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Solana (SOL) has smashed through its bullish target of $241, with trading volume on its ecosystem’s decentralized exchanges (DEX) soaring, thanks to the unstoppable meme coin mania.
With its lightning-fast speeds and efficiency leaving competitors like Ethereum in the dust, Solana’s Layer-1 blockchain is projected to hit $500 by the end of the year.
If SOL can hold steady above the crucial $241 level, the bulls are already eyeing the next target of $291—an exciting entry into price discovery, with the all-time high (ATH) currently set at $259.
While hitting $500 might seem ambitious, it’s not out of the question. Even a more moderate climb could land SOL comfortably in the $350-$400 range, leaving crypto enthusiasts cheering all the way to the (blockchain) bank!
According to the latest data from DefiLlama, the daily DEX volume on Solana’s Raydium has more than doubled that of Ethereum’s Uniswap ($3.93 billion vs. $1.45 billion). That’s right—Solana’s got the receipts to back its big moves!
Adding to the momentum, Solana’s decentralized applications (DApps) are smashing records, both in revenue and transaction fees. Looks like Solana isn’t just fast; it’s also rolling in the crypto dough, leaving competitors trying to catch up in its dust.
FINALLY MADE ONE MILLION DOLLARS FROM SOLANA MEMECOINS
As promised,
I want to change someone's life and send 100 $Sol (~$23,500) to one person by tomorrow.Just like, retweet and comment 'done'.
Random winner in 15 hrs pic.twitter.com/L5FDt0dAUB— Cabelo Escobar (@cabelo_escobar) November 18, 2024
Solana Soars, Meme Coins Explode – Pump.fun Hits $8 Billion Market Cap
Solana’s price surge is being fueled by the meteoric rise of meme coins on its network, now a meme coin hotspot thanks to the smash-hit platform pump.fun.
Pump.fun makes it ridiculously easy for anyone to create their own meme coin with just one click. Using a bonding curve for simplicity and a user-friendly design, the platform has made launching meme coins as easy as posting a meme. And with minimal creation costs, it’s no wonder Pump.fun has catapulted to an $8 billion market cap.
Solana and memes—a match made in crypto heaven!
Pump.fun Hits $8.2 Billion Ecosystem Value as $PNUT Skyrockets Over 5,000%
The pump.fun ecosystem now boasts a staggering $8.2 billion valuation, with an impressive 24-hour trading volume of $4.3 billion.
Leading the charge is Peanut the Squirrel ($PNUT), which reached a $1.6 billion market cap just two weeks after its launch. Listed on Raydium on November 3 at $0.075, $PNUT’s price soared 2,046% to $1.61. For those lucky enough to snag it at its lowest open market price of $0.0318, the returns were a jaw-dropping 5,099%.
Early investors who bought $PNUT through the bonding curve before its Raydium listing saw even higher gains. To qualify for listing, tokens must reach a $69,000 market cap, with $12,000 liquidity deposited and burned—a fair shot for all participants.
How to Spot the Next Big Token on Pump.fun
For investors hunting for the next $PNUT-level success, pump.fun offers the ‘about to graduate’ feature in its advanced section. This tool highlights tokens nearing the listing pipeline, making it easier to find potential moonshots.
What makes pump.fun unique is its fair launch model—every token is introduced without presales or team allocations, ensuring a level playing field for all.
Pump.fun isn’t just riding the meme wave—it’s redefining it. Keep your eyes peeled for the next big hit! 🚀
Solana’s rising dominance in the meme coin category has become impossible to ignore, now proudly showcased on CoinMarketCap’s front page.
Solana has officially become the second most valuable blockchain for running smart contracts. Thanks to its cutting-edge proof-of-stake and proof-of-history technologies, Solana is proving itself as a reliable solution for commercial activity—even in the quirky world of meme coins, often dismissed as low-utility assets.
Robinhood and Coinbase Fuel Solana FOMO Over the Weekend
Recent events have added rocket fuel to Solana’s rise. Last week, Robinhood reversed its earlier stance and relisted several coins, including Solana. This shift signals a changing perspective, suggesting these coins are no longer seen as at risk of violating the SEC’s rules on unregistered securities.
Meanwhile, Coinbase introduced the COIN50 index, a tool to help institutions easily track the market. Qualified institutions outside the U.S., Canada, and the UK can now trade this index.
Solana grabbed a 6% share of the COIN50, a significant overweight compared to its actual 3.56% share of total crypto market capitalization. Translation: institutions aiming to replicate the index need to buy more Solana than its market cap weight suggests.
For context, Bitcoin commands a 50% weight in COIN50, while its actual market dominance is 59%. Solana’s inclusion underscores its growing appeal as a must-have asset for institutions and investors alike.
With innovative tech, meme coin dominance, and institutional backing, Solana is making waves—and not just in the crypto ocean! 🌊
Solana’s Price Surge: Institutions and ETF Strategies Fuel Growth
Institutional interest in Solana is on the rise as financial advisors and asset managers begin reallocating 5% of their portfolios to crypto—a portion traditionally reserved for high-risk and speculative alternative assets.
Nathan McCauley, CEO and Co-founder of Anchorage Digital, told The Washington Post last week that the next wave of crypto adoption will likely be driven by mainstream investors, not the crypto-savvy early adopters. These investors prefer accessing digital assets through trusted financial advisors or wealth managers.
Anchorage, the only federally chartered crypto bank in the U.S., predicts Solana will stand out alongside Bitcoin as a top choice for institutional investment portfolios.
Public Companies Betting Big on Solana
For institutions hesitant to directly hold digital assets, public companies like Sol Strategies (CYFRF, HODL.CN) now offer a convenient solution by investing directly in Solana and its ecosystem.
Last week, Sol Strategies acquired four validators in a cash-and-stock deal to take over Cogent Crypto, further solidifying its position as a major player in the Solana ecosystem.
With institutional support growing and innovative strategies like ETFs emerging, Solana is carving out its place as a go-to asset for investors looking to ride the crypto wave—without all the technical headaches. 🌐
I am still adding in CYFRF https://t.co/6X18PZx45V
— Tony G (@TonyGuoga) November 18, 2024
Solana ETF Approval Gains Momentum: VanEck Bets on Trump Victory
As regulations become clearer and more favorable, the chances of a Solana ETF approval have skyrocketed. Leading the charge, VanEck Digital Assets submitted the first Solana ETF application to the SEC on June 27, 2024.
According to a Financial Times report on July 26, the success of VanEck’s Solana ETF hinges on the outcome of the U.S. presidential election. Matthew Sigel, VanEck’s Head of Digital Asset Research, confirmed that their application is effectively a bet on Trump’s victory.
Legislative changes in Washington are expected to address the current roadblocks, but with a deadline looming in March, any shifts will need to happen fast.
If approved, the Solana ETF could pave the way for institutional adoption and open up exciting new opportunities for investors, proving once again that in crypto, timing—and politics—is everything. 🗳️📈
VanEck's @matthew_sigel…
"I think the odds are overwhelmingly high that there will be a solana ETF trading by the end of next year."
via @SteveJohnson000 pic.twitter.com/EtMRgLL3Js
— Nate Geraci (@NateGeraci) November 15, 2024
Development and Adoption of the Solana Ecosystem on the Rise
Here’s a roundup of the latest updates showcasing Solana’s protocol advancements and growing adoption:
- ZK Compression Breakthrough: The 2024 Breakpoint Conference highlighted Solana’s ZK Compression technology, aimed at slashing data storage costs and boosting scalability.
- Firedancer’s Scalability Leap: Firedancer was hailed as a game-changer for Solana’s future scalability by Leah Wald, Valkyrie Co-founder and CEO of Sol Strategies, in an interview with Cryptonews.com.
- Hackathon Success: The Solana Radar Hackathon drew over 10,000 participants, showcasing the enthusiasm and innovation thriving within the ecosystem.
- Midwest Blockchain Conference: This event underscored Solana’s popularity among students and industry leaders, focusing on adaptable project development.
- Decentralization Milestone: A recent analysis revealed a robust validator network with 4,514 nodes, reflecting Solana’s strong and resilient network structure.
- Transaction Optimization: Strategies to optimize transaction processes through fee prioritization have now been implemented, effectively addressing network congestion challenges.
Solana continues to cement its position as a leading blockchain ecosystem with innovation and adoption levels reaching new heights. 🚀
