Despite significant market liquidation, Solana and Jupiter have demonstrated impressive double-digit growth, securing their positions as Friday’s top gainers.
With the crypto market experiencing a nearly 5% downturn since yesterday, Bitcoin’s drop to $65,000 marks its lowest point in over a week. Ethereum and Dogecoin have also seen declines of almost 10% following their week-long rallies.
Nevertheless, despite this temporary setback, Jupiter and Solana have maintained their upward momentum, buoyed by heightened trading activity and optimistic market sentiment. Solana (SOL) surged by nearly 10% today, with Solana-based meme coins witnessing remarkable gains amidst the ongoing bull market. Notably, Dogwifhat (WIF) reached a new all-time high of $3.47 yesterday, reflecting a remarkable 534% monthly growth.
Additionally, the newly launched Solana meme coin, Book of Meme (BOME), garnered significant attention on social media platforms and has soared by 560% since yesterday. The surge in demand for the BOME/SOL trading pair has exerted further upward pressure on Solana’s price. BOME’s initial market capitalization started just below $10 million and skyrocketed to $510 million within a single day of trading.
Converting 10 SOL into BOME now amounts to approximately a quarter million freedom dollars, as tweeted by DeeZe (@DeeZe) on March 15, 2024.
In other news, the surge in Jupiter’s (JUP) value can be primarily attributed to its unprecedented trading volume in March and the rollout of its inaugural launchpad initiative, LFG, aimed at bolstering new market projects.
Led by Slorg, the CWG has made remarkable strides in facilitating introductions during the last round. We’re pleased to witness six teams benefiting from this endeavor!
While continuous enhancements are always sought after, the CWG is keen to gather feedback from the community. Share your thoughts here: [link to feedback form] [link to tweet]
Furthermore, Jupiter observed its highest trading volume just two weeks into March. December marked the platform’s peak trading month, totaling $16.6 billion. Surpassing this figure, as of March 14th, the exchange has already exceeded $20 billion in trading volume, reflecting positively on JUP’s market price.
Jupiter’s historic trading volume is closely intertwined with Solana, with SOL/USDC and SOL/WIF emerging as the most actively traded pairs on the exchange throughout March. Notably, SOL/BOME took the spotlight today as the most traded pair on the DEX in terms of daily trading volume.
The presence of Solana-based meme coins on Jupiter has had a favorable impact on both altcoins. These tokens have demonstrated resilience amid the recent liquidation phase within the bull market, contributing to the positive performance of both Jupiter and Solana.
For further insights, explore: PancakeSwap unveils v4 details, triggering a 5% drop in CAKE token price.