🚀🚀Solana Up 11%: When Will It Stop? 🚀🚀
Solana has gained 11% in the last 24 hours, reaching an all-time high of $263. This rise was driven by the market rally that began after Donald Trump was re-elected as US President. Solana broke its previous record on November 6, 2021, at $259.96. However, its price fell to $8 after the FTX crash at the end of 2022.
The new peak was achieved during the general market rally that gained momentum on expectations of a crypto-friendly administration. While Bitcoin broke records in a row following the election results, XRP also rose to its highest level in three years following the resignation of SEC Chairman Gary Gensler. BTCMarkets analyst Rachael Lucas noted that decentralized application (dApp) activity in the Solana ecosystem has increased, with memecoin projects such as Dogwifhat (WIF) and Peanut the Squirrel (PNUT) increasing their transaction volume. Lucas said that institutional investments in Solana dApps increased by 54% in the third quarter of 2024, reaching $173 million. Lucas stated that Ethereum's increasing transaction fees and competition with Layer 2 solutions have led users to see Solana as an attractive alternative.
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