$SOL Solana's DeFi activity could boost SOL price – here's why
SOL
$152.08
-4.97%
Activity on the Solana blockchain has been rising recently; However, despite this rise, the price of SOL saw a decline. Market indicators point to a weak correlation between SOL and BTC (Bitcoin), with forecasts pointing to a possible drop for SOL below the $160 mark.
In the last 24 hours, Solana has seen a significant increase in Unique Active Wallets (UAWs) reported by DappRadar. DApps such as Jupiter, Raydium, and Magic Eden led the increase. Jupiter Exchange advanced 307,100 UAWs, up 251%. Raydium followed with 285,200 UAWs, focusing on NFTs, while Magic Eden saw a 178% spike in UAWs, showing increased activity on the Solana platform.
Solana-based Memecoin activity and price volatility
The increase in activity on platforms such as Raydium and Jupiter appears to be linked to the growing trend of memcoin activity in the market. This trend is influenced by GameStop (GME) and the actions of legendary trader Keith Gill, also known as “Roaring Kitty.”
On June 7th, derivative tokens linked to Gill saw a huge rally, resulting in amazing market caps for these Solana-based tokens in a short period.
This surge in memecoin activity also indicates increased demand for SOL. However, despite this demand, Solana's price saw a 5% decline.44% #Solana#SOL
