Image Credit: Coinpedia
Jan 09, 2024
By: Bhumi Shrivastava
Image Credit: U.Today
Vigorous activity in Solana's ecosystem, fueled by Jito (JTO) and BONK meme coin, led to a rapid surge in market capitalization and increased interest.
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SOL token hits nearly $127 from $38 in November, surpassing Ethereum in trading volumes and network fees.
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Investor profit-taking and a slowdown in new launches lead to a decline in Solana's market presence, with capital flowing to other blockchains.
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Tokens like JTO, BONK, and others experience substantial drops after meteoric rises, with JTO down more than 70%.
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Despite OKX listing JTO and BONK on its perpetual futures market, tokens continue to struggle, prompting concerns among investors.
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Max Keiser anticipates the SOL price to drop to $70, echoing concerns raised by a pseudonymous technical analyst.
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