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- Solana whales keep stacking SOL, with holdings over 257,000 as market cap surpasses $100B, securing its 4th spot in crypto rankings.
- Solana’s growth in meme coins and decentralized exchanges fuels a strong ecosystem, with Raydium seeing $30B in trading volume.
- Solana’s user base has exploded to 100M+ addresses, indicating high adoption and solidifying its place among the top digital assets.
Solana’s (SOL) market growth has reached new highs as whale investors continue their accumulation spree, reflecting increased market confidence. A popular whale account "AA21...VxH9" increased its holdings by a further 7,500 SOL today, according to Lookonchain, bringing its total accumulation to 257,599 SOL, or around $54 million. This increase in ownership comes as Solana's market capitalization has surpassed the noteworthy $100 billion barrier, underscoring its growing clout in the cryptocurrency.
Whale Accumulation and Market Position
The accumulation by whale investors signifies growing optimism around Solana’s potential. With SOL reaching a total market capitalization of approximately $98.92 billion, Solana now ranks as the fourth-largest cryptocurrency, surpassing the stablecoin USDC.
The coin's recent performance has also moved it up to the 196th position among global assets by market value, outpacing some traditional finance like Vanguard Group. Such developments reinforce positive sentiment among analysts, who foresee continued bullish momentum for SOL.
Wider Market Resilience and Solana's Sectoral Influence
The global cryptocurrency market has demonstrated resiliency, as evidenced by the 6.37% increase in market capitalization that followed Donald Trump's recent election victory and the Federal Reserve's 25 basis point rate drop.
For example, Ethereum rose beyond $3,200 and Bitcoin soared above $80,000, indicating general optimistic trends. Solana, however, has particularly benefitted from its growing popularity within the meme coin sector.
Decentralized exchanges on Solana’s network, such as Pump.fun and Raydium, have capitalized on this trend, reporting substantial revenue and trading volumes. Last October, Pump.fun recorded $30.5 million in revenue, while Raydium achieved $30 billion in trading volume, further enhancing Solana’s ecosystem.
Rising User Adoption Supports Growth
User adoption of Solana has surged, with unique addresses up 42% since September, now totaling over 100 million. Compared to the network's 509,000 active monthly addresses at the beginning of the year, this number represents a significant increase. With a daily trading volume of about $9 billion, Solana's current market price is $210.85. Strong investor confidence and momentum are indicated by the price increase of 2.73% during the last day.
The post Whales Keep Loading Up on SOL, Pushing Solana’s Market Value Past $100 Billion appeared first on Crypto News Land.