The Year Of Solana: 2024 Sees Global Crypto Love Surge Nearly 40%

Christian Encila

6 months ago

2 mins read

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Solana (SOL) has emerged as a winner in the digital asset landscape as it captured the title of being the most popular blockchain ecosystem in 2024, according to the latest ranking of CoinGecko.

The virtual coin outperformed some of the well-known cryptocurrencies in the market, an indicator of the crypto’s growing appeal to investors worldwide.

Solana Bags No. 1 Spot

Solana seized the top spot in the ranking of blockchain ecosystems in the crypto space. This is an important feat that shows the capability of the coin to dominate the digital currency market.

CoinGecko revealed that from January 1 to November 11, 2024, the global traffic share of Solana has outdone its fellow cryptos, saying that SOL holds nearly 39% of all investor interests worldwide.

SOL’s global shares are more than twice the share of Base, which occupies second place with 16.81%, showing its commanding lead among blockchain ecosystems.

CoinGecko attributed the SOL’s prominence to the Pump.fun platform, which Solana launched in January this year. The platform played a crucial role in sparking the interest in SOL.

SOL market cap currently at $116.4 billion. Chart: TradingView.com

The crypto market analyst added that Solana’s “speed and low gas fees” were also major contributors to its popularity among investors.

Meanwhile, the data aggregator website noted that although Solana led the top of the blockchain ecosystems ranking, the coin’s share of investor interest has decreased by 10.5%. In contrast, other ecosystems have gone up to get more global shares.

The Pump.fun Effect

Analysts said that one of the major drivers in the huge interest in SOL is the Pump.fun. Solana introduced the new platform in January, boosting the coin’s customer engagement and leading to more interest in it.

Solana boasted that Pump.fun is viewed as its “fastest trading terminal,” which can also be used for “non-custodial wallet creation through emails.”

Data showed that over 2.5 million tokens have been deployed with the use of the platform, noting that Pump.fun has become famous in the meme coin community for its low transaction costs.

ETF Listing By 2025

Matthew Sigel, head of digital asset research at VanEck, believed that Solana could get an ETF listing by 2025, showing confidence that SOL will get US approval next year.

Sigel said that the odds are in favor of Solana, saying that an ETF listing by 2025 is “overwhelmingly high.”

He suggested that US President-elect Donald Trump’s stance on cryptocurrencies could be a deciding factor in SOL’s campaign for an ETF listing since Trump projects a more friendly approach to cryptocurrencies.

As of writing, SOL is being traded at $244 per coin and has a total market capitalization of more than $114 billion.

Featured image from ByteTree, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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