Google’s interest in Solana has grown by 250% since October

Earlier, analysts noted the network’s outstripping growth compared to competing projects

19.12.2023 - 11:15

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What’s new? Google searches related to the Solana blockchain have grown by 250% since the beginning of October, with the index jumping from 14 to 49/100 points. The Block analyst

Rebecca Stevens noted the outpacing growth of the SOL token compared to the broader market, which has attracted more interest in it. In addition, Solana has seen meme tokens take off recently. From October 11 to December 18, the price of SOL rose by 224%, according to The Block. As of December 19, 11:10 UTC, the asset is trading at $74,84 on Binance, having added 9,69% over the day.

The Block’s Material

What else is known? CEO of investment company ARK Invest Cathie Wood said in an interview with CNBC that Solana “does a really good job” and offers cheaper and faster transactions compared to the Ethereum blockchain. Following the interview, the SOL exchange rate rose by 18%.

Earlier, Binance analysts also noted that Solana is growing faster than its competitors, including Ethereum. The VanEck fund even said that SOL will reach third place by market capitalization in the coming year.

In addition, on December 16, the trading volume on decentralized exchanges (DEXs) of the Solana ecosystem exceeded Ethereum for the first time: $1,536 billion and $1,164 billion, respectively, according to DeFiLlama.

According to CryptoSlate’s analysis, much of the trading activity on the largest Solana-DEX Orca came from the USDC stablecoin and the BONK meme token.

BONK, launched late last year to spur activity on the Solana network, became the third largest “dog” meme token among projects on all blockchains on December 6. It has grown 5440% in the past six months. An unknown investor earned $784 000 on the asset in a month and a half.

As a result of BONK’s rise, Solana Labs’ Saga Web 3.0 smartphone, which comes with 30 million BONK as a gift, was completely sold out in the US and Europe.

A series of airdrops from Solana-based projects could also boost user interest in blockchain. Jito, Jupiter, Pyth, and BONK, among others, conducted token airdrops.

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