Solana ❤️
Solana becomes the 4th largest crypto with $90 billion market cap. Memecoin mania makes Solana the people's coin? Bitcoin NFTs go apes. No giving up on spot Ethereum ETF approval.
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When everything else is down.
Solana is on fire.
Solana hit a high of $210 on Mar 18, before retracing back around $200.
It achieved an all-time high of $260 in November 2021.
Just look at the weekly heat map for crypto.
It's the fourth largest cryptocurrency now.
Overtook BNB. Not too far behind USDT.
Daily trading volume is speeding fast.
Solana generated over $6.3 billion in total trading volume on March 16 and 17 compared to Ethereum’s $4.4 billion, according to DefiLlama.
Over $3.6 billion on March 17.
That's right, more trading than even Ethereum on some days.
DEX activity just hit a record high.
The total value locked (TVL) on Solana DeFi is reaching a two-year high of nearly $4 billion - just flipped Binance Smart Chain (BSC).
18x growth - Since 2023. Surpassed Ethereum in daily stablecoin transfers.
What's fuelling this frenzy?
Memecoin mania: Meme coins like Wen, Dogwifhat, and Bonk are drawing massive interest, boosting DEX volume.
Super low transaction fees: Unlike Ethereum's gas-guzzling ways, Solana keeps things cheap and speedy.
Active Addresses on fire too: The number of people using Solana is skyrocketing - 1.2 million active addresses daily, a level not reached since mid-2022.
The search popularity of Solana in Google Trends reached 100.
The Red-Hot Memecoin Craze
The latest craze is Book of Meme (BOME), which rocketed a mind-blowing 1500% since launch.
Presales are also exploding, with one artist pulling in $10.66 million in just a few hours.
A fuel? Binance said it is listing BOME.
Another newcomer, $NAP, surged from $20 million (market cap) to over $330 million in a crazy 18-hour window - price up 47% at the time of writing.
Popular memecoins like Dogwifhat and BONK are seeing huge volumes, and new ones are popping up daily.
Pav Hundal, lead market analyst at crypto exchange Swyftx, told DL News.
“Solana has effectively become the ‘people’s coin. The market is raining down liquidity on Solana at the moment. Ethereum has been brought to heel by its own gas fees and that this, in turn, [is] pushing users into the Solana ecosystem.”
Avalanche gobbles up memecoins too: They announced they're investing in a bunch of goofy meme coins, like dog-themed Kimbo (KIMBO) and chicken-themed Coq Inu (COQ).
Bitcoin NFTs Go Apes
Bitcoin NFTs are having a moment.
NodeMonkes: Floor price up 50%, market cap hits $550 million.
This epic leap means NodeMonkes stole the silver medal for the second-largest NFT collection by market cap, leaving BAYC in the dust (for now).
Bored Ape Yacht Club: Feeling a little blue with a market cap of $490 million.
ETH ETF Hopes In Skeptical Skies
But, don't count Grayscale out. The crypto giant just upped its game for a spot Ethereum ETF, filing a revised proposal to the SEC.
They argue existing oversight of Ethereum futures markets proves it can handle a spot ETF too.
Ether is getting SCARCE. The total amount of Ether in circulation just hit its lowest point since August 2022 thanks to skyrocketing activity on the network.
The Surfer 🏄
Crypto
US manufacturing firms are increasingly investing in the metaverse: World Economic Forum.
Prediction market platform Kalshi is now allowing bets on cryptocurrency price outcomes.
Daily trading volume on Aevo surged from $100 million to over $4.5 billion, then dropped back to normal levels.
Markets
Reddit is under investigation by the FTC over its data licensing practices for AI training.
The Federal Reserve FOMC will announce its interest rate decision on March 20 this week.
The Bank of Japan will debate ending its negative interest rate policy at its two-day policy meeting from Monday.
AI
Mercedes-Benz partners with AI developer Apptronik to incorporate artificial intelligence into its assembly line robots.
OpenAI's CTO, Mira Murati, is unsure about the source of training data for the company's video-generating AI model, Sora.
Counterfeit goods cost European clothing, cosmetics, and toy sectors €16 billion from 2018 to 2021.
Tech
Vivo X Fold 3 series to launch on March 26 in China
Reddit's IPO filings reveal the company's hopes and fears ahead of its stock market debut.
Apple Watch Series 10 is rumoured to offer blood pressure monitoring.
Gaming
Singapore-based game studio 9 Lives Interactive has secured $3 million in funding for the global launch of Nyan Heroes.
AI-powered game called AI Waifu aims to address loneliness by providing virtual companionship.
PS5 Pro rumoured to have 3 times faster GPU than standard PS5.
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