Solana Jumps 19% Amid Market Consolidation, Commands Leading 'Premium Kimchi' in South Korea.

This week saw a significant spike in the value of SOL, the native digital currency of Solana, a layer one (L1) blockchain network. In the past seven days, the value of SOL has increased by more than 45% when measured against the US dollar.

Over the past month, this increase has become even more pronounced, with SOL showing a rise of 167%. On Wednesday, November 15, 2023, SOL exhibited a dynamic trading range, fluctuating between $52.92 and $63.32 per unit.

This marks a significant increase of 19% from the opening price at the start of today's trading activity. Despite SOL's impressive growth, it is still 75% below its peak in November 2021, when it was valued at $259 per coin.

Over the last 24 hours, SOL recorded a significant 24-hour global trading volume of $3.31 billion, making it the sixth largest of the day. In the field of market capitalization among more than 10,000 cryptocurrency assets, SOL also holds the sixth position.

On Wednesday, the dominant trading pair for Solana was USDT, accounting for 59% of all SOL trades. Tether was followed by USD (16.64%), KRW (12.3%), BTC (4.26%), and BUSD (2.18%) as SOL's top trading pairs on November 15.

Currently, a modest 'Kimchi premium' is observed for SOL in South Korea, at $64.34 per unit on Bithumb and $63.61 on Upbit, while the global average was at $61.80 per SOL at 12:26 pm ( EST). At the same time, as of Wednesday afternoon, SOL was the top trading pair on Upbit, accounting for 7.65% of the exchange's total trading volume.

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