- Solana has risen 17% in a week, driven by increased staking activity.
- The altcoin’s recent price recovery demonstrates resilience against market negativity.
- Daily active users have surged to 5.5 million, surpassing Ethereum by 10x.
The Solana network is also experiencing tremendous growth both in its price and network activity. SOL surged by 17% over the past week, partly due to large-scale staking activity. Data from Lookonchain showed that a new wallet recently withdrew 150k SOL (worth about $26 million) from Binance and staked it, showing confidence in Solana’s future.
The fifth-largest altcoin continues to perform well, defying bearish crowd expectations. After a sharp decline on October 23rd, SOL has rebounded, demonstrating how market sentiment can be inaccurate.
Continuing its giant strides, the SOL network has lived up to its expectations by surpassing Ethereum by a significant margin. According to data from Token Terminal, SOL’s daily active users have reached an impressive 5.5 million, a tenfold increase compared to Ethereum. This milestone highlights its growing popularity and potential as a leading blockchain platform.
The surge in user activity can be attributed to several factors, including Solana’s high-speed transactions, low fees, and growing ecosystem of decentralized applications (dApps). Solana’s ability to handle a large number of transactions per second makes it an attractive option for developers and users alike.
Solana’s Meme Coin Frenzy: MEW Hits $1B Market Cap
Fueling this momentum is Solana-based meme coin especially MEW, a cat-themed token. MEW has become the latest crypto craze, breaking its all-time high and hitting a $1 billion market cap. Notably, it is the second such memecoin to achieve this feat on the SOL network.
MEW’s growth is primarily attributed to increasing support from decentralized platforms. Drift Protocol, built on Solana, has added perpetual futures trading for MEW with up to 4x leverage. This follows other platforms listing MEW perpetuals, including Kwenta and Synthetix on Base, which launched on October 22. This convergence of listings and the excitement around meme coins have contributed to the price surge.
