By James Davis
According to CoinGecko data, Cardano and Solana’s prices increased by over 20% on Sunday. As a result, the two tokens entered a territory they had not seen since last November. Cardano is the eighth-largest crypto by market cap. Yesterday, for the first time since November 19, its price hit the $0.34 mark.
Meanwhile, the thirteenth largest digital asset by market cap, Solana, began its remarkable rally with a 12% increase in price last Monday. In addition, the token rose by over 20% on Sunday to reach $16.03 for the first time since November 9.
Furthermore, Solana recorded the highest percentage increase among the top 20 cryptocurrencies. At the time of writing, the token is up over 61% over the past eight days. It is an excellent rebound for Solana, which dropped by almost 43% following the FTX downfall.
Once considered an Ethereum killer, Solana was Sam Bankman-Fried’s favorite token, and he had invested heavily in the Solana ecosystem. Additionally, as per Coingecko, Bankman-Fried’s close association with Solana led the token to drop by 95% from its all-time high price of $258 it saw in 2021.
BONK Boosted Solana’s Price
As a Proof-of-Stake layer-1 blockchain network, Solana enables Web3 developers to build decentralized finance applications, famously known as DeFi, and create NFTs. Last week, Solana’s increase in value was majorly boosted by the launch of BONK.
BONK is a Shiba Inu-themed coin created by Solana developers to compete with SHIB. Even though the launch party did not last long, the new SHIB’s rival outperformed several cryptos over the past week as its price went up by over 2,500%.
Factors Behind Cardano’s Price Increase Remain Unclear
Elsewhere, factors that boosted Cardano’s value last week are still unknown. The blockchain’s last significant milestone was its Vasil fork’s implementation, which happened in September 2022. However, over the past few weeks, there has been some buzz around Charles Hoskinson, the Cardano co-founder.
Input Output HK, a company owned by Hoskinson, plans to launch a crypto wallet for Cardano. In addition, Hoskinson revealed recently that his Wyoming-based health and wellness Clinic would start accepting Cardano as payment soon.