Solana (SOL) Tops 2023’s Most Traded Altcoins on US Exchanges
Solana, the altcoin that captured headlines, has skyrocketed from $21 in mid-October to almost $45 final week, firmly establishing itself as essentially the most traded various cryptocurrency on US exchanges this yr. This exceptional efficiency got here on the heels of a quick dip beneath $10 throughout the FTX change’s collapse.
Latest knowledge from Kaiko Research exhibits SOL’s extraordinary surge, with its worth surging by a staggering 115% since mid-October.
However everybody’s now stopping to surprise – what’s driving the surge?
What’s Behind Solana’s Rise?
Coinbase, a number one change, performed a pivotal position in SOL’s success by buying 2.2 million tokens on October 18. Since then, SOL has witnessed a exceptional 35% surge.
Solana’s surge might be attributed to a notable uptick in community exercise, particularly regarding liquid-staking token protocols like Jito, the second liquid-staking protocol on Solana. Data reveals that Jito has attracted as much as $12 million in funding and boasts a complete worth locked (TVL) of roughly $224 million.
Instead Layer 1 (alt L1) blockchain, Solana is usually in comparison with Ethereum (ETH) and has been doing higher than its counterpart in latest months.
The ratio of SOL to ETH went up from 0.011 in September to about 0.025, surpassing ranges from earlier than the FTX disaster.
It’s not been straightforward…!
Alternatively, South Korea’s distinguished change, Upbit, determined to promote almost 4 million SOL tokens.
Additionally Learn: Solana (SOL) to the Moon? Raoul Pal Predicts Bullish Outlook
Solana Steals the Highlight
Within the broader context, SOL has outperformed different widespread altcoins similar to Dogecoin (DOGE), Litecoin (LTC), Polygon (MATIC), and Ripple (XRP) in buying and selling volumes throughout US-based exchanges, solidifying its place because the favored various digital asset amongst US merchants in 2023.
Inside a month, SOL has skilled a exceptional 75% enhance in worth, cementing its standing as a formidable presence within the crypto world.
Learn Extra: Solana Value Evaluation: Will SOL Value Hit $50 Quickly?
What are your predictions for Solana’s future?
