Solana Hits New Highs: 77,000 Tokens Minted in a Single Day Amid Rising Market Activity
The post Solana Hits New Highs: 77,000 Tokens Minted in a Single Day Amid Rising Market Activity appeared on BitcoinEthereumNews.com.
The Solana blockchain achieved a major milestone with a record-breaking deployment of over 77,000 tokens in just one day. According to data from Step Finance, this surge was largely driven by the popularity of meme coin projects (the BONK meme is a Solana token, for example) and Solana’s reputation for low-cost, efficient token minting. Solana’s latest record has cemented its position as a hub for token creation, particularly for meme coins. As at November 24th the SOL TVL is at $9.3 Billion. Source: Artemis Data. This uptick in token deployment coincided with heightened trading volumes and increased on-chain activity. Decentralized exchanges (DEXs) built on Solana reported trading volumes exceeding $7.1 billion on the same day, while the total value locked (TVL) on the network reached $8.8 billion, according to Artemis data. Daily fee revenue also spiked, hitting $13.9 million and contributing to a three-month cumulative revenue of $6.9 million. Growing importance was reflected in how Solana fared against Ethereum. In the last 24 hours, Solana had $6.762 billion in trading volume, almost double of Ethereum’s $3.991 billion. In the last week, the trading volume of Solana stood at $44.54 billion, way higher than Ethereum’s $15.43 billion, according to DeFiLlama. Institutional interest in Solana is on the rise, fueled by recent filings for spot Solana exchange-traded funds (ETFs) in the United States. Bitwise Asset Management became the fourth firm to file for a Solana ETF, joining VanEck, 21Shares, and Canary Capital. Bitwise filed its S-1 with regulators on Nov. 21 after registering a statutory trust in Delaware. Bitwise CEO Hunter Horsley said he is particularly bullish on Solana’s prospects. “It is an incredible emerging asset and story,” he said in an interview with Blockworks. The US presidential election also was a factor in Bitwise filing for a Solana ETF, according to…
Filed under: News - @ November 24, 2024 11:16 am