Solana defies total market pattern to hit new all-time excessive market cap

Solana (SOL) broke new floor on March 15 after an 11% rally introduced its market capitalization to a brand new all-time excessive of $82.5 billion at a worth of $186.77 per token regardless of the general downtrend, which noticed the market contract by 4%.

This achievement surpasses its prior peak market cap of roughly $77.9 billion — noticed in November 2021 at its all-time excessive of $259.96 — signaling sturdy investor confidence and a rising curiosity within the digital asset.

SOL was buying and selling at $181.35 as of press time — up 9.29% over the previous 24 hours, with a market cap hovering simply above $80 billion, in accordance with starcrypto knowledge.

Sol ecosystem thriving

Including to Solana’s spectacular week, the community noticed a record-breaking variety of new addresses, with a day by day common of 738,040 new addresses based mostly on a seven-day shifting common.

This uptick in new addresses highlights the rising neighborhood and curiosity within the Solana ecosystem, which noticed a inexperienced day of buying and selling, with most tokens recording vital beneficial properties.

DEX native tokens — together with Raydium and the just lately launched Jupiter and Jito —  noticed double-digit beneficial properties over the previous day.

RAY and JUP had been up greater than 30%, whereas JITO recorded beneficial properties 10%.

In the meantime, the biggest Solana-based memecoins like WIF and BONK noticed a drawdown mimicking the broader market as buyers turned to smaller cap tokens on DEXs amid renewed memecoin frenzy.

Memecoin fever

The present enthusiasm surrounding Solana is essentially fueled by the colourful buying and selling exercise associated to newly launched memecoins on the community following a dramatic surge in memecoins this 12 months.

Noteworthy beneficial properties had been noticed in memecoins like Dogwifhat, Popcat, and Bonk, which have posted beneficial properties starting from 117% to 554% over the previous 30 days. This surge in memecoin exercise has drawn appreciable consideration to Solana, highlighting its utility and rising relevance within the crypto house.

The attraction of memecoins on the Solana community has been attributed to their accessibility and leisure worth. The pattern displays a broader curiosity in participating with the crypto market in a enjoyable and accessible method.

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