Solana's ($SOL ) price jumped 19.5% in a short time, reaching over $150. This exciting surge began with the announcement by Bloomberg of Pantera Capital's plans to purchase $250 million of SOL tokens from FTX holdings. Investors are now wondering if SOL can continue its rapid rise and surpass the psychological barrier of $200.
Meanwhile, as the activity in Solana's DEXs increases, the rise of memecoins does not go unnoticed. Regardless of Pantera's offer, the move only covers a small portion of FTX's $5.9 billion holding of SOL tokens. However, this is increasing interest in Solana SPL memecoins. For example, on March 6, celebrity-inspired and poorly drawn token collections attracted attention in the market. This trend encourages investors to invest in new tokens and pushes developers to provide liquidity for their projects. In short, this fad is increasing the demand for SOL tokens and the usage of the DEX ecosystem.
Additionally, other SPL tokens that have functional uses or associated applications are also gaining value. For example, Jupiter ($JUP ) and Raydium ($RAY ) increased by around 30%. In addition to the DEX sector, tokens such as Jito (JTO) and Helium Mobile (MOBILE) also gained value. There is anticipation around airdrops such as Wormhole, Kamino, Parcl and MarginFi, creating a constant demand for SOL tokens.
The future of SOL will be shaped depending on the activity of the Solana network. While some think SOL's momentum may wane after the airdrop and memecoin frenzy, as long as volumes continue to increase, these criticisms will have little impact. SOL's performance will no longer be tied to specific SPL token performances as new protocols and use cases emerge.
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