Solana converted Polygon to the tenth-largest crypto asset by market capitalization on January 15.
According to CoinMarketCap statistics, Solana overtook Polygon on January 15 to become the tenth biggest crypto asset by market capitalization, after a seven-day run that saw its value increase by nearly 70%.
Due to its link with Sam Bankman-Fried, SOL’s price performance was significantly influenced by the November collapse of FTX.
Solana traded as low as $9 during the height of the FUD, and two of its key NFT projects abandoned it for other blockchain networks.
The currency was worth just $10 two weeks ago but has since more than doubled to $23.34 at press time thanks to its stellar performance. As a result of its remarkable surge, it is once again among the most valuable 10 cryptocurrencies in the world.
According to coinmarketcap statistics, Solana’s market cap increased from $5 billion to nearly $9 billion in the last week.
According to Mamba, co-founder of a gaming business on Solana, the network’s believers were rewarded with a 165% increase in SOL’s value in only 15 days. According to Mamba, SBF’s departure was beneficial for the blockchain, and the technology of the network is advancing.
Messari data indicates that Solana’s active wallet has increased by more than thrice after the collapse of FTX in November. In addition, the number of active wallets on Solana DEXs, which are operated by the decentralized exchange platform Delphi Digital, has increased by 83% since the beginning of 2023.
Delphi Digital reports that daily Solana wallet activity climbed from 45,000 to 83,000. As previously reported by BeinCrypto, the introduction of a new memecoin, Bonk Inu, in Solana’s ecosystem corresponded with the growth in the number of active wallets. The memecoin surged by more than 130%, reviving interest in the ecosystem. However, it has now dropped by almost 38% during the last week.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.