Solana (SOL) is up 40% in the last 24 hours and 120% year to date. The Solana ecosystem had a rough time in the second half of 2022. During that time, the coin fell from highs of $100 to $9 at the end of the year.
The crypto winter, NFT projects migration to other blockchains, Sam Bankmann-Fried (SBF) funding, and network outages fueled most of the ecosystem’s shortcomings throughout the year. SBF is an alleged fraud who was the CEO of the now-bankrupt FTX exchange; the former CEO is under investigation for misuse of customer and investor funds.
The ecosystem, however, is making the best out of the situation. According to Vitalik Buterin, the brains behind Ethereum, Solana, despite the FUD, has a vibrant developer community.
Here are three reasons why SOL why should consider buying SOL.
Bonk Inu – The Solana dog
Twenty-two developers, tired of the ‘Alameda (SBF) toxic economics,’ came together in December 2022 to develop a meme coin Bonk Inu to vent the rising FUD around the ecosystem.
Bonk Inu is a dog-themed cryptocurrency in the SOL ecosystem; think of it like the DOGE of Solana.
The developers distributed the meme coin to varied NFT projects, early adopters, and the development team. The meme coin played a critical role in bringing the Solana ecosystem together at a time when NFT projects like Y00ts and DemiGods were leaving the ecosystem.
The coin registered massive gains in 2023, and its rapid rise to fame helped it leverage listings on top-tier exchanges like Bybit, Huobi Global, BitMart, and Hotbit.
The coin played its role and trades today at $0.000001239, up 30% in 24 hours. Like other meme coins, investors should anticipate the coin to be highly volatile.
Saga Web3 phone
Blockchain developers have encountered a lot of friction and discontent with mobile app stores. The hostility arises from poor integration and decentralized applications (dApp) support in mobile app stores. In reaction, Solana announced the launch of Solana mobile (SAGA), which should start shipping this year.
Last weekend, the development team awarded all-new saga pre-orders, a 5 million BONK airdrop sent to the ordering address, and a 5 million BONK token burn by the developer team.
Let’s talk about Saga’s features, the phone built on Android will be blockchain-friendly and will help onboard dApps into mobile devices.
The phone will come with an inbuilt Saga seed vault; embedded in the phone, it will keep your seed phrase away from prying applications and eyes. The vault will operate independently from the operating system, and combined with the top-notch user interface of Solana wallets, they assure users of security, usability, and speed.
Saga pass is an NFT that will give Saga users access to future reward programs with utility in the phone. They expect the NFTs to improve the Web3 user experience. According to Solana mobile, the team entitled each Saga phone a Saga pass.
Positive market sentiment
Today the global cryptocurrency market cap reclaimed its $1 trillion valuation, Bitcoin the OG, surpassed Meta (Facebook) and MasterCard in valuation.
Solana registered a 120% gain from the beginning of the year, outperforming most cryptocurrencies. According to Defillama, the Solana total value locked (TVL) went up 11% in 24 hours to $274.79 million. The Solana NFT floor has also increased materially in the last month.
At press time, SOL was trading at $22.5, up 40% in the last 24 hours, still a far cry from the $170 high in January 2022.
Is this the end of the crypto winter, or are the current prices driven by FOMO (Fear Of Missing Out)? The 1 trillion crypto market value is a fair indicator, a fair break above the valuation could mark the end of the bear market; otherwise, we could slide back into the 2022 bear cycle.
Also, read SOL price prediction 2023 – 2031.