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When Solana (SOL) launched five years ago, no one could have predicted its meteoric rise. What started as an experimental Layer-1 blockchain quickly transformed into one of the most widely used networks in crypto. With ultra-low fees, lightning-fast transactions, and a thriving ecosystem, Solana has earned its place in the spotlight. From bullish highs to brutal crashes and an unexpected resurgence, its journey has been anything but dull.

A Pandemic-Driven Launch

While Solana’s initial concept dates back to 2017, it wasn’t until March 2020—right when the COVID-19 pandemic shook the world—that the network officially went live. Founders Anatoly Yakovenko and Raj Gokal introduced their unique “Proof of History” consensus mechanism, offering unmatched speed and affordability. Investors took notice, and by July 2019, Solana had already secured $20 million in private funding led by Multicoin Capital.

Solana’s growth was nothing short of spectacular. By the peak of the 2021 bull run, it was hailed as Ethereum’s biggest challenger, with its market cap skyrocketing to $77.8 billion. But 2022 brought a brutal reality check. The bear market and the collapse of FTX—whose disgraced founder Sam Bankman-Fried was a major Solana investor—sent SOL’s value crashing by 96%, reducing its market cap to just $3 billion.

Yet, against all odds, Solana roared back to life in 2023. In just over a year, its market cap surged back to $140 billion, fueled by a Memecoin explosion and DeFi resurgence.

Memecoins: The Unexpected Fuel for Solana’s Comeback

One of the biggest catalysts behind Solana’s revival? Memecoins. Tokens like Bonk (BONK), Dogwifhat (WIF), and countless others became multi-billion-dollar markets in 2024. The Solana-based launchpad Pump.fun emerged as the go-to platform for meme traders, generating a staggering $540 million in revenue.

But the real spectacle? The launch of TRUMP Memecoin—a token linked to the former U.S. president. Within two days, it skyrocketed to a $14.6 billion market cap—only to collapse just as quickly as it had risen.

Meanwhile, Solana took another unexpected turn into mainstream adoption. In May 2023, the network unveiled Solana Saga—the first major crypto smartphone. While initial sales were sluggish, a BONK airdrop turned the device into a must-have, reigniting demand. Later, a next-gen version, Solana Seeker, was announced—racking up over 140,000 preorders.

Solana and the U.S. Government: A Surprising Connection

Perhaps the most bizarre twist in Solana’s story? Its potential inclusion in the U.S. government’s Digital Asset Stockpile—a fund that holds confiscated cryptocurrencies. While the U.S. has yet to officially hold Solana reserves, internal reviews are underway to assess its viability.

Currently, Solana trades at $128.80, with a market cap of $65.5 billion, making it one of the top players in crypto. While network outages have plagued its past, the Firedancer validator upgrade promises to fix stability issues and cement Solana’s place as an industry leader.

5 Years of Solana: From Pandemic Birth to a U.S. Crypto Reserve Candidate — Source: TradingView

What’s Next for Solana?

From pandemic birth to memecoin madness, from FTX-inflicted wounds to a government crypto reserve candidate, Solana’s journey is far from over. With major DeFi adoption, NFT dominance, and upcoming infrastructure upgrades, the network is proving that even after near-collapse, it still has what it takes to stay on top.

So, is Solana here to stay, or will another black swan event wipe it out once again? Either way, it won’t be boring.

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Madeline

I have been drawn to technology and science fiction since I was a child. Studying IT has drawn me to the world of cryptocurrencies, where I have been working since 2014. I have learned a lot since then. And I still have a lot to learn. What fascinates me most about them is that they connect so many worlds together and the possibility of free choice. Without limits.