• Solana (SOL) recently surpassed Shiba Inu and Tron in terms of market valuation.
• Vitalik Buterin’s tweet and the release of Bonk have both acted as catalysts for the rise in the ecosystem’s price.
• The migration of the Helium Network to Solana’s blockchain is likely to further increase SOL’s price.
Recently, the crypto market has been in a bearish state, yet Solana (SOL) has managed to break through and rise above its competitors. This is largely due to the two primary catalysts that have been pushing its price up: Vitalik Buterin’s endorsement of the platform and the release of Bonk, the new memecoin.
Vitalik Buterin, the founder of Ethereum, recently tweeted about the troubled ecosystem, saying that now that “opportunistic money people” are gone from the platform, Solana has a bright future ahead. This endorsement from the industry leader caused SOL’s price to jump 42% in just one week, showing the community that the cryptocurrency industry is a place for equal growth.
In addition, the release of Bonk has also acted as a catalyst for the ecosystem’s price increase. As the only memecoin on the platform, the number of transactions on-chain has increased significantly, further spurring investor sentiment.
Adding to this upward pressure is the nearing migration of the Helium Network to Solana’s blockchain. This move is likely to further increase SOL’s price, as the network is expected to bring with it a large user base and a wide range of use cases. However, it is worth noting that the migration of DeGods and y00ts from the platform to Ethereum and Polygon may act as a hit on the ecosystem’s NFT space.
Overall, Solana’s ecosystem has managed to keep its head above water and come out on top despite the bear market. With two major catalysts pushing its price up, and the migration of the Helium Network to its blockchain soon to come, it looks like SOL is set to continue its positive trajectory.