Solana (SOL) Experienced Surging DEX Volume, Token Gains, and Market Cap Milestones

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Bitget2024/03/19 07:27

By:Bitget

Solana has recently witnessed an extraordinary surge in its DEX volume, surpassing a remarkable milestone of $3.5 billion. This surge coincides with the emergence of several meme coins on the Solana network, including PENG, Dogwifhat (WIF), and Book of Meme (BOME). As a result, Solana's native token (SOL) has experienced substantial gains, approaching the $200 mark and achieving a market cap exceeding $84.5 billion, a level not seen since November 2021.

Solana (SOL) Experienced Surging DEX Volume, Token Gains, and Market Cap Milestones image 0

Furthermore, Solana's impressive performance has propelled SOL to become the 4th largest cryptocurrency by market cap, surpassing BNB. Despite market corrections affecting other assets, Solana has demonstrated resilience, with minimal declines in SOL's price and market cap. SOL's current trading price hovers around $190, edging closer to its previous all-time high of $260.

Moreover, Solana's Total Value Locked (TVL), which includes liquid staking, has surpassed BNB Chain for the first time, underscoring the network's growing prominence in the DeFi ecosystem.

Futures Market Updates

Both Bitcoin and Ether futures experienced an increase in total open interest and volume. Liquidations for long positions significantly exceeded liquidations for short positions, while long/short ratios are balanced for both tokens.

Bitcoin Futures Updates

Total BTC Open Interest: $34.83B (+1.35%)

BTC Volume (24H): $91.36B (+7.13%)

BTC Liquidations (24H): $71.14M (Long)/$26.68M (Short)

Long/Short Ratio: 50.02%/49.98%

Funding Rate: 0.0138%

Ether Futures Updates

Total ETH Open Interest: $13.13B (+0.86%)

ETH Volume (24H): $41.42B (+15.25%)

ETH Liquidations (24H): $56.09M (Long)/$14.17M (Short)

Long/Short Ratio: 50.98%/49.02%

Funding Rate: 0.0196%

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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