Solana Network Activity Rises as Traders Turn Bullish on SOL
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SOL’s Price Crosses Above $100

Solana has had a strong week so far. Data from CoinGecko shows that the token has surged 23% and is now trading above $100, a few days after plummeting below $80. The latest rally comes amid excitement over the most-anticipated Jupiter token airdrop set for today.

SOL is valued at $102.88 as of this writing. While the current price is still far below the token’s all-time high of $259.69, Solana has rebounded from the lows it hit in December 2022. At the time, the coin dropped below $10. It is now up 330% over the past year.

SOL plummeted in late 2022 when Sam Bankman-Fried’s crypto empire collapsed. The FTX founder was a firm believer in the Solana ecosystem and had bought numerous SOL tokens.

Solana is currently witnessing significant network activity as more crypto traders turn to the blockchain to take advantage of faster and cheaper transactions than Ethereum. On Monday, Solana-based DEXes (decentralized exchanges) processed a higher trading volume than DEXes on Ethereum, according to DeFiLlama data.

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Crypto Users Create Over 700,000 New Solana Wallets Within a Week

Meanwhile, Hello Moon’s data indicates that several on-chain metrics have risen over the past few days. For example, the number of daily active users using Solana wallets has skyrocketed. Also, over 700,000 new Solana wallets were created last week.

As mentioned earlier, the growing network usage and the surge in SOL’s value come when decentralized exchange Jupiter prepares to reward users with free JUP later today. Close to one million wallets are set to receive some JUP tokens.

Jupiter Airdrops WEN Tokens

Over the weekend, Jupiter tried out its token launchpad by airdropping the WEN token to over a million wallets. However, about 38% or 270 billion of the tokens allocated for the airdrop were left unclaimed when the claiming period ended on Monday morning.

All the unclaimed tokens, worth about $35 million, were sent to a burn address, permanently removing them from the total supply. Traders have been bearish on WEN since the start of the week. The meme coin is now down 52% from its peak price. It is changing hands for $0.000085.

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James Davis

By James Davis

James Davis is a prominent crypto writer and analyst at Herald Sheets, recognized for his well-researched articles and thorough analysis of the dynamic digital currency market. Holding a degree in Economics from Harvard University, James combines his academic background with a keen interest in cryptocurrency to provide readers with the latest industry insights and trends.

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