Crypto News

Solana’s Meteoric Rise: $SOL Breaks $180 As DeFi TVL And Memecoin Market Cap Surge

Solana ($SOL) is making headlines with a strong rally, surpassing $180 and solidifying its position as one of the top players in the cryptocurrency world.

Recently, $SOL overtook Binance Coin (BNB) to claim the 4th spot in market capitalization, marking a significant milestone in Solana’s growth trajectory.

The Solana DeFi ecosystem is experiencing an impressive revival. As of October, Solana’s Total Value Locked (TVL) has surged by an astounding 1,347% year-over-year, reaching $6.4 billion.

This growth has been fueled in part by Raydium’s remarkable 28% price increase and the launch of Solayer’s sUSD, a yield-generating stablecoin, which is expected to attract more DeFi users to the network. With Solana processing 43 million daily transactions, the network’s scalability and speed are playing a crucial role in driving DeFi activity.

Adding to the excitement, Solana’s memecoin market cap has hit an all-time high of $12 billion, rising nearly 30% within the last 24 hours. The growth reflects increased investor confidence and renewed interest in Solana’s ecosystem as a viable platform for decentralized applications.

Solana Hits Massive Milestones 

October also saw Solana rank third in blockchain revenue, according to CryptoRank data, following closely behind other top chains. On October 24th, Solana achieved a record $2.5 million in daily revenue, outperforming other networks like Tron, which has been in decline since August. Ethereum and Base also showed notable revenue growth, but Solana’s daily revenue spike demonstrates its expanding influence in the blockchain space.

As Solana’s ecosystem continues to thrive, the network is well-positioned for further expansion, making it a key player in both DeFi and cryptocurrency markets as we look toward the future.

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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