Crypto News

Solana Breaks New Records As Whales And Market Demand Surge

Solana’s momentum is stronger than ever, with its market cap surpassing $100 billion and key metrics setting new records.

A notable whale, identified as “AA21…VxH9,” recently acquired another 7,500 $SOL (worth $1.57 million), bringing their total accumulation since October 22 to 257,599 $SOL, valued at a staggering $54 million. This accumulation trend highlights renewed interest in Solana among major investors.

Solana’s ecosystem is also booming. The market cap of Solana-based meme coins has exceeded $15 billion, a testament to growing demand in niche markets.

Additionally, for the sixth consecutive week, Solana’s decentralized exchange (DEX) volume has outpaced Ethereum, setting a record and establishing Solana as the monthly leader in DEX volume for the second month in a row.

On November 10, Solana perpetual contracts reached a new peak with $2.41 billion in daily trading volume, with @JupiterExchange commanding an impressive 80% market share.

Solana Leads In NFTs Adoption 

Solana continues to lead in NFT adoption as well, outperforming other blockchains, including Ethereum, in weekly NFT user growth. With a user base of 44,000, Solana now holds a 36% dominance in NFT user adoption.

Moreover, cross-chain activity has been significant. In the past week, over $160 million has been bridged to Solana from other chains, with $130 million originating from Ethereum alone. This substantial inflow underscores the appeal of Solana’s fast and affordable transactions, drawing liquidity from across the blockchain space.

As Solana continues to gain traction across DeFi, NFTs, and meme coins, its strong user adoption and market share illustrate its potential to solidify its position as a major player in the blockchain landscape.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: alexandarilich/123RF // Image Effects by Colorcinch

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