Whales Keep Loading Up on SOL, Pushing Solana’s Market Value Past $100 Billion
- Solana whales keep stacking SOL, with holdings over 257,000 as market cap surpasses $100B, securing its 4th spot in crypto rankings.
- Solana’s growth in meme coins and decentralized exchanges fuels a strong ecosystem, with Raydium seeing $30B in trading volume.
- Solana’s user base has exploded to 100M+ addresses, indicating high adoption and solidifying its place among the top digital assets.
Solana’s (SOL) market growth has reached new highs as whale investors continue their accumulation spree, reflecting increased market confidence. A popular whale account “AA21…VxH9” increased its holdings by a further 7,500 SOL today, according to Lookonchain , bringing its total accumulation to 257,599 SOL, or around $54 million. This increase in ownership comes as Solana’s market capitalization has surpassed the noteworthy $100 billion barrier, underscoring its growing clout in the cryptocurrency.
Whale Accumulation and Market Position
The accumulation by whale investors signifies growing optimism around Solana’s potential. With SOL reaching a total market capitalization of approximately $98.92 billion, Solana now ranks as the fourth-largest cryptocurrency, surpassing the stablecoin USDC.
The coin’s recent performance has also moved it up to the 196th position among global assets by market value, outpacing some traditional finance like Vanguard Group. Such developments reinforce positive sentiment among analysts, who foresee continued bullish momentum for SOL .
Wider Market Resilience and Solana’s Sectoral Influence
The global cryptocurrency market has demonstrated resiliency, as evidenced by the 6.37% increase in market capitalization that followed Donald Trump’s recent election victory and the Federal Reserve’s 25 basis point rate drop.
For example, Ethereum rose beyond $3,200 and Bitcoin soared above $80,000, indicating general optimistic trends. Solana, however, has particularly benefitted from its growing popularity within the meme coin sector .
Read CRYPTONEWSLAND on google newsDecentralized exchanges on Solana’s network, such as Pump.fun and Raydium, have capitalized on this trend, reporting substantial revenue and trading volumes. Last October, Pump.fun recorded $30.5 million in revenue, while Raydium achieved $30 billion in trading volume, further enhancing Solana’s ecosystem.
Rising User Adoption Supports Growth
User adoption of Solana has surged, with unique addresses up 42% since September, now totaling over 100 million. Compared to the network’s 509,000 active monthly addresses at the beginning of the year, this number represents a significant increase. With a daily trading volume of about $9 billion, Solana’s current market price is $210.85 . Strong investor confidence and momentum are indicated by the price increase of 2.73% during the last day.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
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.
You may also like
SEC loses big in court, crypto bags a major victory amid Gensler exit
Share link:In this post: A Texas federal court vacated the SEC’s controversial “dealer” rule. The Blockchain Association applauded the decision as a blow to the agency’s aggressive stance SEC Chair Gary Gensler will step down in January 2025.
User Solana wallet exploited in first case of AI poisoning attack
Share link:In this post: One user lost $2,500 due to a flawed API linked to a wallet that stole multiple meme tokens, SOL, and USDC. The exploit allegedly happened because AI-generated code for Solana meme token bots turned out to contain a backdoor to steal private keys. The source of the malicious code is most probably a collection of still-active repositories that poisoned ChatGPT’s abilities to create safe meme token sniping bots.
Microsoft forms Call of Duty committee to oversee franchise features, report
Share link:In this post: According to a leak, Microsoft has formed a committee to decide the future of the Call of Duty game franchise. Typically, innovative decisions are made by the associated studios. The tech giant has asked the studios to stop UI-related innovations.
Black Myth: Wukong director teases year-end surprise at Golden Joystick Awards
Share link:In this post: Black Myth: Wukong won the “Ultimate Game of the Year” title at the Golden Joystick Awards. Feng Ji, Wukong’s director, revealed during his acceptance speech that players are in for surprises later in 2024. The reveal comes as gamers anticipate the game’s first DLC announced for January 2025.