TL;DR
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Solana On the rise: SOL rises 25% in one week, exceeding $100 after brief declines.
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Jupiter Fever: Solana leads operations against Ethereum, anticipating the launch of the Jupiter token.
- Jupiter Airdrop Imminent: Jupiter promises the biggest airdrop of 2024 on January 31, but meme coin WEN suffers with 39% unclaimed tokens.
In a standout week for Solana (SOL), the cryptocurrency has seen a 25% rise over the past seven days, recovering vigorously above $100 after briefly dipping below $80 last week.
This revival coincides with a significant increase in network activity just before the launch of the Jupiter (JUP) token scheduled for Wednesday.
According to data from CoinMarketCap, Solana has seen a 5% decline on the day, reaching a current price of around $99.55.
Although it is still far from its all-time high of almost $260 in 2021, Solana has made an impressive recovery from the lows recorded in late 2022, when its value plummeted to $8, thus accumulating a 333% increase in the last year.
This rally in Solana has been accompanied by an increase in network activity, driven by anticipation of the Jupiter airdrop
Data from DeFi Llama reveals that trading volume on Solana decentralized exchanges (DEXes) surpassed that of Ethereum in the 24-hour window ending Sunday.
This reflects increasing trader preference for the Solana network due to lower fees and faster transactions compared to Ethereum.
Hello Moon provides additional information, highlighting the increase in daily active users with a balance in SOL wallets.
Additionally, Solana hit a daily record for new wallets used to sign transactions last Friday, totaling almost 750,000 in total.
The excitement around Solana intensifies even more as we get closer to the launch of the Jupiter token.
This event, scheduled for January 31, promises to be one of the biggest airdrops of 2024, with nearly one million Solana wallets eligible to claim the token for free.
Recent testing of Jupiter’s new token launcher, with the debut of the WEN meme coin, revealed that over 39% of the airdrop allocation and 27% of the total token supply remained unclaimed.
Despite initial enthusiasm, traders took a bearish stance against WEN, leading to the burning of over 271 billion unclaimed tokens.
This resulted in a 52% decline in the value of the meme coin from its peak.
SOL has proven to be a prominent player in the cryptocurrency market, with strong price performance, a substantial increase in network activity, and the imminent arrival of the long-awaited Jupiter token.
The eyes of the crypto community are on this event that could mark an important milestone in the Solana ecosystem.
