Solana Gains 5%, While Bitcoin and Ethereum Experience Minor Dips

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Solana Gains 5%, While Bitcoin and Ethereum Experience Minor Dips

While most of the top cryptocurrencies are trading sideways or slightly down, Solana (SOL) stands out with a nearly 2.28% increase over the past day. According to CoinMarketCap data, Solana is currently trading at $155.03, marking a week-long gain of over 20.36%. Despite a turbulent month that saw its value swing from a high of $184 to a low of nearly $120, Solana has been steadily climbing in the past week, outpacing the gains of Bitcoin and Ethereum.

In contrast, Bitcoin remained flat over the past 24 hours, trading at $63,618, while Ethereum has dipped slightly by 0.84% to $3,075. Over the past week, Bitcoin has seen a modest increase of 4.05%, while Ethereum is up 2.20%.

Among the top 100 coins by market capitalization, a couple of notable gainers are in the Solana ecosystem. Jupiter’s token, JUP, which serves as a decentralized exchange aggregator, has risen 25% over the past week to reach a price of $1.14. Additionally, leading Solana-based memecoin Dogwifhat (WIF) has experienced an over 35% increase over the past 7 days, reaching $3.28.

Solana’s recent resurgence coincides with a surge in new tokens deployed on the network using the SPL standard. On Saturday alone, a record-breaking 14,648 new tokens were deployed on Solana, as reported by Solscan. This trend has continued for the past two weeks, with at least 10,000 new tokens being introduced on the network each day.



This article was originally published by a finance.yahoo.com

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