The crypto world is abuzz today, with much of the spotlight on Solana’s remarkable price rally and Microstrategy’s relentless Bitcoin purchases.
Here’s a closer look at the top trends driving conversations.
Contents
Solana’s Momentum Builds
Solana ($SOL), currently the #4 cryptocurrency by market cap, is stealing the show with its impressive performance. It recently achieved a record $0.0709 price ratio against Ethereum, prompting speculation about a potential break above its November 2021 all-time high of $257 before year-end.
🗣️ Today's top trending topics across social media are showing the majority of interest going toward Solana's impressive price run, and Microstrategy's continued massive Bitcoin purchases. Here are the breakdowns:
📈 The #4 market cap asset in crypto continues to rise against… pic.twitter.com/BjweqRajPW
— Santiment (@santimentfeed) November 18, 2024
Solana Network Sets Usage Records
The Solana network is also setting usage records, with 153 million monthly active addresses, a new milestone. Meanwhile, Solana-based decentralized exchange (DEX) Raydium Protocol has outperformed industry giant Uniswap in daily and weekly trading volume.
BREAKING: Monthly active addresses on @solana hit a new all-time high.
Monthly Active Addresses: 153 million pic.twitter.com/QgH5XwEKen
— SolanaFloor (@SolanaFloor) November 18, 2024
This achievement is particularly noteworthy as Raydium operates exclusively on Solana, whereas Uniswap spans multiple Layer 2 solutions and EVM-compatible chains.
🚨Breaking: @RaydiumProtocol flips @Uniswap
in daily and weekly DEX volume despite operating solely on Solana, while Uniswap spans all L2s and a number of EVM-compatible chains. pic.twitter.com/Yhzi8SPsK7— SolanaFloor (@SolanaFloor) November 18, 2024
On the selling side, the infamous #Pumpfun Fee Account recently offloaded 105,000 $SOL ($25.14M) in one transaction. In total, this account has sold 898,243 $SOL ($157M) while generating $315M in revenue from 1.3 million $SOL sales.
The #Pumpfun Fee Account sold 105,000 $SOL($25.14M) again 20 mins ago!
Total revenue: 1,307,966 $SOL($315M)
Total sold: 898,243 $SOL($157M)https://t.co/8Jozj9QYlc pic.twitter.com/Sj42JnrFpi— Lookonchain (@lookonchain) November 18, 2024
Microstrategy’s Bitcoin Strategy
Microstrategy continues to make waves with its aggressive Bitcoin accumulation. The company’s strategy of purchasing large quantities of BTC has solidified its position as one of the largest institutional holders. Its ongoing commitment to Bitcoin is driving significant attention from investors and analysts alike.
What’s Next?
With Solana’s ecosystem thriving and Microstrategy doubling down on Bitcoin, these developments highlight the growing dynamism of the crypto market. Whether Solana will hit new all-time highs or Bitcoin will benefit from institutional accumulation remains to be seen, but these trends are reshaping market narratives and keeping the crypto community on its toes.
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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