Solana’s Surge Fueled by Meme Coin Rally and Innovative Crypto Mining Project

CoinGrab Asia William Lee CoinGrab Asia William
August 7, 2024
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Solana’s price has seen a notable increase, rising by double digits within the past day, driven by a surge in meme coins on its blockchain. The rise in Solana’s meme coin sector, notably the pump.fun ecosystem, has contributed significantly to this growth.

According to CoinGecko, Solana (SOL) is currently trading at $153.50, marking an 11.8% increase today, although it still shows a 16% decline over the week due to Monday’s broader crypto market crash.

Source from CoinGecko

Recent data from Coinglass highlights that $9 million worth of short positions in SOL have been liquidated in the derivatives market within the past day. Alongside, total liquidations, including long positions, have reached nearly $14 million in SOL futures.

The overnight boost in Solana’s meme coins has been remarkable, with the category witnessing around a 35% increase. Significant movers within this category include Dogwifhat (WIF) with a 27.8% rise, BONK up by 7.5%, and Popcat, which climbed by 36.1%.

Adding to Solana’s momentum are reports that crypto bank Anchorage is planning to support more SOL-based tokens adhering to the Solana Program Library (SPL) standard. This includes prominent tokens like the USDC stablecoin, Helium (HNT), Wormhole (W), Pyth (PYTH), and Metaplex (MPLX).

The transaction volume on Solana’s blockchain has also surged as users engage in over 5 million transactions, partly driven by the interest in acquiring Ore, a unique cryptocurrency that emulates Bitcoin’s proof-of-work mechanism but operates atop Solana’s blockchain.

Ore introduces a novel mining approach where each miner faces a personalized computational challenge, ensuring that every participant who provides a valid solution earns a share of the mined cryptocurrency. Currently, Ore mining transactions constitute about 13% of transactions per block, especially following the recent launch of the project’s version 2 upgrade.

Disclaimer: The projections and information presented here are for educational purposes only and should not be considered financial advice. CoinGrab.Asia assumes no responsibility for any losses resulting from the use of this data. Readers are encouraged to perform their own research and proceed cautiously before engaging in any related activities.

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CoinGrab Asia William Editor
William, originally carving out a career in Singapore's structured finance sector, made a pivotal shift to follow his passion for the dynamic and often turbulent world of cryptocurrency and financial markets. Now a distinguished cryptocurrency journalist and market analyst, William has authored over 800 insightful articles, making a significant mark in the crypto journalism field.Driven by a keen interest in the underlying mechanisms of the crypto world, William specializes in on-chain analysis, which involves examining transactions recorded on blockchains to gauge market trends and sentiments. His expertise also extends to dissecting events that trigger substantial market movements, providing his readers and followers with a deeper understanding of what drives fluctuations in cryptocurrency values.William’s contributions to the crypto community go beyond mere reporting. He regularly publishes opinion pieces that offer thoughtful perspectives on the latest developments and trends shaping the cryptocurrency landscape. His work not only informs but also enriches the dialogue within the crypto space, offering both novices and seasoned investors valuable insights into the complexities of market dynamics.
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CoinGrab Asia William Lee
Author CoinGrab Asia William

William, originally carving out a career in Singapore's structured finance sector, made a pivotal shift to follow his passion for the dynamic and often turbulent world of cryptocurrency and financial markets. Now a distinguished cryptocurrency journalist and market analyst, William has authored over 800 insightful articles, making a significant mark in the crypto journalism field.Driven by a keen interest in the underlying mechanisms of the crypto world, William specializes in on-chain analysis, which involves examining transactions recorded on blockchains to gauge market trends and sentiments. His expertise also extends to dissecting events that trigger substantial market movements, providing his readers and followers with a deeper understanding of what drives fluctuations in cryptocurrency values.William’s contributions to the crypto community go beyond mere reporting. He regularly publishes opinion pieces that offer thoughtful perspectives on the latest developments and trends shaping the cryptocurrency landscape. His work not only informs but also enriches the dialogue within the crypto space, offering both novices and seasoned investors valuable insights into the complexities of market dynamics.

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