#solana's price continues its upward trend, building on recent gains. Here's a breakdown of the latest developments:
Price Upward Trajectory: #SOL is up 6% today, bouncing back from a network outage earlier this week. This recovery mirrors the broader crypto market rally, with Bitcoin leading the charge.
Meme Coin Mania: Dogwifhat, a meme coin on the #solana✈️ blockchain, is experiencing a surge, rising a whopping 48% to a record high of $2. This surpasses established meme coins like #DOGE and #BONK. highlighting the current trend in the Solana ecosystem.
Active User Growth: The Phantom wallet, a popular choice for interacting with Solana, boasts a user base of 3.2 million active users. This growth is partly attributed to recent airdrops within the Solana DeFi space.
Long Bets on SOL: Solana's futures market is seeing a surge in bullish bets, with over $1 billion in open interest. However, some analysts warn that this could lead to a "long squeeze" if the market reverses course.
