Solana (SOL) is maintaining its upward momentum, particularly in the non-fungible token (NFT) space, where it has exhibited significantly higher trading volume compared to Ethereum.
Projects like Mad Lads and Tensorians on Solana have experienced substantial price increases, multiplying several times over in recent weeks. Notably, the collective trading volume of Solana NFTs has now surpassed that of Ethereum, a blockchain platform traditionally known for leading in trading volume and hosting some of the most valuable projects.
Over the past 24 hours, Solana NFTs have generated $14.8 million in trades, outpacing Ethereum, which recorded approximately $13.9 million in NFT trading volume, according to data from CryptoSlam. This shift underscores Solana’s growing prominence and competitiveness in the NFT market.
The surge in Solana trading volume reflects a remarkable growth of about 92% in the past day. Among the top traded projects during this period, Tensorians, affiliated with the Tensor NFT marketplace, stands out with over $4 million in sales.
Within the Solana ecosystem, Tensor currently commands a substantial market share, holding nearly 76% in the past 24 hours, as reported by Tiexo. This marks a shift in prominence, as Magic Eden, a multi-chain marketplace that previously held a significant position in the Solana space, now accounts for about 16% market share. These developments underscore the dynamic nature of the NFT market within the Solana blockchain and the rapid changes in project rankings and market share.
SOL Extends Gains as Market Rally Continues
Over the past few days, Solana’s native cryptocurrency, SOL, has demonstrated notable gains, and its primary meme coin, BONK, has achieved new all-time highs. On Friday, SOL reached a fresh 19-month peak, touching $73.85.
While SOL has not yet reclaimed its all-time high of nearly $260 in November 2021, it has experienced a remarkable recovery from its low of around $8 in late 2022. Currently trading above $73, SOL has recorded a 13% surge in the past 24 hours, according to CoinGecko. This resurgence in SOL’s value reflects renewed market interest and positive sentiment surrounding the Solana blockchain and its associated assets.
BONK, the primary meme coin on the Solana network, has undergone a rapid ascent in recent weeks, reaching a new all-time high price of $0.00001314 on Friday. Despite a slight dip to $0.00001283 at the time of writing, BONK has registered a 10% gain in the past 24 hours and has tripled in value over the last seven days.
In the past month alone, BONK has experienced an astonishing surge of 982%, propelling it into the top 100 cryptocurrencies by market capitalization, with a total market cap of $747 million.
Apart from the impressive price performance, recipients of the Jito airdrop on the Solana decentralized finance (DeFi) platform are also enjoying substantial benefits. This underscores the dynamic and rapidly evolving nature of meme coins and related projects within the Solana blockchain ecosystem.
The JTO token, distributed to early users during the airdrop, has experienced a notable surge of 72% in the past day, reaching $3.35 per token.
In addition, Jupiter, a decentralized exchange (DEX) aggregator operating on the Solana blockchain, recently announced the commencement of initial claims for its JUP token airdrop. The airdrop aims to distribute 40% of the total JUP token supply, equivalent to four out of the 10 billion tokens. This move is part of the broader trend in the Solana ecosystem, where various projects are leveraging airdrops and incentives to engage users and promote the adoption of their native tokens.
