Solana Surges, Bitcoin Booms, Meme Coin Mania Sweeps Markets This Week


The crypto world doesn’t seem to be feeling the holiday cheer as Bitcoin has hit $44,000 per coin for the second time this month and is now trading for $43,815 according to CoinGecko. Over the past week, this is an increase of 3%. This surge may be due to the news that the long-awaited spot Bitcoin ETF might be closer to approval since BlackRock’s Head of Digital Assets met with the SEC’s Division of Trading and Markets on Tuesday.

Ethereum (ETH) had a great week too, with a 7% increase and now priced at $2,295. This has led to scaling solutions such as Optimism (OP) and Arbitrum (ARB) to also jump in price, with OP increasing by 47% and ARB by 19%. OP is now priced at $3.23 and ARB at $1.36.

Solana (SOL) has been particularly impressive as it has now flipped XRP to become the fifth biggest digital coin by market cap and surged over 30% in seven days. It is now close to hitting $100 per coin and is currently at $96.99. This month and last has seen renewed investor interest in SOL and its ecosystem, leading to tokens running on its blockchain going up.

Solana-based meme coins have been gaining popularity too. Dogwifhat (WIF), which launched just last month and is trying to compete with Shiba Inu (SHIB), saw a 242% surge this week and is now trading for $0.27. On the other hand, Bonk (BONK) which was the talk of the town last week has cooled down, dropping 25% and now priced at $0.00001849.

Illustration by Mitchell Preffer for Decrypt. Edited by Ryan Ozawa.

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