Solana defies overall market trend to hit new all-time high market cap – Coinfn.link

Solana (SOL) broke new floor on March 15 after an 11% rally introduced its market capitalization to a brand new all-time excessive of $82.5 billion at a value of $186.77 per token regardless of the general downtrend, which noticed the market contract by 4%.

This achievement surpasses its prior peak market cap of roughly $77.9 billion — noticed in November 2021 at its all-time excessive of $259.96 — signaling robust investor confidence and a rising curiosity within the digital asset.

SOL was buying and selling at $181.35 as of press time — up 9.29% over the previous 24 hours, with a market cap hovering simply above $80 billion, based on CryptoSlate data.

Sol ecosystem thriving

Including to Solana’s spectacular week, the community noticed a record-breaking variety of new addresses, with a each day common of 738,040 new addresses primarily based on a seven-day shifting common.

This uptick in new addresses highlights the rising group and curiosity within the Solana ecosystem, which noticed a inexperienced day of buying and selling, with most tokens recording vital good points.

DEX native tokens — together with Raydium and the not too long ago launched Jupiter and Jito —  noticed double-digit good points over the previous day.

RAY and JUP had been up greater than 30%, whereas JITO recorded good points 10%.

In the meantime, the biggest Solana-based memecoins like WIF and BONK noticed a drawdown mimicking the broader market as buyers turned to smaller cap tokens on DEXs amid renewed memecoin frenzy.

Memecoin fever

The present enthusiasm surrounding Solana is essentially fueled by the vibrant trading activity associated to newly launched memecoins on the community following a dramatic surge in memecoins this 12 months.

Noteworthy good points had been noticed in memecoins like Dogwifhat, Popcat, and Bonk, which have posted good points starting from 117% to 554% over the previous 30 days. This surge in memecoin exercise has drawn appreciable consideration to Solana, highlighting its utility and rising relevance within the crypto area.

The attraction of memecoins on the Solana community has been attributed to their accessibility and leisure worth. The development displays a broader curiosity in partaking with the crypto market in a enjoyable and accessible method.

The put up Solana defies overall market trend to hit new all-time high market cap appeared first on CryptoSlate.