Solana Soars Amid Surge in NFT Activity

Between December 7 and 8, the value of Solana's native token, SOL, increased by 17%, hitting a high unwitnessed since May 2022.

On December 1, Brian Armstrong, the CEO of Coinbase, disclosed a plan to integrate the Solana network, including its tokens; however, no specific date was given.

This announcement significantly altered the course of SOL's future. The Solana SPL meme token Bonk (BONK), which is listed on Bybit, KuCoin, and Solana's decentralized exchange, Orca, gained 236% between December 1 and December 8 and attracted attention as a result of this news.

Jito (JTO), an SPL token, was listed on the Solana network by Coinbase exchange on December 6. This announcement was met with immediate success as JTO's price doubled between December 7 and December 8. Jito's market capitalization is currently valued at $422 million.

An airdrop of 80 million tokens was held by Jito, the governance token of the Solana-based liquid staking protocol, for early adopters, validators, and protocol contributors.

Before the snapshot date, about 9,900 addresses used Jito to stake SOL, which produced an amazing distribution of 4,941 JTO tokens for each participant.

Through the Lido platform, users of the decentralized finance (DeFi) application Jito can take advantage of SOL staking, which is a common practice in the Ethereum ecosystem, and receive a derivative JitoSOL token in exchange for more flexibility and yields.

With bids totaling $606,000, Binance leads the JTO market, according to Coingecko's order book depth.

It's interesting to note that Solana's announcement that only 2,500 units of its Saga smartphone had been sold—less than 10% of their minimum user base target—comes right after SOL's spike above $72.

Co-founder of Solana Anatoly Yakovenko hinted that the project is currently being reviewed because progressive web apps, which avoid the costs associated with Android and iOS stores, are becoming more and more popular.

Since "passkeys" do not have a trusted display, they essentially eliminate the need for a second phone that is used only to generate seed phrases, according to Yakovenko.

The 12.65 million total value locked (TVL) in DeFiLlama indicates that the activity and deposits in the Solana network have risen significantly despite the poor sales of smartphones and the overall stagnation in DeFi.

This has contributed to SOL's token gains. This figure is a 36% increase from Nov. 15, which marked the lowest point in over two years.

Sources:

https://cointelegraph.com/news/why-is-solana-price-up-this-week

https://twitter.com/martypartymusic/status/1730674436515528930

https://twitter.com/CoinbaseAssets/status/1732490637029605684

https://twitter.com/Dynamo_Patrick/status/1733110412156047795