Solana (SOL) has been making waves, hitting over $110 this weekend for the first time since April 2022 and outperforming big shots like Bitcoin and Ethereum in trading. But what caught our attention was a tweet from Vitalik Buterin, the co-founder of Ethereum.
Solana’s Triumph Beyond BTC & ETH
Solana is stealing the spotlight, not just in its price surge but in trading volumes, outpacing both Bitcoin and Ethereum. In the last 24 hours, the spot trading volume for SOL/USDT on Binance soared to an impressive $1.037 billion, overshadowing the trade volumes of the crypto giants.
Simultaneously, SOL futures contracts on the platform skyrocketed to a staggering $4.7 billion, cementing Solana’s position as the most traded cryptocurrency on Binance.
Meanwhile, in just one day, it jumped up by 25% and hit $115. Now, the total value of all the Solana in the market is around $45 billion. That’s a big deal because Solana is now the 4th most valuable cryptocurrency, even beating BNB.
Vitalik Cryptic Tweet
While Vitalik Buterin’s cryptic tweet acknowledged Solana’s dedicated developer community, hinting at a potential recovery and brighter future post the departure of what he referred to as “awful opportunistic money people.”
Perhaps, the timing of Buterin’s tweet aligns intriguingly with Solana’s notable price surge, leading to speculations about Buterin’s insights into industry dynamics.
While the correlation between Buterin’s tweet and Solana’s rally sparks curiosity, it’s crucial to recognize that attributing the entire surge to a single tweet oversimplifies the intricate dynamics at play in the crypto market.
Solana Bounce Back from Setback
Beyond the speculative intrigue, Solana’s resurgence is a testament to renewed investor confidence. After a tumultuous 2022 that witnessed SOL’s price plummet by over 96%, from its peak of $260 to a low point in June 2022, the current rally signals a remarkable turnaround.
Challenges, including the FTX collapse and legal issues with former head Sam Bankman-Fried, had cast doubts on Solana’s viability. However, such notable recovery showcases the enduring strength and vitality of Solana, reaffirming its position as a formidable player in the crypto space.
As Solana keeps rising, Vitalik’s tweet adds a juicy twist to the story, making us wonder how influential figures like him can impact the crypto world.