Solana has maintained its gains over the past 24 hours despite the overall weakness in the crypto market.
According to The Block’s price page, SOL, the native token of the Solana network, has experienced a 5% increase in the past 24 hours. According to data from CoinGecko, while the broader crypto market cap has experienced a drop of more than 2% in the past day, altcoins have defied the downward trend and maintained weekly gains.
Solana-based meme coin drives market activity
Much of the market activity on Solana focuses on the network's meme coins. The top four blockchain meme coins by market capitalization all posted impressive gains in the past 24 hours. Dogwifhat grew by 28%, Bonk by 12%, and Myro and Popcat by 27% and 67%, respectively. “Meme coins are clearly gaining traction at Solana because they are fun and easily accessible,” Colosseum co-founder Clay Robbins told The Block.
Zeta Markets CEO Tristan Frizza said Solana’s rise amid a broader crypto rally is not an anomaly and portends growing relevance in the sector. “The rise of blockchain is rooted in real user engagement, not just speculation,” Frizza said. told Block.
Solana's daily active addresses skyrocket
The seven-day moving average of daily active addresses on the Solana blockchain has reached its highest level in years, according to The Block's data dashboard. In a sign of increased network activity, the daily count of unique addresses signing transactions on Solana went from approximately 660,000 to over 1 million in the 24-hour period from Tuesday to Wednesday of this week.
BNB overcame the downtrend and recorded daily gains
Another altcoin that continues to rise in the face of a widespread crypto pullback is BNB. Binance exchange token recorded a more modest 1% increase over the past 24 hours.
Analysts at QCP Capital have observed a noticeable trend of capital rotation from Bitcoin and Ether to large altcoins, highlighting the significant rise in SOL and BNB overnight.
“An interesting observation is that SOL and BNB have risen significantly overnight, with capital rotating into large-cap alternatives. BNB in particular has seen BNB stakers sell high-value airdrops, resulting in even more BNB “We have succeeded in creating a virtuous cycle through the launch pool by purchasing the product,” said an analyst at QCP Capital.
Bitcoin performs a slight retracement
Compared to Sol's rally, Bitcoin prices have experienced a pullback after rising earlier in the week.
The largest digital asset by market capitalization is down 3% in the past 24 hours, trading at $70,825 as of 1:55 p.m. ET, according to The Block's price page.
Additionally, the seven-day moving average of Bitcoin trading volume across all major centralized cryptocurrency exchanges has fallen to $229 million from a multi-month high of $27.64 billion earlier this week, according to The Block's data dashboard. It decreased to $40 million. This represents a decrease of more than 18%.
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