Solana jumped double digits in the indices on Monday after plummeting 60% post the FTX collapse in November last year. SOL is up nearly 23% in the last 24 hours delivering a sigh of relief to investors. The crypto jumped from $13 to $16 and is attracting heavy bullish sentiments this week.
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Solana Daily Active Wallets Spike 3x Seen Before FTX Fallout
Solana is looking to claw back to its previous glory as investors’ sentiments are slowly and steadily turning positive. The daily active wallets on all leading Solana protocols is experiencing a dramatic increase since the FTX collapse. The network is registering an increase in daily active wallets 3x times the size seen before the FTX-induced crash.
Tom Dunleavy, a senior Research Analyst at market intelligence firm Messari, highlighted Solana’s daily active wallet development on Twitter. Dunleavy shared a Messari chart substantiating his claim saying, “SOL daily active wallets 3x pre FTX levels”.
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The chart assessed the daily active wallets increase through leading protocols such as Stepn, Mango Markets, Jupiter Aggregator, Lifinity, Raydrium, and Orca. The Solana network seems to be reversing the damage done post-November and the outcome is reflected in SOL’s price.
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In addition, the new meme-coin in town, BONK, which runs on the Solana network is attracting investors into the fold. The surge in daily active wallets can also be attributed to BONK’s launch as it commands an increased social activity.
BONK is up nearly 340% in the last 7 days and the developers burned 5 trillion tokens allocated to them. The 5 trillion token burns represent only 5% of the meme-coins overall circulating supply. You can read more details about BONK’s prospects and burns here.
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At press time, Solana was trading at $16.46 and is up 23.7% in the 24 hours day trade. SOL is down 93.7% from its all-time high of $259, which it reached in November 2021.