The Solana blockchain is surprisingly on the rise throughout the crypto winter, with the network seeing a 3x increase in active wallet users. The increase in their daily active wallets increased even after the value of the network fell sharply towards the end of 2022. Could the network alone ring in the crypto bull run?
Why Solana (SOL) Is Rising Even in the Crypto Bear Market?
According to data from crypto data trackers Messari, the Solana network has tripled its number of daily wallet users since the fallout from the FTX exchange in late 2022. Before FTX and the beginning of the crypto exchange collapse, daily active wallets in the network they were below 40,000. As of today, the daily users of the network are around 120,000 and continue to grow.
This explosion of new users coincides with many market movements within the SOL ecosystem. There has been an inflow of over $400 million into Solana. This has raised the price of the network from $12.45 to $13.29. This is a significant change in value compared to its recent low of $8.29 in the last days of 2022. In the last weeks of December 2022, the price of Solana (SOL) fell from $14.61 to $ 8.29. Surprisingly, in less than 10 days, the price rebounded to $13.29.
Brandon Tucker, Growth Leader at Marinade Finance (Solana’s largest protocol) says: “Investors are noticing that in the aftermath of FTX-Alameda, Solana remains a dedicated and passionate community of builders and users. The level of power and influence of Sam Bankman-Fried and other venture capitalists over the blockchain had been exaggerated and inaccurate for quite some time.” He further adds: “Value and ownership is being transferred from these initial VCs to those who they stayed and continued to take advantage of the unique technological proposition that Solana presents. For those closely watching the chain’s activity, Solana is not just healing: it is going strong.”
The $BONK Effect
This unusual price boost is likely due to the $BONK network’s native meme token. bonk is a dog-inspired meme token. By the way, it is also the first meme token to be created on Solana. It is called “community currency” in the technical document. The token will be used in many DApps on Solana. For example, the meteoric rise of tokens has also led to their early adoption in many ecosystems within Solana. In just 14 days since launch, Bonk has already seen around 50 integrations on the network. SOL/BONK to the moon?
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