it's all about $SOL ๐ฅ
๐ Amid a broader downturn in the cryptocurrency market, Solana (SOL) faces a significant pullback, retreating to a critical support level at $164. Discussions arise on its sustainability amidst regulatory concerns.
๐ The U.S. Securities and Exchange Commission (SEC) investigation into crypto companies, particularly Ethereum-related ones, adds to the regulatory uncertainty, potentially leading to further declines in SOL price.
๐ผ Solana gained investor attention as its price soared past $200 for the first time since November 2021. A notable surge in network activity saw Solana surpass Ethereum in total trading volume, hitting $3.52 billion on March 16.
๐ The surge was driven by high demand for Solana-based memecoins, with Book of Meme (BOME) reaching a market capitalization of $1.45 billion in just 56 hours.
๐ฐ Solana's decentralized finance (DeFi) sector has seen substantial growth, with its total value locked (TVL) surging by over 80% in the past month, reaching its highest point in two years.
๐น Despite a recent decrease in trade volume, Solana's market capitalization stands at $91.56 billion, with a 9.05% rise in open interest to $3.20 billion.
๐จ However, the Solana community expresses concerns about meme coin presales, which have become more frequent. Traders often send large sums of money to unfamiliar individuals in hopes of early access to coins like BONK, WIF, or BOME.
๐ก With multi-billion dollar surges of Solana-based meme coins in recent months, crypto influencers seize the FOMO-driven atmosphere, offering discounted allocations of upcoming meme coins for SOL sent to their wallets before launch.
