Solana (SOL) has attracted about 50% of crypto investors this year, resulting in being named the leading blockchain of the year.
This research was conducted by the analytics platform CoinGecko.
The study, which ran from January 1 to March 18, 2024, assessed investor interest in blockchain ecosystems based on global web traffic without the use of bots.
Cryptonews reports that crypto investor interest in specific blockchains amplified the success of the Solana SOL token, pushing it to its highest performance at the 2021 highs. This was largely due to the strong performance of major blockchain tokens, such as Pyth, and meme coins, such as Dogwifhat (WIF).
The release of WIF coincided with the success of meme coins on the Solana blockchain, as evidenced by tokens such as BONK. The meme coin craze coincided with the growth of the crypto market as a whole and increased bullish investor sentiment. This led to a surge in the popularity of WIF.
According to CoinGecko research, Solana accounted for 49.3% of global traffic. Ethereum is in second place with a global traffic share of 12.73%, while BNB Chain is far behind with a traffic share of 5.38%.
The popularity of the Ethereum ecosystem is due to the fact that this blockchain is well-established as a functional ecosystem and well known to investors, but attention to the Ethereum ecosystem is increasingly dispersed to the Level-2 networks built on top of it.
Binance's ecosystem, the BNB Smart Chain, also continues to attract attention as the price of the BNB exchange token rises to record levels.
The Solana ecosystem is performing strongly in terms of assets in funds, staying in second place, second only to Ethereum. This confirms the significant demand from institutional investors and big whales.
Currently, the crypto market is very active and continues to expand. Experts believe that this trend will intensify, especially against the backdrop of the imminent halving of Bitcoin, attracting more and more investors as well as lower interest rates.
Solana (SOL), the fifth most capitalized cryptocurrency, has shown strong growth recently, attracting more NFTs and meme coins to the blockchain. At the time of writing, SOL is priced at $179.90, and the token is currently consolidating below its March 18 peak of $207.62.
Solana developers are looking to improve the ecosystem by introducing more new applications and projects. Throughout 2023, the Solana ecosystem has seen significant progress in various aspects: optimized tools, improved developer experience, increased content quality, and expansion of available programming languages.
The Solana ecosystem now has over 2,500 active developers contributing to open source repositories on a monthly basis.
According to the DefiLlama platform, the maximum spikes in Solana trading volume occurred between March 3 and March 6. Investors put significant amounts of SOL into participation contracts, with a total value of more than $42 billion.
Experts predict that Solana will reach a maximum level of $250 this year. Since the beginning of the year, the token has grown by 75%, and over the year, by 700%.
See also: JPMorgan analysts believe that Bitcoin will continue to consolidate