Institutional Backing Boosts Solana’s Appeal
The social media buzz around Solana (SOL) has reportedly reached a fever pitch, buoyed by GameStop’s $1.3 billion Bitcoin (BTC) play and BlackRock’s recent expansion onto the blockchain. This surge in institutional interest has fueled overwhelmingly positive sentiment toward Solana, with Santiment reporting a near-record high 18:1 positive-to-negative sentiment ratio.
Meme Coin Frenzy Contributes to Solana’s Growth
Apart from institutional influence, Solana’s meme coin space seems to have been revitalized after a brief lull partly occasioned by the LIBRA debacle, in which investors lost more than $250 million after insiders cashed out early, causing the token’s value to plummet 85%. Pump.fun, which recently launched a native decentralized exchange (DEX) to compete with Raydium, recorded more than 34,000 meme coin launches on March 24, dwarfing the 20,190 created at the beginning of the month.
Solana’s Price Responds Positively to Changing Sentiment
The sparkling performance of the newly launched meme coin Ghiblification (GHIBLI) has further brightened the space. Inspired by a wave of Studio Ghibli-style images shared by ChatGPT users on social media, the token shot up by an eye-popping 35,000% at one point since going live. Meanwhile, SOL’s price has responded positively to the changing sentiment. The asset was trading at $138.60 at the time of this writing, which, despite a 4.4% pullback in the last 24 hours, reflects a 3.8% gain over the past week.
Solana Outperforms Both BTC and the Broader Crypto Market
As things stand, SOL is outperforming both BTC and the broader crypto market, with the number one cryptocurrency by market cap up just 2% in seven days.
Conclusion
In conclusion, Solana’s appeal has been boosted by institutional backing, with GameStop and BlackRock’s recent moves sending a strong signal to the market. The meme coin space is also experiencing a resurgence, with Pump.fun’s native DEX and the launch of Ghiblification (GHIBLI) contributing to Solana’s growth. As a result, SOL’s price has responded positively to the changing sentiment, outperforming both BTC and the broader crypto market.
FAQs
Q: What is the current price of Solana (SOL)?
A: The current price of Solana (SOL) is $138.60.
Q: How has Solana’s price performed over the past week?
A: Solana’s price has gained 3.8% over the past week, despite a 4.4% pullback in the last 24 hours.
Q: What is the current market capitalization of Bitcoin (BTC)?
A: The current market capitalization of Bitcoin (BTC) is not specified in this article.
Q: How has the broader crypto market performed over the past seven days?
A: The broader crypto market has gained 2% over the past seven days, according to the article.
Q: What is the purpose of BlackRock’s tokenized money market fund, BUIDL?
A: The purpose of BlackRock’s tokenized money market fund, BUIDL, is not specified in this article. However, it is mentioned that BUIDL has grown to $1.7 billion, commanding the tokenized U.S. treasuries market and outpacing rivals like Ondo and Franklin Templeton.
