Since the demise of FTX, Solana (SOL) has not had an easy time. Solana’s network was found to have been heavily dependent on FTX, causing assets on Solana to suffer a lot. Alameda Research, sister company of FTX, has been a major market maker for Solana-based DeFi platforms.
The price of SOL therefore fell sharply and was one of the hardest hit cryptocurrencies after the collapse of FTX. At the moment, however, SOL is performing many times better than the rest of the crypto market.
SOL price is rising sharply
SOL has started the new year extremely well, as its share price has already more than doubled in just over two weeks. On the first day of the year, the price was hovering around $10, but in the past week it has even topped just under $25, according to data from CoinMarketCap. At the time of writing, the price is at $23.40. In total, this is approximately 134% higher than on 1 January.
In the past seven days, the price is up 43% and has entered the top 10 by market capitalization, beating Polygon (MATIC).
Solana also saw its highest trading volume since the week of the spectacular collapse of FTX that sent the entire crypto market into a bloodbath.
Memecoin on Solana
Earlier you could read in the altcoin news that a dogecoin (DOGE) inspired memecoin on the Solana network had increased by thousands of percent. The cryptocurrency goes by the name of Bonk (BONK) and calls itself the first ‘Solana Dog Coin’. The token has been trading since December 29 and has already skyrocketed by astronomical percentages. Solana’s recent achievements were thus, in a way, boosted by the performance of the new meme coin BONK.
Migration Helium to Solana
Another factor that could be partly responsible for SOL’s performance is the planned migration from Helium to Solana. Helium is a distributed wireless network that offers users crypto tokens as a reward for sharing their internet service at home. The Helium mainnet allows low-power wireless devices to communicate with each other and transmit data over the network nodes.