The cryptocurrency Solana has experienced a notable price hike, driven by a wave of purchases within the crypto market. On March 14, Solana’s value escalated to its highest point since January 2022, hitting $174, which represented a 6.70% jump and overshadowed the overall market’s marginal decline. This bullish trend sees Solana standing out, even as its price slightly adjusted to $166 during reporting.
Dogewhatif Campaign Boosts Solana
Solana’s recent surge is closely linked to the success of the related Dogewhatif memecoin project, which managed to raise $50,000 of its $700,000 target. This fundraising achievement sparked interest and visibility for the project, as demonstrated by the Dogewhatif token’s 25% value increase and a market cap reaching $3 billion. The positive ripple effects from this campaign, which began on March 10, have also fueled a more than 24% rise in Solana’s price.
The enthusiasm surrounding new memecoin projects on the Solana blockchain has also seen investment shifts. Franklin Templeton’s recent study highlighted a significant correlation between active addresses on the network and the price fluctuations of popular memecoin BONK. These developments suggest a potential uptick in demand for Solana as DApps and transaction activities intensify on the platform.
Contrasting Bitcoin and Solana’s Market Movements
Amidst Bitcoin‘s market recovery, Solana has demonstrated a distinct upward trajectory. The SOL/BTC trading pair alone has soared by 32.45% since hitting a monthly low, with a notable 6.60% increase on March 14. This suggests an investor pivot from Bitcoin to altcoins like Solana. Despite Bitcoin’s substantial 65% gain this year, it currently shows signs of being overbought, making altcoins with lower RSI values like Solana and XRP more appealing due to their balanced market sentiment.