- After a 94% drop in 2022, cryptocurrency Solana is starting the new year strong.
- Cardano and Solana’s prices have significantly increased in the last week.
- BONK meme coin is said to be the cause of the rise in value.
After a 94% drop in 2022, cryptocurrency Solana is off to a great start in the new year. According to CoinGecko, the price of Solana has increased by more than 20% in the last seven days to $16, while the cost of Cardano has risen by more than 25% during the same period to $0.31.
Last week Cardino and Solano prices surged. They have rebounded from the lows reached in December. Bitcoin’s recovery may have aided these altcoins’ recovery. Whale proliferation could also play a vital role.
Additionally, the Solano meme coin, “BONK may have contributed to its value growth. In response to these factors, investors and traders have conducted significant transactions to capitalize on the current price increase,” said Edul Patel, Mudrex’s chief executive officer, and co-founder.
The fall of FTX had sent shockwaves through the industry, crimping cash flow in companies with exposure to one of the world’s leading crypto exchanges. While Solana has no actual link to FTX, Solana lost nearly all of its value last year, hitting lows in December 2022
Dropping deposits, layoffs, and a lawsuit all contributed to the turmoil of 2022, which was marked by falling prices and high-profile bankruptcies, adding to the industry’s problems. From a height of nearly $3 trillion, the total value of the cryptocurrency market has already fallen below the $1 trillion threshold.
