Solana Gains 5%, While Bitcoin and Ethereum Experience Minor Dips

Solana Gains 5%, While Bitcoin and Ethereum Experience Minor Declines

While most of the leading cryptocurrencies are trading flat or slightly down, Solana (SOL) stands out with an increase of almost 2.28% in the past day. Solana is currently trading at $155.03, gaining over 20.36% for the week, according to CoinMarketCap data. Despite a tumultuous month in which its value fell from $184 to around $120, Solana has risen steadily over the past week, outpacing the gains of Bitcoin and Ethereum.

In contrast, Bitcoin remained flat over the last 24 hours, trading at $63,618, while Ethereum fell slightly by 0.84% ​​to $3,075. Last week, Bitcoin saw a modest increase of 4.05%, while Ethereum gained 2.20%.

Among the top 100 coins by market cap, there are several significant gainers in the Solana ecosystem. JUP, the token of Jupiter, which serves as a decentralized exchange aggregator, rose 25% last week to a price of $1.14. Additionally, the leading Solana-based memecoin Dogwifhat (WIF) has surged over 35% in the last 7 days, reaching $3.28.

Solana’s recent resurgence coincides with an increase in new tokens being deployed on the network using the SPL standard. A record-breaking 14,648 new tokens were deployed on Solana on Saturday alone, Solscan reported. This trend has been continuing for the last two weeks, with at least 10,000 new tokens being introduced to the network every day.