"Other than the increase, SOL is still stable even though BTC falls."
Refusing to ignore the fall of Bitcoin (BTC), the price of the Solana cryptocurrency (SOL) continues to climb to $204 as its market capitalization reaches an all-time high, beating Binance Coin (BNB) which previously ranked in the top 4 largest digital assets in terms of market capitalization .
However, it should be noted that the SOL price is still far below the November 2021 all-time high of $259.96 as there are many digital assets in the crypto market now compared to 2021.
SOL began to grow rapidly in November 2023 for several reasons, among which developers thought it was fast and cheap, major brands such as Shopify and Visa also used its blockchain and memecoin traders flocked to the chain due to its low fees.
Not only that, interest in its network also surged during the crypto market boom, especially when new meme tokens like BONK and dogwifhat (WIF) became more popular among investors.
Also pleased to note that the number of new SPL tokens on the SOL network has risen to an all-time high, with an average of more than 7,800 SPLs created per day over the past week marking a significant increase in token creation activity.
SPL is the Solana Program Library that serves as a standard for creating and managing tokens on the SOL blockchain just like ERC-20 on Ethereum (ETH) and it plays an important role in allowing seamless integration with various SOL-based applications or platforms.
As of this writing, the price of SOL jumped by 6.02% to $197 in the last 24 hours with a market capitalization of over $87 billion and recorded a 43.48% climb over the last week.
