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Cryptocurrency News Articles
Goatse Maximus, the AI-Generated Memecoin, Has Sparked a Frenzy in the Solana Blockchain
Oct 25, 2024 at 03:06 am
This month's price action from Solana, which touts itself as an alternative to Ethereum's high fees and slow transaction rates, has brought SOL to a new all-time high against Ethereum
Solana (CRYPTO: SOL) has seen its price explode in recent weeks, largely due to the memecoin mania sweeping the Web3 space.
The price of 1 SOL in ETH has reached a new all-time high, with 1 Sol now trading at around 0.07 Ethereum. This marks the highest SOL/ETH ratio since the launch of the SOL token in 2020.
At the same time, Solana has hit its highest price against Bitcoin (CRYPTO: BTC) since August.
Solana is now trading at around 0.0024 BTC, up significantly from 0.0014 BTC at the start of the year. This puts Solana at a price of around $540.
The Web3 domain has seen a massive surge in activity this year, largely driven by the rise of decentralized finance (DeFi).
Solana has been one of the biggest beneficiaries of this trend, with the total value locked (TVL) in Solana DeFi protocols increasing from $1.8 billion at the start of the year to $6.9 billion now.
This growth has been fueled by the launch of several major DeFi projects on Solana, including Orca, Saber and Marinade. These projects have attracted users with their high yields and low fees.
The price of Solana has also been boosted by the increasing popularity of non-fungible tokens (NFTs).
Solana is home to several major NFT marketplaces, including Magic Eden and Solanart. These marketplaces have seen billions of dollars in trading volume this year.
The rising price of Solana has made it one of the most valuable cryptocurrencies in the world.
Solana is now ranked 10th by market capitalization, according to CoinGecko. The cryptocurrency has a market cap of around $19.4 billion.
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- Top 10 Altcoins That Could Make You a Crypto Millionaire by 2025! 💰🚀
- Oct 25, 2024 at 08:15 am
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- Microsoft’s Potential Bitcoin Investment Faces Board Opposition
- Oct 25, 2024 at 08:15 am
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- RCO Finance (RCOF) Presale Skyrockets by Over $4 Million as Dogecoin Price Analyst Identifies It as the Next PEPE, Projecting an 8000x Increase
- Oct 25, 2024 at 08:15 am
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