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SOLUSD

Solana / US Dollar

Industry

Digital Currency

Solana is a public, open-source blockchain that supports smart contracts, including non-fungible tokens (NFTs) and a variety of decentralized applications (dApps). Native to Solana's blockchain is the SOL token which provides network security through staking as well as a means of transferring value.

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Solana has launched a mainnet beta update, v1.17.31, to address network congestion issues caused by high demand for block space, particularly from meme coin transactions. The update, which underwent three days of testing, includes enhancements to alleviate congestion and is part of a series of improvements. The Solana Foundation noted a transaction failure rate as high as 75% due to these congestion issues. Following the update, SOL's price increased by 2.1%, and its total value locked surged by 6.4% to $3.8 billion.

Portfolio Pulse from Khyathi Dalal

April 15, 2024 | 4:22 pm

Solana (CRYPTO: SOL) has seen a 5.24% increase in its price over the last 24 hours, reaching $144.64, despite a 17.0% decrease over the past week from $180.81. The coin's all-time high is $259.96. Trading volume for Solana has surged by 132.0% in the past week, with its circulating supply also increasing by 1.74% to 446.60 million, making its market cap rank #5 at $64.97 billion.

Portfolio Pulse from Benzinga Insights

April 15, 2024 | 3:00 pm

Arthur Hayes, co-founder of BitMEX, expressed a bullish sentiment on Twitter following a significant market selloff, sparking a discussion on potential rebound investments. Suggestions included Render Network (RNDR), Boden (BODEN), Ethereum (ETH), and Solana (SOL), with varying opinions on their potential. The market context includes a recent plunge in Bitcoin's price and a $2 billion liquidation in futures positions, setting the stage for a recovery discussion ahead of the Benzinga Future of Digital Assets conference.

Portfolio Pulse from Murtuza Merchant

April 15, 2024 | 2:05 pm

Cryptocurrency exchange OKX has listed two Solana-based meme coins, Dogwifhat (WIF) and Cat in a Dog’s World (MEW), as they gain popularity. WIF, with a market cap of nearly $5 billion, ranks as the third-largest meme coin. MEW, a newer coin, has seen an 87% increase in value recently. Both coins are now tradable against Tether on OKX.

Portfolio Pulse from Murtuza Merchant

April 15, 2024 | 12:18 pm

The article discusses the liquidation of a crypto trader, Tarded Degen Gambler, who lost a significant amount of money by leveraging on Solana (SOL) before a market downturn exacerbated by geopolitical tensions. It highlights the importance of patience and the right mindset in trading, especially in volatile markets like crypto. Veteran traders suggest the coming months could be challenging, but also see potential buying opportunities for those with high conviction in certain tokens.

Portfolio Pulse from Ivan Crnogatić

April 14, 2024 | 1:56 pm

Paul Veradittakit of Pantera Capital highlights the potential of meme coins in driving Web3 adoption, citing their ability to attract attention and foster community engagement. He suggests leveraging meme coins for wider distribution and participation in the Web3 ecosystem, using examples like a Solana meme coin to illustrate their impact on network activity and DeFi integration.

Portfolio Pulse from Murtuza Merchant

April 12, 2024 | 12:24 pm

Marginfi, a Solana-based DeFi protocol, experienced over $214 million in withdrawals following the resignation of its CEO, Edgar Pavlovsky, due to internal disagreements. The departure led to significant fund outflows and a public dispute with Solana staking pool SolBlaze over governance token management. Competitor Solend capitalized on the situation by offering airdrops to dissatisfied Marginfi users. Despite these challenges, Marginfi is committed to mending its partnership with SolBlaze and moving forward.

Portfolio Pulse from Benzinga Neuro

April 12, 2024 | 6:52 am

An anonymous trader turned a $356K investment in the 'Jeo Boden' meme coin (BODEN) into $5.8M by leveraging early purchases and strategic sales. The trader's success story highlights the potential of 'culture coins', a new class of meme coins with political themes, exemplified by BODEN and the Trump-related MAGA Memecoin (TRUMP). These coins represent a shift from traditional animal mascot-based meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Floki (FLOKI), towards those embodying shared cultural or political values.

Portfolio Pulse from Ivan Crnogatić

April 10, 2024 | 2:41 pm

A Bernstein report highlights Solana's (SOL) emerging lead in blockchain payments over Ethereum (ETH), attributing it to Solana's streamlined architecture and efficiency in stablecoin settlements. Despite challenges in scalability and network congestion, Solana's advancements and the broader stablecoin market's growth, dominated by USDC and Tether (USDT), indicate a significant shift in digital payments. The report also notes the increasing adoption of stablecoins by major payment processors and fintech platforms.

Portfolio Pulse from Murtuza Merchant

April 09, 2024 | 3:38 pm

Monad Labs has successfully raised $225 million in a funding round led by Paradigm for the development of its Layer-1 blockchain, aiming to compete with Ethereum and Solana by offering faster transactions, higher volume, and lower costs. The funding, which is the largest crypto fundraiser of 2024, also saw participation from Electric Capital and Greenoaks. Monad's blockchain will be compatible with the Ethereum Virtual Machine, facilitating easy transfer of applications from Ethereum. The company plans to launch its mainnet by the end of 2024.

Portfolio Pulse from Khyathi Dalal

April 09, 2024 | 3:20 pm

All corporate logos and prices are for illustrative purposes only and are not a recommendation, an offer to sell, or a solicitation of an offer to buy any security.