Solana’s price has risen above $200

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Solana

SOL token, which is a part of the large Solana ecosystem, has increased in price by almost 8% over the last 24 hours and reached a new mark of $207. It is noteworthy that this is the first major increase in price for the previous 3 years.

According to experts, the growth of quotes was mainly influenced by the excitement around meme coins and the release of a new ecosystem token called Smog. According to the CoinMarketCap service, SOL rose in price by 88% during the month.

Solana at $200: is it worth buying now?

To date, the SOL coin takes the 4th place in the list of the largest cryptocurrencies. Its market capitalization is $91 billion, and the price is tending upward. As already mentioned, overcoming the $200 level was a significant event in the market. The last time the coin managed to cross this figure was recorded in November 2021.

Such success naturally led to the growth of active addresses. At the time of writing, their number exceeds 1.2 million. This is another record figure on the account of the Solana ecosystem.

It is worth noting that the number of new addresses in the blockchain has also increased. Now there are about 870 thousand recently registered participants in the ecosystem. This was reported by the information service The Block.

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Another record concerns the volume of trades of the coin on exchanges – $10 billion. The reason for this increase could be the increased demand not only for SOL, but also for other projects of the system. For example, Dogfiwhat, Bonk and Smog.

Another reason for the growth of the network is the popularity enjoyed by the new meme token with a large-scale airdrop. Book of Meme along with Nap and Nostalgia also played an important role. Because of them, crypto traders invested over $100 million in the platform over the past weekend.

Solana has risen in value by 821% over the year. The asset has every reason for further growth, so it is capable of becoming a good option for long-term investments.

Largest Airdrop on Solana

Smog is a meme token with a generous airdrop that is already available on Jupiter, Solana’s own exchange. According to CoinGecko, the coin has risen 21.3% over the past 24 hours to reach $0.2245.

Once assets are purchased, they can be placed in staking. This will increase passive returns, and the annualized interest yield will be around 42%. To participate in the giveaway, you need to complete a number of tasks. They can be found on the Zealy service.

The project has another plus: a 10% discount when buying coins on the official website. Such a decision was made by the developers to celebrate the coming of the Chinese New Year.

It is worth noting the tokenomics of Smog. According to the data provided by the developers, a total of 1.4 billion meme-tokens were issued. Of these, 50% will be used for marketing purposes, 35% for blockchain coin rewards, 10% for access to CEX, and 5% for trading on DEX.

However, the key difference of Smog lies in the coin’s ability to form a global multichain around itself. This happens thanks to the “Bridge” algorithm, which allows you to create a single elaborate system from many different blockchains. This is how a tool for convenient and easy transactions from one network to another comes into being. Users will be able to transfer both tokens and any other data.

Features of the project: