Solana defies overall market trend to hit new all-time high market cap

Solana (SOL) broke caller crushed connected March 15 aft an 11% rally brought its marketplace capitalization to a caller all-time precocious of $82.5 cardinal astatine a terms of $185.96 per token contempt the wide downtrend, which saw the marketplace declaration by 4%.

This accomplishment surpasses its anterior highest marketplace headdress of astir $77.9 cardinal — observed successful November 2021 astatine its all-time precocious of $259.96 — signaling beardown capitalist assurance and a increasing involvement successful the integer asset.

SOL was trading astatine $181.35 arsenic of property clip — up 9.29% implicit the past 24 hours, with a marketplace headdress hovering conscionable supra $80 billion, according to CryptoSlate data.

Sol ecosystem thriving

Adding to Solana’s awesome week, the web saw a record-breaking fig of caller addresses, with a regular mean of 738,040 caller addresses based connected a seven-day moving average.

This uptick successful caller addresses highlights the increasing assemblage and involvement successful the Solana ecosystem, which saw a greenish time of trading, with astir tokens signaling important gains.

DEX autochthonal tokens — including Raydium and the precocious launched Jupiter and Jito —  saw double-digit gains implicit the past day.

RAY and JUP were up much than 30%, portion JITO recorded gains 10%.

Meanwhile, the largest Solana-based memecoins similar WIF and BONK saw a drawdown mimicking the wider marketplace arsenic investors turned to smaller headdress tokens connected DEXs amid renewed memecoin frenzy.

Memecoin fever

The existent enthusiasm surrounding Solana is mostly fueled by the vibrant trading activity related to recently launched memecoins connected the web pursuing a dramatic surge successful memecoins this year.

Noteworthy gains were observed successful memecoins similar Dogwifhat, Popcat, and Bonk, which person posted gains ranging from 117% to 554% implicit the past 30 days. This surge successful memecoin enactment has drawn sizeable attraction to Solana, highlighting its inferior and increasing relevance successful the crypto space.

The entreaty of memecoins connected the Solana web has been attributed to their accessibility and amusement value. The inclination reflects a broader involvement successful engaging with the crypto marketplace successful a amusive and accessible manner.

The station Solana defies wide marketplace inclination to deed caller all-time precocious marketplace cap appeared archetypal connected CryptoSlate.