News - Why Solana's price is rising

By Mike Hesp

Why Solana's price is rising

The Solana ecosystem is thriving: New memecoins, airdrops and protocols are being built on the world's "fastest" blockchain. SOL's price is benefiting.

In the past seven days Solana (SOL) rose ten percent and at the time of writing it is trading at $145. SOL is benefiting from the continued bull-rally which is caused by the demand shock for Bitcoin.

However, there are other reasons for the growth to $149 in the meantime. One of them: Pantera Capital. According to Bloomberg will the asset manager for $250 million to buy Solana from insolvent crypto exchange FTX.

SOL also imploded due to the collapse of FTX in November 2022, but fought its way back to the top of cryptocurrencies last year. FTX currently holds an estimated 41.1 million SOL tokens, about ten percent of the total amount in circulation.

Solana is also getting a boost from a number of new projects using the so-called "fastest blockchain in the world." As a result, DEX volume is also soaring to new heights, as evidenced by data From DeFiLlama.

In addition, new Solana protocols, including the new yield platform Kamino, users with airdrops. About seven percent of the tokens will be distributed to eligible users in April. The deadline is March 31, 2024.

The Jito airdrop in January - the largest airdrop in crypto history - has already shown that apparently anything is possible in the Solana ecosystem right now.

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