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Simon Chandler
Author
Simon Chandler
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Why Trust Cryptonews
The price of Solana has jumped by 2.5% in the past 24 hours, reaching $180 as election optimism sends Bitcoin over $71,000 today.
SOL is now up by 9.5% in a week and by 16% in a month, with the altcoin boasting a 460% increase in a year.
The past few days have also seen one big Solana investor make over $3.2 million by spending 20 SOL on 47.54 million AI16Z, the native token for new Solana-based decentralized trading fund that launched earlier this week.
This kind of profit highlight how Solana has become the platform of choice for traders looking to make bigger returns, with its status as the ecosystem for meme tokens will only grow as the market enters a bull run.
Solana Investor Nets $3.2 Million From $3,500 Bet in 48 Hours – Here’s What Happened
In a tweet this week, transaction tracker Lookonchain noted that one whale had purchased over 47 million AI16Z, spending around $3,500 in SOL on the new token.
At the time of the post, the buyer’s AI16Z was worth $3.2 million, but it seems that they have kept their tokens, which have since declined in value.
Of course, their stash is still worth around $1.4 million, making for a profit of approximately 39,900%.
This return provides further reinforcement of the idea that the Solana ecosystem is where more and more traders are flocking to make a buck, and where more and more tokens are launching to capitalize on such a demand.
Indeed, Solana’s total value in reflects the growth in this trend, with its network having a TVL of $6.37 billion, making it the second-biggest layer-one in crypto.
In fact, its TVL has increased by over 1,500% in the past year, while Ethereum’s has grown by a steadier 118%.
This would suggest that, if Solana can maintain such growth, it will sooner or later flip Ethereum.
Regardless of whether this will happen, it seems that traders are bullish for Solana because of such expectations, with the coin’s chart today showing plenty of momentum.
SOL’s relative strength index (purple) hit 70 earlier this morning and is still high, signalling strong and sustained buying pressure.
Most bullishly of all, its trading volume has ballooned to almost $5 billion, a clear sign that we may have a breakout on our hands.
Such bullishness is likely to continue until the election on November 5, at which point a Trump victory could send prices higher still.
In such a context, Solana will hit $250 by the end of November, and $300 by the end of the year.
New Meme Tokens Promise Strong Returns
Crypto All-Stars is the first token in the market to offer a ‘MemeVault’, in which users can stake any meme token whatsoever.
By making use of the ERC-1155 multi-token standard, Crypto All-Stars can even tokenize coins that don’t run on the Ethereum blockchain.
What’s particularly bullish for STARS is that, by holding the platform’s native token, users will earn additional rewards for staking other meme coins.
This suggests that STARS could attract significant demand, with the coin having a max supply of 42.069 billion.
20% of this will go to its presale and 20% to staking, while another 25% will be dedicated to the MemeVault ecosystem.
Investors can participate in the STARS sale by going to the official Crypto All-Stars website, where they can buy the coin using ETH, USDT or fiat currency.
The coin will experience several more price rises before its sale ends, so interested buyers should act before it’s too late.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
