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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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Decentralized Physical Infrastructure Networks (DePIN) are gaining traction in the crypto world, with Filecoin (FIL) seeing a 40% increase in value. DePIN aims to use cryptocurrency incentives for building and operating critical infrastructure, boasting over 650 projects and significant venture capital investment. Despite its potential, DePIN faces challenges from established providers and questions about its revenue model. Critics argue DePIN's utility may be exaggerated, but interest in AI and GPU cloud computing, as seen with Render (RNDR), suggests speculative value could drive DePIN's growth.

Portfolio Pulse from Ivan Crnogatić

February 24, 2024 | 1:11 pm

Solana (CRYPTO: SOL) has seen a 3.3% decrease in price over the last 24 hours, continuing a negative trend of a 7.0% loss over the past week. Despite the price drop, trading volume for SOL has increased by 8.0%, while its circulating supply decreased by 0.14%, leading to a current market cap ranking of #5 at $44.71 billion.

Portfolio Pulse from Benzinga Insights

February 23, 2024 | 7:00 pm

An anonymous trader achieved a 210x return, turning $51 into $10,800 by investing in a memecoin named NVDA AI on the Solana blockchain, shortly after Nvidia reported higher-than-expected earnings. The rapid gain occurred within two hours, amidst speculation that the trader could be the developer. This event highlights the growing trend of AI-related and hype-driven memecoins in the cryptocurrency market.

Portfolio Pulse from Khyathi Dalal

February 22, 2024 | 10:21 pm

'Solana Killer' Sei (CRYPTO: SEI) has seen a significant rise of 55% in 2024, outperforming Solana (CRYPTO: SOL), which increased by 2%. Meme coins on both networks, like BONK and SEIYAN, have also seen substantial rallies. The Sei Network, a Layer 1 blockchain within the Cosmos ecosystem, achieved over $1 billion in trading volume shortly after its debut in August 2023.

Portfolio Pulse from Mehab Qureshi

February 22, 2024 | 10:35 am

The cryptocurrency market is experiencing a correction, with a 1.28% decrease in total market capitalization, following the release of the FOMC meeting minutes. Altcoins such as Cardano, Solana, and XRP are down approximately 4%, while Chainlink is down 2%. The correction is attributed to stronger-than-expected inflation data and fears of continued tight monetary policy. Fed Chairman Jerome Powell indicated a March rate cut was unlikely. Investors are now looking towards the Bitcoin halving event to potentially catalyze a price rally.

Portfolio Pulse from Khyathi Dalal

February 21, 2024 | 7:56 pm

Benzinga's poll reveals GME Coin as the most popular meme coin among its social media followers, with Shiba Inu in second place. The interest in meme coins is rising, influenced by the cryptocurrency market's optimism and events like the approval of Bitcoin ETFs. GME Coin, inspired by GameStop but not affiliated, gained traction due to the 'Dumb Money' Netflix release and its narrative aligning with crypto traders' sentiments. Solana led 2023 returns among major cryptocurrencies, followed by Bitcoin, Ethereum, and Dogecoin.

Portfolio Pulse from Chris Katje

February 21, 2024 | 4:15 pm

Solana (CRYPTO: SOL) has seen a 4.84% decrease in price over the last 24 hours, continuing a negative trend with a 0.0% loss over the past week. The trading volume has dropped by 39.0%, while the circulating supply increased by 0.19%, bringing it to 440.84 million. Solana's market cap ranking is currently #5 at $47.41 billion.

Portfolio Pulse from Benzinga Insights

February 20, 2024 | 3:00 pm

Major cryptocurrencies experienced marginal losses late Friday, despite the crypto market cap reaching its highest level since spring 2022. Bitcoin surged 9.4% over the past week, briefly hitting $52,000. Ethereum, Solana, and other altcoins also saw significant movements. Franklin Templeton filed for a spot Ether ETF, joining other applicants. The first half of February saw an average daily trading volume of $1.8 billion for notable ETFs, with Bitcoin ETF assets rapidly increasing. The global cryptocurrency market cap stands at $1.94 trillion, with Bitcoin dominance at 52.42%.

Portfolio Pulse from Khyathi Dalal

February 17, 2024 | 3:22 pm

Open AI's unveiling of its text-to-video model Sora led to the creation and explosive growth of a Sora memecoin on Ethereum, which saw a 261,000% increase in market cap within 15 hours. A separate Sora AI token on Solana also saw significant gains. This event highlights the trend of memecoins capitalizing on trending topics, with AI-related coins gaining attention amidst the broader discussion on the speculative nature of such investments.

Portfolio Pulse from Ivan Crnogatić

February 16, 2024 | 1:57 pm

Solana, in partnership with Helio, pre-sold 100,000 mobile phones, generating $45 million with zero fees using the Solana Pay plugin and USD Coin. This showcases the potential of blockchain payments in e-commerce by offering significant cost savings and eliminating intermediaries. Over half of the payments were processed through Solana Pay, indicating a growing consumer interest in blockchain-based transactions. Solana's stock rose 3.5% amid these developments and Bitcoin's market cap reaching $1 trillion.

Portfolio Pulse from Murtuza Merchant

February 14, 2024 | 9:43 pm

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