Solana Re-Enters Top 10 Crypto After Strong Month
Solana Re-Enters Top 10 Crypto After Strong Month.
Despite it’s massive decline in price within the last half of 2022, Solana has been seeing itself recover considerably well so far and has returned to reclaim its spot in the top 10 ranks of cryptocurrencies.
Solana Recovers
Often dubbed the Ethereum killer, Solana saw its token drop by more than 90 percent in 2022, even touching it’s lowest price in over 2 years. A major part of Solana’s downfall was due to its close relationship with the now bankrupt crypto exchange FTX, which saw its massive collapse in November.
Towards the end of 2022, a lot of things were not looking good for Solana’s future. Along with it’s sinking price, two of its biggest NFT projects, DeGods and y00ts, announced their branching from Solana to other chains in 2023.
Despite these factors however, Solana has since made quite the huge recovery in the first two weeks of 2023 so far. According to data from CoinGecko, Solana’s price has more than doubled this month, gaining roughly 135% since the start of this year.
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OMFG @solana just pushed @polygon out of the top 10
The universe is right again pic.twitter.com/ECuXLtIwds
— Sol Beach Bum | 715.sol 🔥💃🏻 (@SolBeachBum) January 14, 2023
This huge gain this past month has helped Solana to bump Polygon $MATIC and reclaim its spot back on the top 10 cryptocurrencies by market cap.
According to data from CoinMarketCap, Solana’s market cap has risen to roughly $9 billion in the last week from, a massive change compared to the $5 billion it had the week before.
What Caused The Recovery
One of the factors helping Solana’s big recovery this past month was also partly due to the rise of Solana’s very first dog-inspired memecoin, $BONK.
The memecoin gained a lot of traction and hype after it first launched towards the end of December and the token saw its volume skyrocket massively within the first week of January. $BONK is now considered to be a competitor of other massive memecoins like Dogecoin ($DOGE) and Shiba Inu coin ($SHIB).
Aside from $BONK, a number of data shows that despite the massive impact that FTX’s collapse had on Solana’s price, the number of Solana active wallets had actually risen by more than three times since FTX’s bankruptcy.
Data from Delphi Digital suggests that the total number of active wallets on Solana increased from around 45,000 per day to around 83,000.
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