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Solana's daily revenue surge drives price to $174

Solana's daily revenue surge drives price to $174

Grafa2024/10/24 06:40
By: Isaac Francis
BTC+0.05%SOL-0.33%AIOLD0.00%

Solana (CRYPTO:SOL) has gained significant attention due to a rapid increase in its daily revenue, leading to a 5.62% rise in the price of SOL, which reached $174.  

This surge boosted Solana's market value to approximately $82 billion.  

The platform has recently become a favored choice for launching artificial intelligence (AI) meme coins.  

According to IntoTheBlock data, Solana's daily network fees surpassed $4.1 million, outperforming those of Ethereum (CRYPTO:ETH).  

K33 Research analyst David Zimmerman noted that interest in AI meme coins has surged in recent weeks, with many tokens exceeding a market value of $100 million.  

Solana’s strong performance has allowed it to outpace major cryptocurrencies like Bitcoin (CRYPTO:BTC) and Ethereum.  

In the past month, SOL recorded an 18% increase, and analysts suggest that if this momentum continues, it could rise to as high as $2,000.  

Furthermore, Coinglass data indicates that open positions in Solana increased by 13.7%, reaching $3.4 billion, while derivatives trading volume surged by 25%, totaling $9.54 billion.  

Open positions are a critical metric that signifies new investments entering the market, and positive on-chain signals indicate that SOL's price rally may persist.  

The rise of AI meme coins, particularly the Goatseus Maximus (CRYPTO:GOAT) token, has contributed significantly to the increase in daily fees on Solana.  

Launched by an anonymous developer on October 10, the GOAT token gained over 40% in value within two weeks, achieving a market value exceeding $700 million.  

The intersection of AI and meme coins is creating new dynamics within the cryptocurrency space, with Solana emerging as a leader in this trend.  

At press time, the Solana price was $173.67.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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