Leading The Pack: Solana Captures Nearly 50% Of Global Crypto Attention
March 21 2024 - 4:36AM
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The Solana ecosystem has achieved a significant milestone by
becoming the most popular blockchain ecosystem of the year. This is
due to its ability to capture nearly half of the world’s crypto
investor interest in the chain-specific theater. Together with the
outstanding performance of native meme coins like dogwifhat and
important ecosystem project tokens like Pyth, Solana’s comeback to
2021 peaks show a revived faith in the network. Related Reading:
Analyst Bullish On Polkadot (DOT), Predicts $17 Price Target Before
April Solana’s Dominance: Coingecko Study Insights According to a
study by Coingecko, as a result of Solana’s nearly 50% share of
global chain-specific interest, and its affiliated projects’
increasing popularity and performance, the ecosystem has a
significant mindshare that reinforces its leadership in the
cryptocurrency market. Currently priced at $191, Solana (SOL) has
increased by 13% in value over the past 24 hours. The fifth-ranked
cryptocurrency has a market capitalization of nearly $85 billion,
and its 24-hour trading volume amounted to $9 billion. Bitcoin
price action. Chart: TradingView The popularity of Solana’s meme
coins and ecosystem initiatives are successful in attracting
attention to the network’s lively and dynamic ecosystem. As long as
Solana is drawing attention and capital, its ecosystem will
continue to dominate the cryptocurrency investor scene, paving the
way for network expansion and innovation. Ethereum, on the other
hand, is the second most popular blockchain ecosystem this year,
having garnered nearly 13% of investor interest. Ethereum is
probably not a new, hot crypto narrative anymore as its ecosystem
and investors are already familiar with it. The Ethereum ecosystem
is also seeing its focus spread out among the layer 2 ecosystems
that are developing on top of it. SOL seven-day price ascent.
Source: Coingecko Factors Driving Solana’s TVL Increase Meanwhile,
according to DefiLlama’s data, the Solana blockchain has
demonstrated a remarkable performance, with its decentralized
finance (DeFi) total value locked (TVL) rising by nearly 80% in the
previous month alone. Related Reading: DeFi Turmoil: Over $5
Million Wiped Out In Liquidations Amid Ethereum Price Drop This
incredible ascent represented a significant turning point for the
network, with the Solana TVL reaching its highest point in the
previous two years. According to the most recent report, Solana is
among the top five with the fastest-rising TVL in DeFi, with nearly
$4 billion. Source: Defillama Much of Solana’s TVL is based on the
increase in trade volume, which is tracked by the Defi protocols
and operates across its Layer 1 (L1) network. Just this past month,
there was a 125% increase in the daily trading volume of these
protocols; the level of trading reached a peak of nearly $3.7
billion. Additionally, the network achieved an all-time high of
$1.6 million in total daily fees, with fee income of $3.61 million.
Featured image from Pexels, chart from TradingView
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