Solana Network Activity Surges as Crypto Traders Turn Bullish on SOL

Solana is getting a powerful week with SOL up 25% in the last 7 days, popping back over the $100 mark after dipping below $80 a week ago. The most recent revival comes among surging network activity in front of Wednesday’s Jupiter token airdrop.

Based on data from CoinGecko, Solana has ticked up a couple ofPercent at the time to some current cost of approximately $103. While still not even close to the 2021 peak cost of nearly $260, Solana has bounced away from the lows recently 2022 if this sank lower near $8. It’s up 333% within the this past year.

Solana is seeing substantially greater activity among the cost jump as more traders use the network due partly to reduce charges and speedier transactions than Ethereum. Buying and selling volume on Solana decentralized exchanges (or DEXes) capped those of Ethereum for that moving 24-hour window ending Sunday evening, per data from DeFi Llama.

Other data from Hello Moon implies that a range of on-chain metrics have surged in recent days, including daily active users having a SOL wallet balance. Solana also saw an exciting-time daily a lot of new wallets getting used to sign transactions last Friday at nearly 750,000 as a whole.

SOL’s uptick and rising network usage be the ecosystem prepares for that The month of january 31 launch of JUP, the state token of DEX aggregator Jupiter. The lengthy-anticipated token is going to be distributed around nearly millions of wallets to assert free of charge.

Jupiter tested out its new token launchpad over the past weekend using the debut of WEN, a meme gold coin which more than millions of qualified wallets could claim free of charge. Ultimately, greater than 271 billion WEN tokens went unclaimed through the Monday morning deadline, representing about 39% from the airdrop allocation and 27% from the total token supply.

WEN’s creators burned the unclaimed tokens, cutting the entire supply, but traders rapidly switched bearish around the meme gold coin because the initial hype. The token has lost 52% of their value since Monday morning’s all-time peak, falling to some current cost of $.000086.

Edited by Ryan Ozawa.

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