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Solana Coins Explode

Crypto markets took a dive, but Solana ecosystem tokens are ripping.
Jack Inabinet Jack Inabinet Mar 15, 20242 min read
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market analysis Solana Coins Explode

SOL Cycle. Crypto assets experienced an overnight sell-off, compounding losses from their Thursday morning plunge and pushing Bitcoin 11% off the all-time high it set just prior to the initial decline. Which L1 ecosystem finds itself positive on the day despite the drops?

While Bitcoin dominance has somewhat recovered this morning, it remains 0.9% below its Thursday high, indicating that crypto assets somewhere are catching a bid despite the move down in many tokens…

A brief examination of the CoinGecko top gainers board quickly reveals a culprit: Solana ecosystem tokens!

Source: CoinGecko

Unlike BTC (and broader alts), the SOL token rebounded off its Thursday lows to set a higher high of $186.65, carrying the momentum into Friday to make new highs on the SOL/BTC cross.

SOL strength has been reflected by many of the ecosystem’s bluechip tokens, with Raydium’s RAY ripping by 26%, Jupiter’s JUP jumping by 17%, Jito’s JTO jolting by 12%, and Pyth Network’s PYTH pumping by 6% on the day.

Echelon Prime hopped on the SOL train following the release of its long awaited Colony whitepaper, which revealed that the game’s AI avatars will be hosted on Solana. While this document is a major milestone in and of itself, the Project’s newfound alignment with Solana has no doubt been a contributing tailwind for PRIME price.

 Solana’s most prolific memecoins – a distinction shared jointly by BONK and WIF – are experiencing a downturn today, but that hasn’t stopped another meme from ascending to the heavens, potentially marking the start of its journey to become a contender for this title.

BOOK OF MEME (BOME), a memecoin whose presale concluded just two days ago on Wednesday, has exploded in price by an eye-watering 25,000% since the token began trading at midnight on Thursday after receiving attention from numerous high-profile Crypto Twitter accounts and an apparent endorsement from Beeple.

 

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Jack Inabinet

Written by Jack Inabinet

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Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial apartment development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business and remains based out of the Seattle area.

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