In a surprising turn of events, Solana (SOL) has garnered significant attention from crypto traders, surpassing Bitcoin (BTC) and Ethereum (ETH) in trading volume on major centralized exchanges. This milestone was first pointed out by Conor Grogan, a director at Coinbase, who noted that SOL had witnessed more trading activity than the combined trading volume of BTC and ETH, the two largest cryptocurrencies by market capitalization.
Riyad Carey, an analyst at the Paris-based crypto intelligence platform Kaiko, confirmed this observation, highlighting that the same trend was observed on other prominent U.S.-based crypto exchanges such as Kraken and Gemini. Additionally, SOL’s trading volume outperformed BTC and ETH on UPbit and MEXC for the past couple of days. Carey further supported his point by sharing a chart depicting an upward trend in SOL’s trading activities compared to BTC and ETH.
The data provided by Carey illustrated that SOL’s trading volume accounted for nearly 40% of trading activities on centralized crypto platforms, while BTC and ETH experienced a decline. These statistics are remarkable and unprecedented, indicating the immense interest and enthusiasm the market currently holds for SOL. This surge in trading volume is a testament to the growing popularity and recognition of Solana within the crypto community.
Over the past year, Solana has achieved remarkable growth, defying prior associations with Sam Bankman-Fried, the disgraced founder of the bankrupt FTX cryptocurrency exchange. Despite initial setbacks, Solana has flourished and attracted an expanding user base. This success can be attributed to strategic partnerships with globally recognized financial players such as Visa and Shopify. Through these alliances, Solana leverages blockchain technology to optimize payment processes, effectively showcasing the vast potential of its network to a wider global audience.
The surge in trading volume experienced by Solana on major centralized exchanges is a remarkable feat, surpassing the trading activity of both Bitcoin and Ethereum. The unprecedented metrics signify the sustained interest and excitement surrounding SOL within the crypto community. With its impressive growth and strategic partnerships, Solana has successfully positioned itself as a promising player in the blockchain industry, attracting both traders and major financial institutions. As the crypto market continues to evolve, Solana’s prominence is set to grow, solidifying its place as a formidable contender in the space.
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