Solana on the rise: $26M staked, major upgrade, and a memecoin surge!

$26 million SOL staked, signaling investor confidence as price gains 12% in the past week.
Firedancer upgrade targets 1 million transactions/second, boosting Solana’s capacity and reliability by 2025.

As a seasoned crypto investor with over a decade of experience under my belt, I must admit that Solana [SOL] has been a standout performer in 2023. With its current price at $172.41 and a 12.07% gain over the past week, SOL is undeniably making waves in the crypto space. The recent large staking activity, with a fresh wallet withdrawing $26.25 million worth of SOL, further bolsters my confidence in this promising project.

2023 has seen Solana [SOL] making a robust debut, emerging as a significant contender against Ethereum [ETH]. Currently trading at $172.41, Solana has managed a 12.07% increase over the past week, although it has dipped slightly by 0.51% in the last day.

Solana’s market cap stands at $81 billion, supported by a 470 million SOL circulating supply.

Over the past three days, a newly funded wallet removed approximately 150,011 Solana (equivalent to $26.25 million) from Binance and placed it in a staking program, according to Lookonchain’s data. This substantial staking activity indicates growing trust among investors and bolsters the prevailing optimistic outlook for Solana.

Solana-Based memecoin rises 1,500%

Currently, an emerging Solana-based meme coin, known as Goatseus Maximus (GOAT), has experienced a swift increase, climbing approximately 1,500% over the past fortnight. This growth spurt took place prior to its official listing on trading platforms, demonstrating substantial enthusiasm within the community.

Currently priced at $0.6322, GOAT appears to be holding steady, gearing up for a possible price surge in the near future.

According to crypto expert Altcoin Sherpa, it’s possible that GOAT might take the top spot among Solana-based meme coins, given its impressive debut in the market.

In simpler terms, Memecoins have helped boost the number of transactions and the number of active users within the Solana network, playing a part in its recent increase in performance statistics.

DeFi activity and network metrics

The DeFi sector on Solana continues to buzz, holding approximately $6.69 billion in total value locked (TVL), as per data from DeFiLlama. Although there was a minor decrease of 1.10% over the past day, Solana retains a strong position within the Decentralized Finance (DeFi) market.

The data from daily reports indicates approximately 4.11 million active wallets and 37.88 million transactions, demonstrating high levels of user interaction and activity.

Yesterday’s earnings report shows $4.55 million generated from fees and an additional $2.27 million in regular income, suggesting consistent activity on our network.

The capacity of Solana to handle large numbers of transactions and attract Defi investments might foster future price increases, especially as more people interact within its system.

Firedancer upgrade to drive future growth

Additionally, the Firedancer update planned for 2025 by Solana focuses on boosting network efficiency and dependability. This upgrade intends to amplify the number of transactions processed per second to an impressive 1 million, utilizing a technique called sharding for improved performance.

Read Solana’s [SOL] Price Prediction 2024–2025

This update might make the currency more appealing to institutional investors, possibly expanding its user base beyond the realm of meme coins.

The enhancement of Firedancer is geared towards minimizing instances of network interruptions, an issue that has been a point of concern in the past. Experts opine that if Solana manages to achieve these advancements, its market value could potentially reach roughly half of Ethereum’s, thereby narrowing the divide between the two networks even more.

2024-10-26 08:07

Solana-Based memecoin rises 1,500%

DeFi activity and network metrics

Firedancer upgrade to drive future growth

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