On Saturday, Solana’s native token SOL surpassed the $100 mark, reaching a price not witnessed since Terra’s collapse a year and a half ago. As of now, SOL is trading at approximately $102 per coin. Its value has surged more than tenfold in 2023, with a notable 70% increase in December, as reported by CoinDesk Indices.
The weekend’s market activity concluded a period of intense trading, temporarily propelling the Solana blockchain to a higher position on the on-chain activity leaderboard. According to DeFiLlama, Solana-based decentralized exchanges are approaching Uniswap’s multibillion-dollar trading volumes for the first time.
Much of this surge is fueled by speculative trading, particularly involving dog-themed memecoins. Additionally, airdrops are attracting numerous traders to explore Solana-based lenders, bridges, and other infrastructure.
Solana, a platform for efficient and cost-effective crypto transactions through smart contracts, is often likened to Ethereum. Despite Solana’s growing prominence, Ethereum remains the most popular and widely recognized choice for on-chain activities among crypto traders.
