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Shiba Inu’s DeFi Aspirations May Rattle DOGE’s Market As SHIB Turns To Digital IDs

Initially tagged as a meme coin, Shiba Inu has been reinventing itself, aiming to break away from its meme coin status and step into the league of serious Decentralized Finance (DeFi) contenders, according to a new report.

A key step towards this transformation involves an innovation that is about to reshape the Shiba Inu ecosystem: Digital Identity Verification.

Embracing Digital Identity In The Shiba Inu Ecosystem

In a push to improve the platform’s credibility among users and governmental entities, the Shiba Inu project is said to integrate Digital Identity Verification into all its future developments. This includes the forthcoming Shibarium Layer 2 blockchain, an update eagerly anticipated by the community.

Related Reading: Whale Activity Spikes As Shiba Inu Preps For Shibarium Launch

Digital identities or Self-Sovereign Identities (SSI) are, in essence, the digital counterparts of traditional identification documents such as passports and driver’s licenses. In the digital realm, SSIs confer users greater control over their personal data and its distribution online.

Currently, Shiba Inu developers are reportedly collaborating with community projects that use SHIB or plan to build on the Shibarium blockchain to prioritize SSI deployment.

Shiba Inu’s lead developer, “Shytoshi Kusama,” was the one who revealed the project’s ambitious goals. He stated that they are currently “laying the groundwork for a new global standard in decentralized digital trust and international identity verification. In this way, Shibarium is the herald of a new digital age where faith in systems is restored and enhanced.”

Implications For Dogecoin (DOGE)

A shift in the crypto market dynamics may be on the horizon as Shiba Inu’s foray into DeFi may have ripple effects, most specifically on Dogecoin (DOGE). Both SHIB and DOGE started as meme coins, but Shiba Inu’s recent maneuvers may force a reconsideration of its stature.

With the rise of digital identities and data protection as hot-button topics in areas like Canada and the European Union, Shiba Inu’s move to integrate digital identities into its ecosystem could elevate its reputation.

This could lead to an increase in demand for SHIB tokens, which may exert upward pressure on the coin’s price. In contrast, Dogecoin, which remains firmly in its meme coin status, may find itself in an increasingly precarious position.

Although, DOGE still has its biggest fan and supporter, Elon Musk behind it, should Shiba Inu succeed in its DeFi transformation, it may establish a new benchmark for meme coins and, in turn, create additional pressure on DOGE to redefine its strategic direction.

Furthermore, currently, DOGE is recording more losses than Shiba Inu in the past 24 hours. Particularly, Dogecoin has dropped by nearly 4% in this period while SHIB has only seen a modest downtrend of just 0.4%

Meanwhile, as DOGE records losses of 7.4% in the past week, SHIB has gone in the opposite direction with an upward trend of 4.5%. At the time of writing, DOGE currently trades at a price of $0.073 while SHIB trades at $0.00000822.

It is worth noting that despite the noteworthy difference in both DOGE and SHIB price action, the former still remains at the top among the largest crypto by market cap with over $10 billion in market cap while the latter records $4.8 billion in market cap.

Shiba Inu (SHIB)’s price chart on TradingView

Featured image from CoinDesk, Chart from TradingView

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Whale Activity Spikes As Shiba Inu Preps For Shibarium Launch

Shiba Inu, a cryptocurrency that originated as a meme but has now solidified its market presence, is making waves with the ‘Shibarium’ launch on the horizon. Data from IntoTheBlock reveals that the crypto’s whales – entities holding large quantities – have shifted billions of SHIB tokens in the past 24 hours.

This vast movement of funds coincides with an increase in Shiba Inu’s large transaction volume, reaching roughly 1.13 trillion SHIB. It appears that large-scale investors are making their moves in anticipation of the cryptocurrency’s next big announcement, which is likely to be the Shibarium launch.

Whales And Burn Rates – Shiba Inu Active Market

The metric of large transaction volumes serves as a key indicator, offering a snapshot of the activities carried out by prominent players, often called ‘whales,’ within the crypto ecosystem during a specific timeframe.

This measure mainly provides valuable insights into the magnitude of transactions made by these influential participants on any given day, reflecting their potential impact on the market dynamics.

IntoTheBlock defines large transactions as transfers exceeding $100,000. And as it stands, the recent activity shows increasing movements on the Shiba Inu market, with whales adjusting their holdings. Simultaneously, there has been a significant uptick in the burning of SHIB tokens, doubling in the past 24 hours.

According to data from Shibburn, a platform solely for tracking Shiba Inu burn activities, over 62 million SHIB tokens have been eliminated from circulation in the past day, increasing the total SHIB burn rate by 220% over the same period.

Notably, this deliberate reduction of available tokens is a strategy often used in the crypto sphere to create scarcity and potentially drive up the value of the remaining tokens in the long, in this case, the price of SHIB.

The Shibarium Anticipation

The recent activity among SHIB’s largest holders may be connected to the upcoming Shibarium launch. Bitcoin advocate Davinci Jeremie has recently expressed his bullish sentiment on X (formerly known as Twitter), stating, “Big things are happening for Shib looking forward to [seeing] what happens.”

Further fuelling the anticipation, the official SHIB account on X also hinted at the community with a post featuring a cheerful expression of a Shiba Inu dog. However, the specifics of what these “big things” could be remain uncertain, further stoking the fires of curiosity and excitement among the Shiba Inu investors.

However, as the curtain rises on the next chapter for Shiba Inu, the recent flurry of whale activity and the increased burn rate underline a market bracing for impact. Whether the coming changes propel SHIB to new heights or steer it down another path is a story that remains to be written.

Shiba Inu (SHIB)’s price chart on TradingView

Meanwhile, Shiba Inu token SHIB has seen quite a retrace in the past 24 hours following a more than 5% increase over the past 7 days. At the time of writing, SHIB trades for $0.00000817 down by 1.1% in the past 24 hours.

Featured image from Unsplash, Chart from TradingView

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Bitcoin Addresses In Loss Soar To One-Month High Amid Mixed Market Indicators

Bitcoin, the pioneering cryptocurrency, is currently exhibiting mixed market signals, according to the latest data from Glassnode. The analytics firm points out that Bitcoin addresses in loss have reached a one-month high, even as the count of addresses holding smaller balances of the coin marks a record high. 

The contrasting trends paint an intriguing picture of the current state of the Bitcoin market, further spurring dialogues on the future trajectory of this digital asset.

BTC Addresses In Loss Reaches New Heights

Glassnode’s report reveals earlier today that the number of Bitcoin addresses in loss (seven-day Moving Average) has peaked at roughly 14.043 billion, marking a new one-month high. This supersedes the previous peak of 14.041 billion recorded on July 31, 2023. 

Such a trend points towards a section of investors who bought BTC at higher price points and are now in the red due to the recent price fluctuations.

However, it’s important to note that these losses are only ‘unrealized’ and turn ‘real’ only when the Bitcoin is sold. While a high number of addresses in loss might initially signal negativity, they can also indicate potential price recovery as these addresses might be waiting for prices to bounce back.

Bitcoin Addresses With Smaller Holdings On The Rise

In contrast to the increasing number of addresses in loss, Glassnode reports that the number of Bitcoin addresses with 0.01+ coins has attained a new all-time high (ATH) of 12.2 million. This suggests a broadening distribution of Bitcoin among retail investors, perhaps indicative of an increasing acceptance and adoption of the cryptocurrency.

Adding another dimension to the market’s mixed signals, the number of non-zero Bitcoin addresses has also reached an all-time high of 47.9 million. This growth underscores the expanding base of Bitcoin holders, reflecting the coin’s widespread global adoption.

While these trends unravel, BTC’s price has found itself in a rebound after a decline of nearly 5% in the past month. Particularly, the asset has seen a slight increase of 0.2% in the past 24 hours bringing its current price to trade at $29,375 after trading below the $29,000 mark earlier today. 

Bitcoin (BTC)’s price chart on TradingView

BTC’s market capitalization has also recorded more than $6 billion in loss in just the past week. The asset market cap has plunged from a high of $575 billion earlier last week to a current cap of $568 billion.

Interestingly, Bitcoin’s trading volume has traced quite a contrasting path over the same period. Instead of following the trend of the recent falling BTC price, trading volume has been on a slight uptrend.

Last week, the trading volume was stuck at $10 billion. However, in stark contrast to the price trend, this volume experienced a surge, peaking at $13 billion in just the past 24 hours. This suggests a heightened market activity, despite the dwindling Bitcoin price.

Featured image from iStock, Chart from TradingView

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8-Year Dormant Ethereum Wallet Just Moved $1.2 Million In ETH, Here’s The Destination

The Ethereum ecosystem has continued to see fascinating developments in the past weeks. Among the most notable is the sudden movement from a participant in Ethereum’s initial coin offering (ICO), who, after a roughly eight-year slumber, has sprung into action due to a reason.

The Ethereum ICO participant, whose address remained inactive for 2,922 days, stirred up by transferring 641 ether, an amount currently valued at nearly $1.2 million.

An Unexpected Move In The Ethereum Ecosystem

The intent behind these transactions was revealed through on-chain analytics X (Twitter) account Lookonchain, noting that the Ethereum ICO participant had moved the funds to stake them. This reason has raised speculation among the crypto community as some suggest that the whale behind this move might know something they don’t.

Related Reading: Ethereum Price Recovery Could Soon Fade If ETH Fails To Surpass $1,900

Just over eight years ago, the same address received exactly 2,000 ETH from Ethereum’s Genesis. This amount of ETH at the time was worth $620 as the Ethereum network arranged an exceptional sale event then that made ETH sell for $0.31 per ETH.

This event was before the network commenced its own token generation, providing a platform for early participants and co-founders to accrue pre-mined ETH. However, fast forward to nearly a decade later today, this same amount of 2,000 ETH is currently valued at over $3.72 million, showcasing the meteoric rise in the value of ETH since its inception.

Notably, the awakening of this long-dormant Ethereum participant is not an isolated incident. It falls into a recent trend, observed over the summer, where several early ICO participants have begun transferring their ETH holdings.

ICO Participants Stirring After A Long Hiatus

This pattern of dormant Ethereum ICO participants springing into action isn’t new. Two weeks prior to the latest transaction, a pre-mined stash of Ethereum, which had been lying dormant for nearly eight years, was abruptly moved. At current rates, this stash is estimated to be worth more than $100 million.

This particular ‘whale’ move grabbed the attention of the crypto community, stirring speculation and interest in equal measure. Interestingly, the motives behind this transfer remain largely unknown, adding an element of mystery to the whale movement.

Regardless of these ICO participants’ movement on the blockchain, Ethereum has seen a continuous downtrend in the past few weeks. Particularly, the asset is currently down by 3.2% in the past 14 days. ETH has declined from a high of trading above $1,900 to a trading price of $1,866, at the time of writing.

Ethereum (ETH)’s price chart on TradingView

Featured image from Unsplash, Chart from TradingView

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Ripple Report Foresees Blockchain Saving Financial Institutions $10 Billion By 2030

Blockchain technology is continually reshaping the financial industry, offering promising transformations in transaction processing. Its potential is immense, as outlined in a recent report by digital payment network Ripple in collaboration with the United States Faster Payments Council (FPC).

The report presents a robust case for blockchain’s role in expediting payment systems and the ensuing cost savings. But is the financial sector ready to embrace this emerging technology on a large scale?

Financial Institutions To Embrace Faster Payment Systems With Blockchain

The survey, which received inputs from 300 finance professionals spanning 45 countries, sheds light on the growing consensus about the advantages of blockchain. It illustrates a palpable shift in the perception of this technology across sectors including fintech, banking, retail, consumer technology, and media.

The majority of the surveyed professionals, comprising analysts, directors, and CEOs, strongly assert the potential of blockchain. Approximately 97% are confident that blockchain technology will be instrumental in expediting payment processes over the upcoming three years

This widely-held conviction underscores the positive outlook toward blockchain, indicating a readiness to welcome its disruptive capabilities.

A Catalyst For Cost-Efficiency In Cross-Border Transactions?

Furthermore, the report highlights the cost-saving potential of cryptocurrencies. More than half of the respondents agreed that cryptocurrencies could significantly reduce payment costs, both domestically and internationally.

The report predicts that blockchain’s application in global transactions could save financial institutions an estimated $10 billion in cross-border payment costs by 2030, substantiated by findings from fintech analysis firm, Juniper Research.

With the rapid growth of e-commerce and businesses looking to penetrate international markets, the report anticipates a surge in cross-border payments. It estimates global cross-border payment flows could reach roughly $156 trillion by 2030, buoyed by a compound annual growth rate (CAGR) of 5%.

Despite the optimistic views, the survey revealed a divide in opinions regarding the timeline for widespread merchant adoption of digital currency payments. About 50% of the respondents were optimistic about significant merchant adoption within the next three years.

However, predictions varied for the likelihood of adoption within the next year, with the Middle East and African regions exhibiting the most confidence and Asia-Pacific the least.

Particularly, 27% of respondents from the Middle East and African regions anticipate that a majority of vendors will adopt cryptocurrency payments in the following year. While a mere 13% of the Asia-Pacific (APAC) region forecasted the same transition period. 

XRP price chart on TradingView

Regardless, over the past 24 hours, XRP has shown a slight uptrend up by 0.7% with a trading price of $0.71, at the time of writing. This price action comes after the asset experienced a 4.1% decline in the past week.

Featured image from iStock, chart from TradingView

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Why This Billionaire Continues To Advocate For Bitcoin Amid Surging US Debt?

Bitcoin (BTC) has continued to occupy center stage, drawing varied reactions from different financial pundits. One of these voices is billionaire investor Mike Novogratz, who has yet again reiterated his support for the top cryptocurrency despite the unsettling dynamics in the United States economy.

The Growing Concern: Skyrocketing Interest Payments

The US is currently experiencing an unprecedented increase in debts as its interest payments reach $970 billion. This figure represents a leap of $41 billion in the second quarter alone. Observers anticipate that the rising trajectory could soon see the country’s debts surge resulting in the interest payments hitting the $1 trillion milestone, which has set off alarm bells in financial circles.

Related Reading: Bitcoin Retreat Below $30,000: A Threat To Crypto’s 2023 Dominance Over Stocks?

To clarify, interest payments are the actual payments that the borrower makes to the lender, typically on a regular schedule, to repay the interest on a loan or debt. The amount of each payment is determined by the interest rate and the terms of the loan.

As such, the sustained upsurge of interest payments in the US economy has triggered growing unease among financial experts. Tax receipts are currently failing to keep pace with the ballooning sovereign debt.

Consequently, the issuance of more debt to fund interest payments is becoming an increasingly common occurrence. This scenario has created a vicious cycle, causing concern about the potential repercussions on the nation’s fiscal health.

In light of this, Mike Novogratz has once again expressed his firm support for Bitcoin. His latest advocacy came to the forefront recently when he urged investors to buy Bitcoin as the US national debt spiked by $1 trillion between June and July.

Novogratz’s Stance: Bitcoin As A Safe Haven

Despite expressing caution regarding the broader economy, Novogratz holds a sanguine view of Bitcoin’s prospects. He envisions that the cryptocurrency is on the cusp of another growth cycle, following a consolidation phase oscillating between the $28,000 to $32,000 range.

However, Novogratz maintains that a significant shift in policy by the Federal Reserve, specifically a reduction in interest rates, is key for this expected surge to come to fruition.

Meanwhile, recent indicators suggest that the central bank may have different intentions. The Federal Reserve’s current stance seems to diverge from the conditions that Novogratz believes are necessary for a Bitcoin rally. Despite this, the experienced investor continues to champion Bitcoin, viewing it as a potential safe haven amid economic uncertainties.

In the meantime, Bitcoin’s valuation is still persistently working to rise above the recent downward trend. The digital asset experienced a slight dip of 1% in the last day and now has a market cap of $567.5 billion.

BTC’s market price currently stands at $29,309, at the time of writing. This price action follows the asset’s unsuccessful endeavor to reclaim the $30,000 mark earlier this week. 

Bitcoin price chart on TradingView.com

Featured image from Unsplash, Chart from TradingView

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Polygon (MATIC) Surges Nearly 10% As zkEVM Network Update Draws Near

Amid the ubiquitous rally in the crypto market, multiple crypto assets including MATIC have climbed higher highs, thriving to reach their peak and beyond. While the catalyst behind the rally might be unclear, Polygon’s (MATIC) bullish trend could be a part of its upcoming zkEVM Network update. As the launch draws near, investors have continued to increase in numbers pouring more funds into the asset. 

Polygon is a layer-2 scaling solution built on top of the Ethereum blockchain to improve the network’s scalability. The soon-to-be-launched zkEVM network update is just one of the plans the developers of the Polygon network have announced to enhance the layer-2 scaling solution. 

According to Polygon co-founder Sandeep Nailwal’s recent tweet, the anticipated zkEVM comes soon as the mainnet launch now has an official date which is somewhere around the corner.

Polygon (MATIC) Surges Nearly 10% In 24 hours

Over the past 24 hours, MATIC has spiked in price by 8.6%, mirroring other altcoins’ bullish trend as the global cryptocurrency market capitalization still holds steady above the previously amassed $1 trillion mark. 

MATICUSDT price chart on TradingView

The past few weeks have seen a MATIC mark an upward rally movement, especially since the beginning of the year. MATIC has moved from the $0.75 price tag seen late last year to $1.09 at the time of writing. Meanwhile, the 1-day chart still indicates more rallies as there is still liquidity at the higher highs to be taken.

Notably, MATIC is ranked the 10th most valuable cryptocurrency asset by market capitalization, according to data aggregators CoinGecko and Coinmarketcap. Polygon currently has a market cap of $9.7 billion, higher than Solana with $8.8 billion but below Dogecoin, which sits at $11.8 billion.

Though MATIC has been climbing highs since the beginning of the year, it is still far from its all-time high of $2.92, seen in 2021. With the ongoing disbelief in the crypto market among investors, it is still uncertain whether the zkEVM will be a good enough catalyst to drive its value beyond or closer to its peak.

Polygon Network User Activity Plummets

Despite MATIC’s appreciation in value, the network user activity has recorded a decline in the number of interactions. Polygon’s number of daily users started the year positively moving from roughly 404,000 seen on January 1 to 696,00 users on January 6.

Polygon users from December 31, 2022, to January 26, 2023. Source: PolygonScan

However, today, the figure has declined more than 10%, dropping to approximately 399,000, according to data from PolygonScan. The reason behind the plummet is still unclear, as the network activity is expected to increase, given the network’s recent collaborations with multiple top companies. 

Last year, Facebook (Meta) added support for the Polygon network. In addition, the layer-2 scaling solution recently partnered with Mastercard to launch a Web3 accelerator program to bring budding musical artists into the spotlight by leveraging Web3 technology and other blockchain-based innovations.

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Cardano Adds 50,000 New Wallets As ADA Market Cap Surges

The Cardano ecosystem has the potential for further growth. The network has grown tremendously in various sectors, including decentralized finance (DeFi) and nonfungible tokens (NFTs). The blockchain has recorded massive adoption over the past months emerging as the third most active blockchain in development activity.

According to data from Cardano Blockchain Insights, this blockchain’s ecosystem has added more than 50,000 new wallets since the beginning of the year. From 3,842,867 recorded on January 1 to 3,894,735 wallets registered as of January 25, a total of 51,868 wallets were added to the network. 

Cardano wallets | Source: Cardano Blockchain Insights

In the past 25 days, an average of 2,075 new wallets have been created daily, indicating a rising interest and activity from potential new investors on the Cardano blockchain.

ADA Market Cap Surges Nearly 50%

Following the increasing interest from potential buyers, Cardano’s (ADA) market capitalization has recorded new monthly highs. From the $8.48 billion seen late last year, the ADA market cap has surged to over $13 billion, up by 43% in the previous 30 days. 

The asset has gained traction and recognition from notable firms. Earlier this week, crypto analytics platform StockTwits ranked ADA as the most trending cryptocurrency, surpassing Bitcoin (BTC), which attained the second position below ADA.

CoinGecko and Coinmarketcap have ranked ADA as eighth regarding top cryptocurrencies with the highest market capitalization. Alongside its cryptocurrency market cap surge, ADA has also rallied in the past weeks, appearing among the top gainers among cryptocurrencies with large market caps.

ADA price chart on TradingView

Over the past 30 days, ADA has surged from the $0.25 price tag seen late last year to above $0.35 at the time of writing. Its trading volume has also changed significantly from $161 million recorded at the beginning of the year to $489 million in the last 24 hours. 

Cardano’s Most Anticipated Catalyst

Though ADA’s recent rally seems based on the crypto market’s ubiquitous bullish trend, a catalyst such as the Djed stablecoin could also be a part of the asset’s increasing attraction. Djed is Cardano’s first ADA-backed stablecoin powered by COTI Network. It is an over-collateralized stablecoin with a collateral rate between 400%-800%, according to the description on adapulse.io.

Although it’ll be launched soon, Djed has received a lot of interest from non-ADA investors and potential Cardano buyers. Rick McCracken, a Cardano supporter, and owner of the ADA staking pool, DIGI, celebrated and confirmed the launch of Djed on mainnet.

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MakerDAO Passes Proposal To Deploy $100 Million USDC In Yearn Finance Vault

In the hopes of generating yield while offering users what its best known for, MakerDAO, the issuer of the Ethereum-based stablecoin, DAI, has approved a proposal to deploy $100 million of Circle’s USD Coin (USDC) in a Yearn Finance yield-generating account called a “vault.”

The proposal, submitted on January 9, aims to look for a way MakerDAO could split its treasury allocations and earn yield.

MakerDAO To Generate Yields From Yearn Finance Vault

Following the approval of the MIP92 (Maker Improvement Proposal 92), MakerDAO plans to begin depositing $100 million USDC to the Yearn finance vault to earn a 2% yield annually, approximately $2 million every year on its YearnFi investment. 

Founded by prominent DeFi developer Andre Cronje, Yearn finance is a yield aggregator built on the Ethereum blockchain, allowing users to deposit crypto assets in the service in exchange for yield or interest over some time. 

With a total of 95,666.284 of Maker’s native token, MKR cast in the vote, approximately 68,462 MKR, which accounts for 71.56%, voted in favor of deploying USDC in Yearn Finance, while 27,204 MKR, which accounts for 28.44% voted out the whole idea and 0.0% voted “abstain.”

Though the MIP92 has been passed, the proposal still has to go through an executive vote for the concept to be implemented.

MakerDAO Attraction To USDC

Before the MIP92 submission, MakerDAO had already demonstrated interest in Circle’s dollar-backed token, USDC. Late last year, the DAI stablecoin operator invested a hefty amount alongside collaboration with Coinbase to become the largest stakeholder in USDC.

As reported by NewsBTC, MakerDAO and Coinbase Prime have a total of USD 1.6 billion in custody, allowing both partners to earn 1.5% returns from the deposited assets. Notably, stablecoins have seen rapid growth in recognition in recent years. As a result, investors now rely on these assets to protect the value of their investments.

Unlike traditional cryptocurrencies, which fluctuate now and then, stablecoins are tied to the value of an underlying asset, like the U.S. dollar. Due to the nature of stablecoins, many investors have found them enticing, especially as a vital part of future finance.

With the USDC still lagging behind USDT in adoption, the goal has always been to surpass the latter and become number one in the market cap.

MKRUSDT price chart on TradingView

Veering back to MakerDAO, the protocol’s native token, MKR, has also been thriving to cover the gaps between its current price and its all-time high. Over the past 30 days, MKR has surged more than 20% and currently trades above $650 with a 24-hour trading volume of $22.3 million.

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Why This Analyst Thinks Traders Should Not Be Bearish On Solana

For traders thinking Solana is controlled by the bears, a popular crypto market analyst, Chris Burniske, is giving a fresh perspective of hope for the major altcoin.   

According to the former lead of Ark Invest’s crypto department, those who think that SOL is generally bedridden in a bearish mood are mistaken.

SOL Sets To Make a Breakthrough

Burniske said that the Ethereum killer still has a breakthrough opportunity to rally its price despite its reverse down at a resistance level.

The prominent analyst urged traders not to be extremely bearish on SOL as the coin would eventually retrace its value. He expects the crypto’s retracement to occur within the next few months. 

Burniske, however, cautioned that investors might experience price decline due to the market volatility, which might heighten and cause massive losses for traders who have opened long positions in their leverages.

Since the start of the year, Solana has been in a bullish mood and showing signs of resilience and bravery, actually benefiting from the recent market bullishness.

Based on the daily and weekly trading movement since the beginning of the year, the current bearish action of SOL can be regarded as a mere retracement, something which is generally seen in other risky assets.

Most Ethereum killers, including Solana, are witnessing a similar kind of price reversal, which signals no major panic on the part of the SOL price.

Solana Price Analysis Shows Buy Signal

Burniske’s projection seems to be right based on technical price analysis. Over the past three months, Solana moved in a sideways trajectory trend at an average price of around the $14 mark. But within the last two weeks, Solana has surged its value by over 68% to trade at an average price of $23.59.

At the time of writing, Solana is currently trading at $23.18, down 5.50%, with a trading volume of $801,611,149 in the last 24 hours. The altcoin’s market cap stands at $8.6 billion, which puts it the 10th largest cryptocurrency, according to Coinmarketcap.

As per the TradingView chart below, the presence of a bullish hammer in the candlesticks signals the buyers are taking back control and pushing the price back above. The green indicator shows the sellers’ inability to drive the price of an asset further down.

SOL price chart on TradingView

The 50-day and 200-day moving average settings on the 4-hour price chart further support this bullish trend. The presence of the golden cross, as it is indicated by an asset’s short-term moving average crossing above its long-term moving average, signals a switch from a bear trend to a bull trend.

Based on price analysis, the current sentiment is bullish, as this can also be seen in the RSI stands at 64.22, showing that Solana is in the bull territory. Generally, the technical analysis shows that Solana has the potential to regain its value, though it may experience some corrections triggered by macro events.  

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SushiSwap To Redirect 100% Trading Fees To Treasury

While the DeFi market has continued to mirror the crypto market rally, more innovations have been introduced to the ecosystem. In today’s news, SushiSwap, the sixth-largest decentralized exchange (DEX) by 24 hours trading volume, has passed a proposal to relocate 100% of its trading fees to the SushiSwap treasury for maintenance and expenses.

Related Reading: SushiSwap Head Chef Suggests Cooking Up New Token Model – Will The DEX Survive 2023?

SushiSwap Introduces New Update

This new update comes after CEO Jared Grey voiced warnings that the exchange treasury stability is numbered as it has “only 1.5 years of treasury runway left,” despite having cut down the annual operating expenses from $9 million to $5 million during the ongoing crypto winter.

According to a presented governance proposal by the developers of the SushiSwap decentralized exchange, which was passed on January 23, the SushiSwap exchange will now extend the usage of trading fees by redirecting them to the exchange’s treasury to enhance the operation and maintenance of the exchange over the next one year. 

The proposal noted, “Revenue to the treasury will be 50% ETH and 50% USDC, with a projection of ~$6m being earned over the next year if this proposal were to pass.” In another proposal passed the same day, approximately 99.85% of voters voted in favor of “clawing back” 10,936,284 unclaimed SUSHI ($14.8 million) tokens to be rewarded to early liquidity providers during the DEX’s launch in 2020.

SushiSwap Painful Loss And Recovery 

Undoubtedly the crypto winter hit most projects in the industry, including DeFi platforms such as SushiSwap. Last December, SushiSwap CEO Jared Grey revealed that the DEX experienced a $30 million loss over the past 12 months on incentives for liquidity providers (LPs). 

To counter that loss and initiate recovery, Grey revealed plans to refine SushiSwap’s tokenomics so that LPs are no longer bankrolled with emissions and redesign the complete model of bootstrapping liquidity on the exchange. 

The “Kanpai” governance proposal, which aims to relocate trading protocol fees to the treasury, was also referred to by Grey when illustrating the plans to update the SushiSwap exchange. 

“Put simply, it (Kanpai) allows the protocol to rebuild its cash reserves to continue to pay competitive wages, pay for critical infrastructure, & to diversify its Treasury with funds collected in the base pairs of assets, like ETH, stablecoins, etc. Kanpai is a temporary solution,” Grey stated.

Speaking of SushiSwap, the protocol’s native token, SUSHI, has been in a rally, following the rest of the DeFi sector. 

SUSHI price chart on TradingView

SUSHI has surged by over 40% in the last 30 days; meanwhile, at the time of writing, SUSHI trades at $1.34, down by 1.4% in the previous 24 hours and with a trading volume of $58.6 million in the same period.

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Bitcoin Surges To 23,000 As Miners Sales Sees Multi-Year Low

Bitcoin has continued with its bullishness as it surged its price above the USD$23,000 level, a positive signal amid miners reduced the sales of their mined coins. On-chain flows flagged by Bitifinex analysts indicate that the amount of Bitcoin moved from Bitcoin mining addresses to wallets owned by cryptocurrency exchanges has declined to multi-year lows.

Bitcoin transfer volume from miners to exchanges

Selling Power Low, Favorable For A BTC Rally                      

As per a Bitfinex analyst, Bitcoin miner sales are at a three-year low. The report claims that the selling could be a sign that Bitcoin miners are in the mood to accumulate coins as they expect the surge of prices of the flagship cryptocurrency.

The declined Bitcoin sales from mining companies mean low selling pressure from these market actors. Therefore, it signals bullishness for the broader market.

The analysts, however, stated that the recent uptick in Bitcoin price might witness a correction as investors try to recoup their profits amid the current price surges.

The analysts identified large wallet sizes (>$1M) as the majorly responsible for accumulating Bitcoin. They further said such wallets, as well as major market actors, are the ones creating the buying pressure that comes after the FTX saga and a series of bearish events generally witnessed last year.

The analysts mentioned that since the second week of January, the numbers of wallets with $1,000 and $10,000 worth of Bitcoin have increased. The analyst further acknowledged that the trading activities of retail investors had accompanied the uptrend.

According to the figure above, the current low Bitcoin selling pressure coincided with the lowest sales in November last year. The current low level signals a green (bullish) indicator for the cryptocurrency.

When miners sell more BTC, it implies a bearish for the coin value. Conversely, when mining firms don’t have the selling urge, this suggests a bullish trend for the crypto market.

Today’s Bitcoin Price

Bitcoin has surged its value by almost 40% this month, trading at $22,909, up 1.48% on Tuesday. The crypto is trading at levels not witnessed since the downfall of the FTX exchange. BTC volume stands at about $26.82 billion, an increase of 12.78% in the past 24 hours, as per Coinmarketcap.

BTCUSDT price chart on TradingView

As highlighted above, the rise in Bitcoin value could be attributed to whales committed to accumulating coins amid surging prices. The bullish trend is also seen in the global crypto market capitalization, which is trading at a higher level, around $1.06 trillion, up 1.27% in the last 24 hours, according to Tradingview.

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Cardano (ADA) Appears In Top Trending Crypto List, Surpassing BTC

Weeks have gone by, and the crypto market is still seeing a bullish trend, and the dubbed ‘mini bull run’ for the ongoing market movement is beginning to look more prominent. Altcoins such as Cardano (ADA) have moved significantly in price breaking multiple resistance and climbing higher highs while ignoring a retrace. 

In today’s news, ADA has once again proven its potential to be small but mighty as the token appeared in the top trending crypto list on the crypto analytics platform StockTwits, surpassing Bitcoin (BTC), which comes second below ADA. 

ADA Obtains First Position In Top Trending Crypto List 

In a series of tweets shared by StockTwits, the crypto analytics platform ranked ADA as the most trending cryptocurrency on the platform, noting; “Cardano is also trending #1 on Stocktwits!.” At the time, ADA had a trading price of $0.3774, up by 11%, and a change of $0.0382.

Aside from its position on StockTwits, ADA still appears to have significant potential as it still ranks higher on other platforms such CoinGecko and Coinmarketcap, competing with the other big dogs like Bitcoin (BTC), Ethereum (ETH), and the rest.

CoinGecko and Coinmarketcap rank ADA as the eighth cryptocurrency with the highest market capitalization, having a 1.2% dominance in the global crypto market cap. Notably, ranking second below ADA on StockTwits was BTC having a trading price of $23,195, up by 8.47% at the time, with a change of $1,810.42.

Other cryptocurrencies at the bottom of the top 10 trending currencies include XRP and KRL, obtaining the ninth and tenth positions, respectively.

The Crypto Market Price Outlook

The bullish movement wasn’t only favorable to ADA but also to other altcoins that appear in the list of largest cryptocurrencies by market cap. Altcoins such as Ethereum (ETH), Solana (SOL), Binance coin BNB, and Ripple (XRP) have so far been a part of the uptrend. 

The top coin, Bitcoin, has made some significant movement since the beginning of the year, increasing by over 30% in the last 20 days and currently trading above $22,000.

ETH and SOL have also been in a bullish trend since the beginning, with both up by 25% and 67%, respectively, in the last 14 days. ETH currently trades at $1613, while SOL is at $24.11 at the time of writing.

XRP began the year shakily, but the token had increased nearly 30% in the last 20 days and is currently with a trading price of $0.42 and still up by 2.7% in the past 24 hours.

BNB, after surviving massive FUD late last year, has also increased 10% in the previous 14 days and currently trades above the $300 region.

ADA price chart on TradingView

Overall, ADA is still one of the top gainers among the crypto tokens listed. Cardano has surged above 40% in the last 30 days. The sustained bullish trend shows the token still has higher highs to climb through before coming close to its peak and beyond.

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BTC, ETH, DOGE, and ADA Are Undervalued, Report Indicates

Despite the increase in market capitalization, which shows investors might be returning, big large caps are still deemed undervalued. In a tweet posted today by blockchain intelligence firm Santiment citing the MVRV Z-score, Binance coin (BNB) is the only overvalued crypto amongst tokens with a large market cap.

Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Cardano (ADA), Dogecoin (DOGE), Polygon (MATIC), Shiba Inu (SHIB), Uniswap (UNI), and Chainlink (LINK) are very much still undervalued.

Price Outlook On BTC, ETH, And Undervalued Large Caps

Santiment reported that BTC, ETH, XRP, ADA, DOGE, MATIC, SHIB, UNI, and LINK are undervalued. However, despite their deemed result, each of them was still part of the global crypto market rally or the ‘mini bull run’ seen over the past weeks.

Related Reading: Cardano Up 30% Since December As 28 New Whales Hold At least 1 Million ADA

BTC and ETH have seen more than a 10% increase in value, respectively, over the past seven days. At the time of writing, both cryptos are up 2% in the last hour, with BTC 24-hour trading volume exceeding $39 billion and ETH surpassing $6 billion.

Other large caps like XRP and ADA have also seen significant movement in price to the upside over the past weeks. With XRP up 15% in the last 14 days and ADA up 25% over the same period.

Notably, this is not ADA’s first time appearing on Santiment’s undervalued crypto list. Last month, the crypto analytics platform shared an analysis indicating that the Cardano native token was undervalued regardless of the aggressive accumulation from Sharks and Whales holding at least 100k to 10 million ADA tokens.

Memecoins, such as DOGE, and SHIB, weren’t left out of the global rally as both did 13% and 35%, respectively, over the past 14 days. MATIC, UNI, and LINK have also printed bullish trends over the past week, up by 19%, 13%, and 14%, respectively, in the past two weeks.

Binance Coin (BNB) Becomes Overvalued?

Though merely looking at it, BNB being overvalued over other large caps such as BTC and ETH might be quite unbelievable. However, BNB’s potential has proved to make the coin overvalued worthy. Late last year, following the collapse of FTX, BNB survived through an industry-wide FUD, which plummeted its value by over 10%, sending it from its hovering $300 trading price to below $250.

Despite the intimidating FUD, BNB survived through, as the token didn’t plummet much as expected. Furthermore, since the beginning of the year, BNB has chosen the bullish path surging nearly 15% in the past two weeks. BNB also rallied amid its quarterly burn, which happened on Tuesday, and has so far refused to make a movement for a retracement.

BNB price chart on TradingView

However, at the time of writing, BNB’s price is currently down 1.2% over the last 24 hours. As a result, its current market price is sitting at the $288  zone with a 24-high of $296.33 and a trading volume of $550.3 million over the same period.

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Shiba Inu’s BONE Bags New Listing As Token Surges 14% In 7 days

As the Shibarium launch draws near, the popularity of the blockchain’s native token, BONE, has been on the rise. In today’s announcement, Singapore-based Exchange BingX announced the listing of BONE trading pairs (BONE/USDT) on the beta version of its BingX Spot platform.

The exchange said that the deposit and withdrawal service of the BONE token will be available on the BingX exchange starting from January 18, and trading will commence once the pairs are launched.

According to the company’s announcement, the move was taken due to the high demand from customers and members of the Shiba Inu and BONE community.

BingX cryptocurrency exchange currently has around five million registered users. The Singapore-based crypto exchange provides users with spot, derivatives, copy and grid trading services to more than 100 countries and regions. 

BONE Surges Nearly 15% In 7 Days

So far, BONE has gained significant momentum to the upside over the past weeks, especially following the developers’ announcement on making BONE the token to cover gas transactions and compensate validators and delegators on the layer-2 Shibarium blockchain.

BONE has advanced and reached higher highs both in price and amount of holders. The BONE holder count has surpassed 60,000, indicating rapid accumulation by various investors.

Regarding price, BONE has followed suit with the general crypto market rally. The token has surged 72% in the last 30 days.

BONE price chart on TradingView

Meanwhile, at the time of writing, BONE is currently trading at $1.33, down by nearly 11% in the last 24 hours, with a trading volume of $12.1 million over the same period.

BONE has also been on an active rally to the upside since the start of this year, with its price reaching a four-month high of $1.59 yesterday, December 18.

Currently, CoinMarketCap ranks BONE as the 124th largest cryptocurrency in the world based on market capitalization. The Shiba Inu community believes that BONE has the ability to enter the top 100 cryptocurrencies soon after the launch of the Shibarium Beta.

Shiba Inu’s BONE Anticipated Catalyst

Speaking of BONE, the token’s most anticipated catalyst as of this moment is its use case on the Shibarium blockchain.

Earlier this month, Shibarium Developers announced BONE would be the only token that would be used for gas fees as well as other blockchain activities, and “No other tokens will be necessary to operate within the protocol.”

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Aave Price Surges As V3 Cloud Upgrade Draws Near

Amid the ongoing rally in DeFi TVL, we’ve seen positive news and innovation popping up from the ecosystem. As the Aave protocol V3 cloud upgrade draws near, its native token, Aave, has skyrocketed since the beginning of this year, reaching higher highs for the first time in the last few months. 

Aave is an open-source liquidity protocol and its upcoming V3 cloud launch is just one of the protocols pending plans yet to be initiated. An Aave supporter with the Twitter handle @0x4Graham disclosed the upcoming upgrade launch. 

According to crypto reporter Collins Wu, the V3 upgrade will introduce cross-chain asset functions, community contribution tools, and a gas optimization model on the Aave protocol.

Aave Price Surges Nearly 37% In 7 Days

As the v3 cloud upgrade draws near, Aave’s native token has spiked in price by 36.5% in the past 7 days, following suit with other crypto and DeFi tokens surging in the market. Besides that, the past few weeks have seen Aave printing a bullish trend, in which the chart indicates anticipation before a significant move. 

AAVEUSDT price chart on TradingView

Aave began the year with a ranging price of $50, and so far, the token has spiked to above $80 following the disclosure of the v3 cloud upgrade. Moreover, not only is the Aave token surging, but the protocol’s TVL has also done some significant rallies to the upside over the past weeks. 

Currently, Aave protocol has a cumulative TVL of $4.5 billion, up by 21% in one month. The protocol has always been one of the leading contributors to the whole DeFi ecosystem TVL, with Lido Finance at the top then MakerDAO as the second.

Though Aave has been climbing since the beginning of the year, it is still far from its all-time high of $661, seen in 2021. With the ongoing disbelief in the crypto market among investors, it is still uncertain whether the v3 cloud upgrade will be a good enough catalyst to drive its value beyond or closer to its peak.

The V3 upgrade is said to introduce community contribution tools, cross-chain asset functions, and a gas optimization model on the Aave blockchain. The optimization model is supposed to cut down transaction costs on the blockchain by up to 25% and make the Aave protocol more efficient and ready for other upgrades. This information comes along with the V3 upgrade details released by the Aave team towards the end of Q1 2022.

The initial V3 upgrade was introduced in March of last year and was described to be a groundbreaking protocol. According to the developers at Aave, the V3 upgrade provides various new features that include Portals, High-efficiency mode, Isolation mode, Gas optimization, L2 designs, Community, and Risk management.

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DeFi Begins Recovery As TVL Exceeds $45 Billion

Decentralized Finance (DeFi) has always been the most evolving sector in the Web3 space. With new innovations and protocols popping up in the DeFi industry, the ecosystem total value locked (TVL) continued to increase until the bear market stepped in. 

The bear cycle caused a lot of downturns in many sectors of the We3 industry including DeFi. However, following the ongoing so-called ‘mini bull run,’ we’ve seen DeFi TVL start to recover from the lower lows and surge by nearly 20% since the beginning of the year. 

DeFi TVL Surges Nearly 20%

According to data from DeFiLlama, DeFi TVL has exceeded $45 billion — its highest point in the past two months. Major DeFi protocols such as Lido Finance and MakerDAO played a significant role in the DeFi TVL rise. Lido has amassed double-digit gains over the past week, adding $8.4 billion to the DeFi ecosystem since its lower low late last year. 

Though the TVL rise appears to be mirroring the crypto rally as most of the underlying DeFi tokens have also followed suit in the bullish trend, one thing worth noting is that DeFi TVL is still very far from its all-time high seen in 2021. 

Notably, Liquid staking protocol like Lido Finance is the accelerator of the DeFi ecosystem surge, having the largest DeFi market share with 14.75% dominance and leaving the former king of DeFi, MakerDAO, behind with a share of 13.25%, according to DeFiLlama.

As reported by NewsBTC, the reason behind the rapid increase in the momentum of Lido is the Ethereum Merge, which triggered the popularity of liquid staking protocols such as Lido Finance. Following the merge, the total ETH stake in Lido increased 10% from 4.43 million ETH on September 15, 2022, the date of the merge, to over 4.8 million ETH today.

Other Accelerator Of The DeFi TVL Rise

Aside from Lido’s aid in the DeFi TVL surge, the high-throughput layer-1 blockchain network, Algorand, has also been an assistant following its 123% spike over the past week. It currently has $176 million in TVL, with five of the top six leading DeFi protocols on the network having done significant percentages in gains over the past 7 days.

AlgoFi is up 121% in the last 7 days. Folks Finance is up 490%, Pact 136%, and GARD 202%, driving massive momentum into the ecosystem. 

Aave and Uniswap have always contributed greatly to the DeFi ecosystem TVL, with Aave recording over 10% in gains in the last 7 days and Uniswap recording nearly 7% in gains over the same period. Regarding blockchain, Ethereum is still the top dog with the largest share in the DeFi TVL.

Ethereum has a DeFi market share of over 50%, with a TVL of $27.16 billion. ETH has amassed significant gains in its value in the past few days amid the global market rally. 

ETHUSDT price chart on TradingView

ETH finally broke the $1,300 zone and has climbed to a higher high above $1,500. Though ETH is still far from its peak, the second-largest crypto by market cap is striving to reach its ATH and beyond.

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FTX’s FTT Token Spikes 43%, A Revival In The Works?

Amid a bull run, mini or not, literally, anything can pump in the crypto market, even a token such as FTX’s FTT Token. After the tragic fall of the exchange, everything about the exchange crashed, including its reputation. However, after a while, it seems as though a piece of the exchange is trying to stage a revival.

Over the past months following the exchange’s bankruptcy incident, FTT had fallen from a ranging $25 market price to new lows of around $1. Though it may seem as if there is no hope for the token, some still find it useful as, in the past few days, traders have been seen accumulating the collapsed exchange’s crypto in an attempt to make quick gains.

FTT Token Surges By Over 40% In 24 Hours

Amid the refreshing green market, FTT has taken advantage of the “mini bull run” and has done more than 50% in the last 7 days. At the moment, the FTT token is still printing bullish trends. From an intraday low of $1.64, FTT has skyrocketed to higher highs during the morning hours of January 16.

FTT Token price chart on TradingView

The sudden spike added over 150% to its value in the past 7 days. FTT is now trading at the highest level ever seen since the FTX fallout in early November.

At the time of writing, the FTT token is still pumping hard, with a 24-hour high of $2.62 and a current trading price of $2.33.

A Revival Happening?

Given the state of the FTT token prior to the pump and the sudden surge, the chances appear to be less of a revival but instead a manipulation by traders wanting to make a few extra bucks. When doing research, there seemed to be no significant news or reason behind the token pump except the theory of it in the process of a pump and dump scheme. 

Regardless of the pump, FTT is still way below its highest peak of an all-time high of $84.18 which was achieved during the good days of the exchange and amid the crypto market bull cycle in 2021. Overall, in the past month, FTT has fallen by more than 50% and even traded below $1 following the FTX crash.

Furthermore, there’s yet to be any fresh news on Sam Bankman-Fried and his collapsed exchange, FTX, that could persuade a pump. So, therefore, the theory remains to be that FTT’s sudden surge is a pump-and-dump scheme that will eventually make the token probably reach new lows after the traders initiating the scheme are done. 

Meanwhile, FTT hasn’t been the only token pumping; other altcoins such as Binance coin (BNB), Fantom (FTM), and Solana (SOL) have also been seeing green over the past few days. BNB is up 2.1% in the last 24 hours, FTM 3.2%, and SOL 8% over the same period.

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Bitcoin Mining Stocks In Solid Gains As Crypto Market Rallies

Following the ongoing rally in the crypto market, the stocks of the top five leading Bitcoin mining companies have surged in value, amassing solid gains. Major crypto stocks are also rising and have recorded massive gains in recent weeks. 

Though investors are still skeptical if this is genuinely the real bull run they have been anticipating, major assets in the crypto industry have been in the green for the past weeks regardless of some negative news spreading in the industry.

Top Five Bitcoin Mining Stocks Rallies

Bitcoin mining companies Riot Blockchain, Hive, Marathon Digital, Hut8, and Bitfarms have so far been in green since the beginning of this week, with each gaining at least 10% in value.

According to data from MarketWatch, Riot Blockchain (RIOT) value has seen gains of up to 43% this week. The shares saw a closing price of $6.13 in after-hours trading on Thursday, following a 14.5% increase on the same day.

Related Reading: Why The Bitcoin Mining Hashrate May Not Be Out Of The Woods Just Yet

Hive Blockchain Technologies was in green yesterday. HIVE value surged nearly 40%, up by 37.6% in the last 24 hours. It closed with a trading price of $3.21, and so far, its weekly gain has amassed to about 76%.

Marathon Digital stock, with the ticker MARA, saw significant gains on Thursday and went up by 30.9%, closing the day at $6.76. The mining firm is up by 65% since the beginning of the week, according to MarketWatch. 

Following its recent announcement of having mined 3,568 BTC throughout 2022 and increasing its reserves by 65% to 9,086 BTC, Hut8 Mining Corp (HUT) stock skyrocketed by 22.2% on Thursday, ending the day with a $1.38 trading price. 

Bitfarms (BITF) was not left out of the ubiquitous rebound, as its share prices have been up by 73% since Monday. BITF gained 44.3% on Thursday to end the day’s trading session at $0.94.

However, despite the bullish trend with these Bitcoin mining stocks, they are still far from their peak value, given the 2022 impact on asset value.

Crypto Stocks Are On The Rise

Not only are mining firms experiencing a bullish cycle at the moment, but prominent bitcoin investor MicroStrategy (MSTR), is also up 30% since Monday morning and eventually ended Thursday’s trading session at a $208 trading price.

Coinbase’s COIN also amassed 8.6% in value yesterday and currently trades at $47.55.

TOTAL cryptocurrency market capitalization price chart

Meanwhile, the global cryptocurrency market capitalization has seen massive gains over the past few days, adding nearly $100 billion to its total capitalization. Crypto pioneer Bitcoin has been printing greens since the beginning of this year, adding to the demand for mining stocks.

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Solana Begins To Recover As On-chain Activity Rises

With the recent hype and increase in meme coins on Solana over the past weeks, the network has gained a significant amount of momentum, pushing it to an uptick both in on-chain activity and trading volume. 

Solana has begun to show recovery signs from the FTX scandal following a recent spike in momentum. Even the network’s native token SOL joined in on the momentum and reached a two-month high amid the ubiquitous rally in the global crypto market. 

Solana Recovering Back To Pre-FTX Levels

So far, SOL’s on-chain activity shows signs of recovery after the recent plummet. According to analytics platform Messari, transaction volumes and active accounts of the Solana network have skyrocketed back to pre-FTX levels. 

The analytics platform tweeted earlier today that SOL might not be dead, as the fundamentals show otherwise. Adding that, the number of active accounts has spiked to roughly 240,000, returning back to October levels.

“While tweets and meme coins may have been the cause for recent activity, it is difficult to pinpoint the FTX collapse by looking at these metrics,” Messari tweeted. 

Not only has Messari proved the recovering traction in SOL’s volume, but block explorer Solscan has also shown some favorable data depicting the network revival. According to Solscan, the Solana network throughput is around 3,735 transactions per second (TPS), and so far, there have been an accumulated 132 billion transactions on the network.

SOL NFT And Trading Volume Spikes

On Wednesday, Solana’s NFT insights page, SolanaFloor, reported that the total floor value of its NFT ecosystem is worth more than $470 million — a relatively high amount compared to the cumulative total floor value seen in recent weeks. 

Solana (SOL) total floor value

With positive data like these indicating Solana’s recovery, the motivation for more increase in volume could be what the network needs to recover fully. Coin98Analytics, recently showed that SOL is fourth in terms of active addresses over the past week, rising to 3.16 million. 

It was ahead of Ethereum, which came in fifth position, then BNB Chain, which came out first as it tops the list with nearly 6 million active addresses in the last seven days. Fantom also wasn’t a failure as it emerged in second position with active addresses of 5.81 million, then Polygon as third with 5.55 million active addresses in the past seven days. 

Overall, the spike in Solana volume seems to be due to the recent hype that surrounded the largely airdropped meme coin BONK. The token remarkably surged in price, spiking by over 2,000%. However, as all meme coins always eventually end up losing hype and falling, BONK plummeted drastically by over 80% in a week. 

SOLUSD price chart

SOL, on the other hand, following its recent rally, has jumped by nearly 50% in the past 10 days. The asset went from ranging below $10 late last year to currently trading above $16, reaching a two-month high.