Meme coin traders and participants in airdrop farming are garnering increased interest for Solana.
The native token SOL of the Solana blockchain surpassed the $100 mark on Saturday, marking a return to a price level not seen since the period just before Terra's downturn a year and a half ago. As of the latest update, SOL is valued at approximately $102 per coin. Throughout 2023, its value has surged more than tenfold, with a remarkable 70% increase in December alone, according to CoinDesk Indices.
The recent surge in price follows weeks of intense trading activities, temporarily elevating the Solana blockchain's standing in on-chain activity. Solana-based decentralized exchanges are approaching the multibillion-dollar trading volumes of Uniswap for the first time, as reported by DefiLlama.
This surge in activity is largely driven by speculative trading. Notably, dog-themed meme coins are among the most traded crypto assets on the Solana network. Additionally, airdrops are motivating numerous traders to explore Solana-based lending platforms, bridges, and other infrastructure.
Solana, recognized for its rapid and cost-effective crypto transactions, serves as a smart contracts platform. Despite its recent surge, Solana is often compared to Ethereum, which remains the most popular and widely known platform for crypto traders engaging in on-chain activities.
