Solana price prediction and a new large-scale airdrop in blockchain

The rate of SOL, the Solana network’s own cryptocurrency, remains relatively stable. Even the failure of the blockchain, which holds more than $1.7 billion, last week did not shake the value of the asset. Moreover, the recent release of the Jupiter token caused a sensation among investors and traders, leading to increased utilization of the Solana network. This new exchange conducted airdrop, which resulted in some participants multiplying their capital many times over. Few could have imagined that an ecosystem as complex as Solana would eventually be in the news for launching meme coins. Specifically, thanks to a recent project, the cryptocurrency SMOG, which is holding the largest airdrop on the network. This article will explain what is influencing the price of Solan and what investors can expect in the coming months.

The largest airdrop on the Solana blockchain in 2024

Smog (SMOG) is the newest meme coin on the Solana network. However, unlike most new tokens, there is no pre-sale. Instead, the developers saw fit to conduct an original and transparent launch. Given the success of Airdrop, which made the BONK meme token a popular asset, the Smog team chose a similar format, but with some peculiarities.

First of all, to be able to join the giveaway, an investor must first purchase SMOG tokens using the Jupiter or Birdeye exchanges. With the meme-coin in hand, the trader will become part of an interactive community in Zealy, where quests will be offered periodically. The more actions the user completes, the more points they will receive and the more generous the rewards will be.

Looking at tokenomics, the distribution of coins from the 1.4 billion total SMOG is as follows:

• Marketing – 50%.
• Airdrop – 35%.
• Listings – 15%.

According to the roadmap, from time to time there will be events aimed at reducing the number of coins in circulation and increasing the value of the token. It is also possible that new cryptocurrency giveaways may occur in the future.

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Solana blockchain news that will impact the SOL price in 2024

The Solana ecosystem seems to be having a moment of glory thanks to the success of new releases. One of the latest is the SMOG meme token. This token aims to surpass the success BONK has enjoyed to date by offering investors a generous airdrop – as much as 490 million SMOG tokens.

However, meme coins aren’t Solana’s only achievements. The growth of the DeFi ecosystem on the blockchain will also be a factor in the rise of its SOL coin price. The total blockchain value (TVL) of decentralized applications on the network has increased from $300 million to $1.9 billion.

Solana’s position as an affordable and functional Tier 1 network is fueling its push into Web3. With Ethereum facing high costs at its base level, Solana stands out as an attractive option for developers and investors alike.

An additional factor revitalizing SOL is its expansion into Latin America. The project aims to promote tokenization of real assets in these regions. For this purpose, the Solana Foundation plans to invest $10 million in 2024.

The influx of institutional capital has become another fundamental pillar for blockchain. Investor confidence has ensured the financial stability and reliability of the digital asset, which has had a positive impact on its price and consolidation in the market.

According to CoinShares data, SOL continues to be the preferred altcoin for investors. In the second week of December alone, it recorded one of the largest inflows totaling $10 million.

As for the future of SOL, VanEck, an asset management company, believes that the coin has the potential to climb to a four-digit value in the next 7 years. According to the organization, the cryptocurrency’s price will range from $9.81 to $3211.28 by 2030.

VanEck’s prediction is based on Solana’s potential to become the first network to release an app to attract more than 100 million users. Combined, these factors have led to a remarkable recovery for Solana, taking it out of its downtrend amid the challenges of the broader market.

Solana’s price forecast for 2024

Analyst Mike Fay published a report on cryptocurrency investing in which he expressed particular optimism about the SOL coin. At the moment, the asset is the fourth in capitalization.

The specialist emphasized that the price of the altcoin has grown by more than 400% over the past 6 months. This figure is higher than the 20 crypto assets with the largest market value. Even though SOL has recorded a slight pullback over the past three months from $126, the highest level in a year, to $110, the token remains in the favorites of bidders. In addition to SOL’s superiority over major digital currencies, Fay believes that the coin still has a chance to continue growing.

First and foremost, the investor notes that SOL is likely to be a favorable buy in the long run, even after the bull rally. One argument in favor of this is that Ethereum and Bitcoin have higher fees than competing Tier 1 networks such as Solana. The trader emphasized that this network has already seen more growth in stablecoins than others.

Author: Saifedean Ammous, an expert in cryptocurrency economics.