An increase in Solana buying sentiment has helped the cryptocurrency market. Not far from its all-time high, Solana caused a stir in the cryptocurrency world when it overtook BNB as the fourth most valuable crypto asset.
Right now, there is bullish sentiment in the Solana markets. On November 6, 2021, Solana reached its highest price to date, peaking at $259 point 52.
As reported by DefiLlama, Solana has achieved a major milestone by surpassing Ethereum and other EVM-based Layer-2 solutions in 24-hour volume. The altcoin is up 40% over the week and the current SOL cycle high is $205.
The introduction of meme coin projects on the Solana blockchain has recently been met with enthusiasm by its supporters. A recent study by Franklin Templeton noted that a significant portion of the activity was captured by the network, and went on to say that the company believes meme coins like BONK "have a strong relationship with their native networks."
In February, European fintech company Revolut unveiled a โLearn and Earn Campaignโ for the meme currency. As a result of the increased visibility, BONK reached an all-time high in early March.
Solana has lately become the undisputed leader in blockchain transactions with a total chain volume of $3.654 billion, compared to Ethereum's $2.397 billion. Solana beats all other competitors, including Arbitrum, Avalanche, Polygon, and Optimism.
Solana is a high-featured open source project that leverages the permissionless nature of blockchain technology to deliver decentralized finance (DeFi) solutions.
Although the concept and preparatory work for the project began in 2017, the Solana Foundation formally launched Solana in March 2020.
The Solana protocol aims to facilitate the development of decentralized applications (DApps). By combining blockchain's fundamental proof-of-stake (PoS) consensus with a proof-of-history (PoH) consensus, it seeks to increase scalability.
Memecoin founders have generated millions of Solana tokens through token pre-sales in the last 72 hours (approximately 3 days) alone, demonstrating the increased activity in the cryptocurrency community.
To announce Las Vegas' massive Sphere project, Dogwifhat (WIF), a version of the โdog tokenโ that capitalized on Solana's trend by giving the dog mascot a pink hat, has raised more than $600,000.
At press time, aggregate data cited by cryptocurrency researcher 0xGumshoe indicates that traders have sent approximately $100 million worth of SOL to purchase new Solana meme coins in the past 72 hours.
These tokens, which include Book of Meme (BOME), Nap (NAP), Nostalgia (NOS), and many more, have been used in a controversial pre-sale model to raise funds for upcoming coins.
Pre-sales are a common way for fraudsters and fraudsters to take advantage of unsuspecting investors to launder money, although there is no guarantee that investors will receive tokens in exchange for cryptocurrencies sent to a pre-sale wallet address.
