The post Solana’s Rise to Stardom & Its Memecoin Surge appeared on BitcoinEthereumNews.com.

All aboard the Solana Express! In the last few days, Solana’s price has steadily been climbing up the hill, coming up close to its all-time high of $249.98 in 2021. At the time of writing, the price of this digital coin was above $235 – a 320.67% rise from the previous year. As a major player in the crypto world, Solana has managed to push its native coin SOL into the ring with names like Bitcoin and Ethereum. Used to play at crypto casinos or purchase goods online, SOL currently works with a market cap of over $111.90 billion and has become the centrepiece of meme coin enthusiasts. The question is, “How did Solana make it from a $1-per-token coin to one of the most promising cryptocurrencies on the market?” Let’s dive into Solana’s recent growth and its memecoin craze. Solana’s Rapid Growth: Why Is It Happening Now? It was just this month (November 2024) that Solana’s DEX volume surpassed that of none other than Ethereum – $77.51 billion compared to Ethereum’s $38.81 billion. A big chunk of the gratitude cake definitely goes to the memecoin frenzy happening on the platform. Which leads to the question, “Why now?” SEC Chairman Changes The first (and maybe most influential) reason is the US elections. President-elect Donald Trump has positioned himself as a big supporter of cryptocurrencies, vowing to set up more lenient legal frameworks. Or, in his words: “The rules will be written by people who love your industry, not hate your industry.” As a chain reaction, the current SEC chairman, Gary Gensler, announced that he would step down from the role, opening up the possibility for a new, crypto-friendly chairman. That will undoubtedly lead to coins like SOL, ETH, BTC, DOGE, and more to enter everyday transactions. With this opportunity dangling…

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Filed under: News - @ November 29, 2024 6:17 pm