Solana has been experiencing a bullish trend lately, with SOL witnessing a 25% surge in the past seven days, reclaiming the $100 threshold after dropping below $80. This resurgence precedes the much-anticipated Jupiter token airdrop scheduled for Wednesday.
According to the latest data from CoinGecko, Solana has gained about 2% in the day, reaching a current price of approximately $103. Despite being a way off from its 2021 peak of nearly $260, Solana has rebounded from its 2022 lows when it plummeted to around $8, reflecting a remarkable 333% growth over the past year.
The surge in Solana’s price is accompanied by increased network activity, as more traders flock to the network, attracted by its lower fees and faster transaction speeds compared to Ethereum. In fact, trading volume on Solana decentralized exchanges (DEXes) has surpassed that of Ethereum in the rolling 24-hour window, as reported by DeFi Llama.
Additional data from Hello Moon indicates a significant rise in on-chain metrics, including the number of daily active users with a SOL wallet balance. Moreover, Solana recorded an all-time high of new wallets used for signing transactions last Friday, nearing 750,000 in total.
SOL’s upward trajectory and the surge in network utilization coincide with the impending launch of JUP on January 31. This highly anticipated token, which serves as the official token of the DEX aggregator Jupiter, will be accessible for free claiming to nearly a million wallets.
Over the weekend, Jupiter initiated the launchpad for its new tokens with the unveiling of WEN, a meme coin eligible for free claiming by over a million wallets. However, a significant portion of the airdrop allocation, representing 39% and 27% of the total token supply, went unclaimed by the Monday deadline, resulting in the burning of the unclaimed tokens.
Despite the initial hype, WEN’s value has plummeted by 52% since reaching its all-time peak on Monday morning, currently trading at $0.000086. This serves as a stark reminder of the volatility that accompanies meme coins and the importance of discerning investment decisions in the crypto space.
