Solana (SOL) Hits 2-Year High As BONK, WIF Volume Surges

Following the general market rally that has taken place over the previous two weeks, Solana (SOL) has reached a 2-year excessive, pushed primarily by BONK and dogwifhat (WIF) main meme coin buying and selling quantity surges. Certainly, SOL is at present buying and selling at $142.28, based on CoinMarketCap. Due to this fact, the token is now at its highest stage since January 2022.

Solana has been surging massively during the last 24 hours, up greater than 11%. Furthermore, that enhance has occurred as Bitcoin (BTC) has corrected over the previous few days. But, it nonetheless surpassed its all-time excessive of $69,000 earlier this week. Subsequently, a bunch of tokens reached related highs.

Solana (SOL) Reaches Highest Leve Since 2022 Amid Meme Coin Surge

For the reason that begin of the 12 months, the digital asset market has had excessive hopes for its efficiency. Led by the approval of Spot Bitcoin ETFs simply 10 days into the brand new 12 months, the market anxiously awaited what might come from elevated institutional funding. To this point, solely two full months into 2024, quite a lot of these expectations have been met.

Bitcoin (BTC) has already reached an all-time excessive this month, and regardless of slipping again a bit, different belongings have seen related surges. Amongst them is Solana (SOL), which has reached a 2-year excessive this week, pushed primarily by the surging quantity of meme cash like BONK and WIF.

Simply yesterday, Solana noticed buying and selling volumes attain the $9.5 billion stage. Furthermore, the ecosystem has solely had three different days with increased volumes; all of which happen in 2021. But, the 2 beforehand talked about meme cash led the best way, equating to greater than $1 billion in buying and selling quantity between them.

The final two weeks have seen meme cash surge in worth and recognition. Though Shiba Inu (SHIB) and Dogecoin (DOGE) stay standard, a bunch of others have thrown a wrench into the market. Moreover, their affiliation with the Solanan blockchain has solely helped to extend the worth of SOL.

Nevertheless, during the last 24 hours, it seems as if the meme cash have come again to earth. BONK is at present down greater than 13.6% in that time-frame, whereas Dogwifhat is down 16%. Nonetheless, their efficiency doesn’t seem like hindering the general worth enhance that SOL has loved all through the final day.