Solana approached $100 today as the meme coin craze continues to drive the rally. However, when the Solana Foundation changed its Twitter profile picture, meme coin SILLY crashed.
Solana changed the founder avatar, SILLY crashed!
Anatoly Yakovenko, co-founder of Solana, changed the avatar of his account on the X platform. The new avatar was created based on the Degenerate Ape Academy NFT by Solana’s AI artist Simaleksic. Following this development, Solana ecosystem meme coin SILLY dropped more than 45% during the day. However, the token later recovered some of its losses. At press time, SILLY was trading at $0.05915, down 23.6% on a daily basis.
By the way, it should be noted that Silly Dragon is a Solana ecosystem meme coin. Additionally, Solana co-founder Anatoly Yakovenko is a supporter of the project. For this reason, he was using the NFT image of the project as his Twitter avatar. In fact, Solana wore a Silly Dragon cosplay costume at the BreakPoint conference.
Solana showed great performance in the last two months
cryptokoin.comAs you follow from , SOL came close to touching $100 with a strong move today. The value locked into Solana applications has increased accordingly. Thus, its value increased from $ 400 million in November to $ 1.3 billion. Previously, it last saw these levels in July 2022. Solana’s SOL boomed on Friday, fueled by continued excitement for Blockchain’s fast transactions, cheap fees and a meme coin issuance lottery stretching into its third week.
Metrics show that Solana is probably the strongest attraction among traders. It also reveals that transaction volumes and network fees exceed those of Ethereum on seven-day intervals. These factors have helped SOL grow its year-to-date gains by over 830%. Most of this growth has occurred in the last two months alone. The buying pressure continued even amid significant selling pressure from the bankruptcy of crypto exchange FTX, which held billions of dollars worth of Solana (SOL).
Meme coin craze continues to drive rally
Dog-themed Bonk (BONK) returned to the spotlight with a jump of more than 1,000% in late November. This became the inspiration for meme coins like dogwifhat (WIF). This created some early individual buyers who quickly gained over 10,000%. WIF added another 35% to its market value during the day. Amid significant hype in crypto circles on X has shown no signs of stopping. Data shows that thousands of meme coins have been mined by opportunistic developers since then. Many of these rose from a very low market cap to several million.
Meanwhile, some analysts expect SOL’s outperformance to continue in the coming weeks. He points to possible interest from retail investors as a driver of token growth. FxPro senior market analyst Alex Kuptsikevich makes the following assessment:
Google searches for Solana have increased by 250% in the last two months. User interest has coincided with the asset’s explosive growth and rising prices of related meme coins. Solana Blockchain continues to grow strongly on the back of new protocols and related airdrops.
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