SOL’s Popularity Skyrockets on Solana Network Due to Increased Confidence Among Crypto Investors

Solana

witnessed significant price action with its native SOL token climbing by 25% in the past week, recuperating to over $100 following a slump to sub-$80 the week before. This resurgence is correlated with heightened network utilisation leading up to the

Jupiter token airdrop on Wednesday
.

Recent figures from

CoinGecko

indicate a modest 2% daily increase in Solana’s value, now at approximately $103. Despite trailing its 2021 high of nearly $260, Solana has made a solid rebound from late 2022’s trough around $8, gaining 333% over the previous year.

With the recent uptick in price, Solana is also experiencing a surge in network activity. An increasing number of traders are moving to Solana, attracted by its lower costs and quicker transactions compared to

Ethereum

. Trading volumes on Solana-based

DEXes

have even surpassed those on Ethereum within a single 24-hour period ending on Sunday evening, according to

DeFi Llama

data.

Additional information from

Hello Moon

notes a significant upswing in various on-chain metrics, including the number of active daily users with a balance in their SOL wallets. Last Friday, Solana also achieved a record high with nearly 750,000 new wallets used for signing transactions.

Anticipation for the launch of JUP, the principal token of DEX aggregator Jupiter, scheduled for January 31, is contributing to SOL’s momentum and increased network usage. Close to a million wallets will be eligible to claim the token at no charge.

Jupiter’s recent trial of its token launch platform was highlighted by the

release of WEN

, a meme-based digital coin that saw an availability for over a million wallets to claim at no cost. Nevertheless, approximately 271 billion WEN tokens remained

unclaimed

by the deadline on Monday morning, standing for nearly 39% of the intended airdrop and 27% of the overall token supply.

Subsequent to the creators of WEN

destroying the uncollected tokens

, which decreased the aggregate supply, the market sentiment towards the meme token turned negative following early excitement. Since reaching its peak valuation on Monday morning, the token’s worth has dwindled by 52%, resting at a current valuation of $0.000086.

Edited by Ryan Ozawa.