Solana Surges: Price Breaks $160, Ecosystem Expands, And Magic Eden Launches $ME Token

Solana’s ecosystem has been buzzing with activity over the past 30 days. Its price briefly surged past $160 before sliding back to $147, reflecting high volatility amidst global crypto developments.

Despite the price fluctuations, Solana’s ecosystem continues to grow, with Total Value Locked (TVL) rising to an impressive $5.15 billion.

The Solana ecosystem has seen its TVL grow to $5.15 billion, driven largely by the stablecoin market, which accounts for nearly $4 billion. In addition, Solana recorded 1.74 million active addresses within a 24-hour period, a 50% increase from last week. Trading volumes remain strong, hitting $2.5 billion, although fees and revenue have been trending downward.

DeFi activity in the Solana ecosystem has been relatively flat, with only a few platforms showing notable growth. Kamino saw a modest 5% rise, while Jupiter grew by a substantial 78%. In contrast, Solana’s DePIN (Decentralized Physical Infrastructure Networks) sector has experienced more robust growth, with Render and Nosana rising 25% and 40%, respectively.