the network’s capacity. On March 16, Solana’s total trading volume surpassed Ethereum’s, reaching $3.52 billion and exceeding Ethereum’s daily volume by over $1.1 billion, according to DefiLlama. 
This significant increase in Solana network activity was primarily fueled by a heightened interest in new memecoins. On March 14, investors flocked to a newly launched memecoin called <a href="https://coingape.com/bome-price-rallies-220-after-this-binance-announcement/" target="_blank" rel="noopener">Book of Meme (BOME)</a>, which swiftly surged from negligible value to a market capitalization of $1.45 billion within just 56 hours. 
Furthermore, in the past month, Solana’s decentralized finance (DeFi) total value locked (TVL) has surged by more than 80%, as reported by <a rel="nofollow" href="https://defillama.com/chain/Solana" target="_blank">DefiLlama</a>. This remarkable expansion has propelled Solana’s DeFi TVL to its highest level in the last two years. 
Currently, the network’s DeFi TVL stands at $3.8 billion. Among the top five DeFi networks based on TVL, Solana has experienced the most substantial growth over the past month. 
On the other hand, a CoinGape report stated that the total number of <a href="https://coingape.com/solana-price-approach-200-amid-historic-spike-in-new-spl-token-creation/" target="_blank" rel="noopener">SPL tokens</a> on the Solana network surged to their all-time high. SPL, which stands for Solana Program Library, functions as the protocol for generating and administering tokens on the Solana blockchain, akin to Ethereum’s ERC-20 standard. 
<h3 id="the-trading-activity-snapshot">The Trading Activity Snapshot</h3> 
Recently, the trading for meme coins has spurted on the Solana blockchain to a great extent. As per Looksonchain, trading Solana memecoins isn’t always profitable for everyone. A particular address engaged in 11 Solana memecoin trades within three days, experiencing losses on each trade. The total loss amounted to 754 SOL ($147K). This address appears to be driven by fear of missing out (FOMO), consistently purchasing at high prices and selling at lower ones. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Not everyone can make money by trading <a href="https://twitter.com/hashtag/memecoins?src=hash&amp;ref_src=twsrc%5Etfw">#memecoins</a> on <a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw">#Solana</a>! 
 This guy traded 11 <a href="https://twitter.com/hashtag/memecoins?src=hash&amp;ref_src=twsrc%5Etfw">#memecoins</a> in 3 days, losing money on each one, for a total loss of 754 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>($147K). 
 He seems to be very <a href="https://twitter.com/hashtag/FOMO?src=hash&amp;ref_src=twsrc%5Etfw">#FOMO</a>, always buying high and selling low.<a href="https://t.co/lxijIqGLZC">https://t.co/lxijIqGLZC</a> <a href="https://t.co/f7KfOf5i17">pic.twitter.com/f7KfOf5i17</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1769438534262243448?ref_src=twsrc%5Etfw">March 17, 2024</a>
</blockquote> 
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Thus, investors need to be further cautious while trading meme coins on Solana amid the high market volatility. Also, big market players have indulged in profit booking as per the on-chain data. 
Lookonchain further reported that with the surge in the price of $SOL, large investors are capitalizing on profits by selling their holdings. The whale identified as “BU6N2Z” deposited 200K $SOL ($39.85M) into Binance within the last two days. Currently, “BU6N2Z” still retains 1.62M $SOL ($323M), with 387K $SOL ($77M) held in their wallet and 1.23M $SOL ($246M) staked. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 As the price of <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a> rises, whales begin to sell <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a> to make profits. 
 Whale"BU6N2Z" deposited 200K <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>($39.85M) into <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> in the past 2 days. 
 He still holds 1.62M <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>($323M), of which 387K <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>($77M) in wallet and 1.23M <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>($246M) is staked.<a href="https://t.co/BUEnAJEElb">https://t.co/BUEnAJEElb</a> <a href="https://t.co/W2Et6Kviaz">pic.twitter.com/W2Et6Kviaz</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1769562300581900288?ref_src=twsrc%5Etfw">March 18, 2024</a>
</blockquote> 
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The post <a href="https://coingape.com/sol-price-200-as-solana-trumps-ethereum-in-network-activity/">Solana Overtakes Ethereum: SOL Price Surges Beyond $200, What’s on the Horizon?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Solana Overtakes Ethereum: SOL Price Surges Beyond $200, What’s on the Horizon?

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