As the cryptocurrency market continues its recent surge, Solana is more profitable than most, rising to a high price in 2023. Solana has experienced an incredible adventure. Its value has increased by an astounding 11,000% in just five years.
For the first time since May 2022, Solana surged above $80 early on Wednesday. It reached a high of $80.77 before dipping to roughly $79.50 at the time of writing. SOL has increased by 546% since this time last year and is up 8% today and 35% over the last 30 days.
Solana’s market value has increased to $34.4 billion amid its most recent price surge, overtaking XRP, the cryptocurrency of the Ripple ecosystem, to rank as the fifth-largest cryptocurrency, according to CoinGecko data. Next on the chart, with a market capitalization of roughly $39.7 billion, comes Binance Coin (BNB).
Even though Solana is still far from its all-time high of around $260, which it reached in November 2021, the company’s fortunes have improved recently as more investors have been interested in the blockchain environment. Solana costs around $10 at the beginning of the year.
The popularity of other Solana-based coins has recently increased as well; in recent weeks, the dog-themed meme token BONK reached a record high and gained attention in the Solana community after experiencing an astounding 1,000% increase.
The HNT and MOBILE tokens of cryptocurrency wireless network Helium are also rising, with HNT rising 94% this week and MOBILE multiplying several times with a 468% increase.
The rebounding ecosystem is even helping the Solana Saga smartphone, which debuted earlier this year to a largely negative reception. Due to customer demand for the 30 million BONK tokens that are being airdropped, the price of Solana Mobile has increased ten times in the last two days.
Some of the largest token airdrops in recent memory have also taken place in Solana, most notably Jito’s $225 million token drop earlier this month for DeFi subscribers. Jupiter, an aggregator, appears to be the source of the upcoming major Solana DeFi airdrop and intends to airdrop 1 billion JUP tokens to consumers in January.