Why Is The Price Of Solana (SOL) Higher This Week?

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SPL tokens and a spike in NFT and DeFi activity seem to be the main drivers of SOL’s explosive ascent to a new 2023 high. Between December 7 and December 8, their native token, SOL tickers below $71, increased by 17%, hitting its highest amount since May 2022.

On December 1, Brian Armstrong, the CEO of Coinbase, disclosed a plan to incorporate their network, including its coins; however, no precise timeline was given. This announcement significantly altered the course of their future. The SOL SPL meme token Bonk (BONK), which is listed on KuCoin, Bybit, and their decentralized exchange, Orca, gained 236% between December 1 and December 8, attracted attention as a result of this story.

What Has Been Happening With The SOL Coins?

Jito (JTO), an SPL token, was listed on their network by the Coinbase exchange on December 6. This announcement was met with immediate success as JTO’s price quadrupled between December 7 and December 8. Jito’s market value is currently $422 million with 115 million units in circulation.

A giveaway of 80M tokens was held by Jito, the governance currency of the SOL-based liquid ownership system, for early adopters, validators, and protocol developers. Before the snapshot date, almost 9,900 addresses used Jito to stake, which produced an amazing allocation of 4,941 JTO coins for every participant. Users of the DeFi software Jito may take advantage of their staking and obtain a derivative Jito coin in return for more returns and freedom.

To put things in context, Uniswap UNI, a $4.83 billion decentralized exchange governance token, has a similar liquidity of $598,000 at Binance and is ticking down $6.25 using the same process. The demand for the tokens increased as soon as investors recognized other possible airdrops for the ecosystem may produce returns comparable to them.