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Solana (SOL) Skyrockets 319% Amid Exciting Q1 DEX Volume Surge. Solana, the fifth-largest cryptocurrency by market capitalization, has emerged as a standout performer in the first quarter. On-chain analytics firm Messari released an insightful Q1 report detailing this growth. Per Messari's "State of Solana Q1 2024," Solana's average daily spot DEX volume skyrocketed by an astonishing 319% to $1.5 billion over the last quarter as DeFi volume grew. Meme coin trading accounted for the majority of the increase in DEX volumes. During the first quarter of the year, Solana saw an increase in activity across its ecosystem, leading to new project launches and increased developer interest. Following major SOL and stablecoin pairs, SLERF-SOL and WIF-SOL had the fourth and fifth-highest token pair trading volume in Q1. The SLERF and BOME trading pair was the seventh-highest in terms of volume. Other meme coins in the top 15 by trading volume were BONK and WEN. Telegram bots have emerged as a popular trading arena for retail consumers, with Solana Telegram bot's average daily active addresses jumping by 573% quarter-on- quarter to 45,000. Telegram bots accounted for around 5% of total quarterly volume, a more than twofold rise over the previous quarter. Exciting Q1 growth. Following a 21% increase in Q4, Solana's stablecoin market capitalization surged by 55% quarter-on-quarter to $2.8 billion, placing it fifth among all networks. USDC was the sole driver of the growth, with its Solana market capitalization increasing by 111% quarter-on-quarter to $2 billion. Solana now has the second- highest USDC total of any network, trailing only Ethereum. Solana DeFi TVL grew by 232% quarter- on-quarter to $4.9 billion, placing it fourth among networks. SOL remained a market leader after its breakout in Q4'23. It maintained its position as the fifth most valuable token on the market, trailing only BTC, ETH, USDT and BNB. SOL's market capitalization remains at all- time highs, having peaked at $77 billion in the previous cycle.

Solana (SOL) Skyrockets 319% Amid Exciting Q1 DEX Volume Surge.

Solana, the fifth-largest cryptocurrency by market capitalization, has emerged as a standout performer in the first quarter.

On-chain analytics firm Messari released an insightful Q1 report detailing this growth. Per Messari's "State of Solana Q1 2024," Solana's average daily spot DEX volume skyrocketed by an astonishing 319% to $1.5 billion over the last quarter as DeFi volume grew.

Meme coin trading accounted for the majority of the increase in DEX volumes. During the first quarter of the year, Solana saw an increase in activity across its ecosystem, leading to new project launches and increased developer interest.

Following major SOL and stablecoin pairs, SLERF-SOL and WIF-SOL had the fourth and fifth-highest token pair trading volume in Q1. The SLERF and BOME trading pair was the seventh-highest in terms of volume. Other meme coins in the top 15 by trading volume were BONK and WEN.

Telegram bots have emerged as a popular

trading arena for retail consumers, with

Solana Telegram bot's average daily active

addresses jumping by 573% quarter-on-

quarter to 45,000. Telegram bots

accounted for around 5% of total quarterly

volume, a more than twofold rise over the

previous quarter.

Exciting Q1 growth.

Following a 21% increase in Q4, Solana's stablecoin market capitalization surged by 55% quarter-on-quarter to $2.8 billion, placing it fifth among all networks.

USDC was the sole driver of the growth, with its Solana market capitalization increasing by 111% quarter-on-quarter to $2 billion. Solana now has the second- highest USDC total of any network, trailing only Ethereum.

Solana DeFi TVL grew by 232% quarter- on-quarter to $4.9 billion, placing it fourth among networks. SOL remained a market leader after its breakout in Q4'23. It maintained its position as the fifth most valuable token on the market, trailing only BTC, ETH, USDT and BNB.

SOL's market capitalization remains at all- time highs, having peaked at $77 billion in the previous cycle.

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XRP Ledger EVM Sidechain Receives Major Update From Ripple. Ripple has issued a new update on one of the developer community's top requests: bringing Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger. Ripple also revealed the official name of the highly awaited sidechain, which is "XRPL EVM Sidechain." The sidechain is expected to provide new opportunities for XRPL developers in decentralized finance (DeFi) and real-world asset (RWA) tokenization, hence encouraging innovation and expanding the network's value and reach. Connecting the XRPL EVM Sidechain to the XRPL mainnet would require the use of a bridge, in which wrapped XRP (eXRP) acts as both the native asset and the gas token. This bridge allows for the easy movement of assets between XRPL and the EVM Sidechain, ensuring interoperability and quick transaction processing. It would also allow developers to take advantage of the strengths of both networks. As the XRPL EVM Sidechain launch date approaches, the top priorities are to secure the mainnet bridge and to improve the user and developer experience so that bridging assets is a seamless procedure. The XRPL EVM sidechain is also expected to launch, with Axelar serving as the exclusive bridge to source the sidechain's native gas token (eXRP) from XRPL. Axelar can also be used to connect other fungible tokens to and from the XRPL mainnet, as well as more than 55 blockchains in the Axelar ecosystem. Way forward for XLS-38 amendment. Ripple noted that the current method of transferring new tokens via XLS-38 was "arduous." Using two distinct bridges XLS-38 for XRP and Axelar for other tokens to execute cross-chain smart contracts complicates the user experience. Consolidating into a single bridge is expected to simplify the procedure, hence the use of Axelar as an exclusive bridge. XLS-38 lays the groundwork for XRPL developers looking to create custom sidechains.
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This Ethereum (ETH) Move Was Unexpected. Ethereum was gaining traction on the market, but that severe and continuous consolidation that led to essentially nothing and just dragged ETH to around $3,800 was a crucial signal that was a hint at the future performance of the asset. The price action of ETH has taken many traders by surprise despite its earlier strong momentum. Ethereum went through a phase of consolidation after encountering resistance at roughly $3,800. This sideways movement, which frequently portends market indecision here, portended the most recent decline that we have seen. Ethereum experienced a significant decline in the last few days, reaching levels close to $3,500. The market had been feeling pretty bullish overall, so many people were taken aback by this abrupt decline. There could be a number of reasons behind this sudden action. First, problems with liquidity may be quite important. Low liquidity can result in more pronounced price swings, as we have seen with different trading pairs on platforms such as Binance. In the case of Ethereum the recent decline may have been caused by an abrupt decrease in buying pressure, which would have made it simpler for sellers to drive the price lower. Macroeconomic variables also always come into play, as does investor sentiment. Technical indicators indicate that ETH was heavily sold off in a short period of time. The Relative Strength Index (RSI) recently dipped into oversold territory. If buyers reenter the market, this can suggest the possibility of a rebound. Moving Averages (MAs) also exhibit a troubling pattern: shorter-term MAs cross below longer-term MAs, which is usually a sign of bearishness.
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