• Solana has seen recent gains in its market valuation surpassing Shiba Inu and Tron.
• Two primary catalysts for the bullish action include Vitalik Buterin’s tweet and the release of Bonk on the ecosystem.
• The upcoming migration of the Helium Network to Solana’s blockchain could further increase investor sentiment, but the NFT space may take a hit as DeGods and y00ts migrate to Polygon and Ethereum.
Recently, the troubled Solana ecosystem has seen a surge in market valuation, surpassing both Shiba Inu and Tron. This bullish action has been driven by two main catalysts, namely a tweet from Vitalik Buterin, the founder of Ethereum, and the release of the new and only memecoin on the platform, Bonk.
Vitalik Buterin’s tweet showed the crypto industry that the platform has a bright future ahead now that “opportunistic money people” are gone. This caused the price of SOL to jump by 42% in just a single week. The second catalyst, Bonk, saw an increase in the number of transactions on-chain, further spurring investor sentiment up.
Moreover, the upcoming migration of the Helium Network to Solana’s blockchain could provide another boost to the cryptocurrency’s growth. However, the NFT space may take a hit as DeGods and y00ts migrate to Polygon and Ethereum.
Overall, Solana has had a turbulent year due to the bear market and its ties to Sam Bankman-Fried’s now-defunct crypto exchange FTX. But recently, the ecosystem has seen a surge of growth, which is expected to continue in the foreseeable future. Investors will be watching closely to see how the platform develops, and if the migration of the Helium Network to Solana’s blockchain will indeed provide the expected bump in price.