Pantera Capital Aims to Acquire Solana Tokens, SOL Price Surges to US$150!

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Solana (SOL) experienced a surge of +24% between March 5th and March 7th, 2024, reaching US$150. As of the writing of this article (March 8th), SOL is trading at the level of US$145.

The US$150 price mark for Solana is the first time since January 2022. This increase is strongly believed to be driven by the information that the venture capital firm, Pantera Capital, intends to purchase SOL worth US$250 million from FTX, as reported by Bloomberg. This acquisition represents only a small portion of the US$5.9 billion held in SOL tokens by FTX.

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Positive Sentiment Support for Solana Memecoins

The rise of SOL also coincides with the momentum of memecoins on the network. For instance, on March 6th, 2024, a collection of Solana memecoins inspired by various twisted characters like Jeo Boden, Doland Tremp, and Vitalkek Botrin dominated in terms of trading volume.

This encouraged traders to speculate on newly launched tokens and prompted developers to provide liquidity. Essentially, the momentary excitement positively influences the demand for SOL tokens and the utilization of dApps.

Image: Volume of dApps across different chains. Source: DappRadar

The dApps volume on Solana surged by 311% in the previous 30 days, whereas the Ethereum network experienced a 7% decline. None of the other top 10 competitors managed to match this growth.

Other SPL tokens like Jupiter (JUP) and Raydium (RAY) surged by almost +30% between March 5th and March 7th, 2024. Jito (JTO) rose by +15.5%, and Helium Mobile (MOBILE) traded up by +14.5% during the same period.

Additionally, there is anticipation surrounding airdrops including Wormhole, Kamino, Parcl, and MarginFi, which create sustained demand for SOL tokens.

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*Disclaimer:

This content aims to enrich reader information. Always conduct independent research and use disposable income before investing. All buying, selling, and crypto asset investment activities are the reader's responsibility.