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Solana surpasses $200 as interest in SPL tokens continues to rise

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SOL, the native token of the Solana blockchain, has finally crossed the $200 threshold, thanks to a sudden spike in the number of SPL tokens.

Typically used for the creation and management of tokens on the Solana blockchain, the Solana Program Library (SPL) standard bears plenty of similarities to Ethereum’s ERC-20 standard. Following the integration of token extensions to the altcoin’s mainnet in January 2024, the SPL standard has attracted renewed interest from the crypto community.

BREAKING: Solana breaks $200 pic.twitter.com/IX2JHxiMaW
— wallstreetbets (@wallstreetbets) March 17, 2024

Over the past few days, there has been a meteoric rise in the number of SPL tokens, with over 9.6K new SPL coins minted on March 11 alone. That said, a significant fraction of these tokens were created for pre-sales of meme coins.

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Nevertheless, the meme coin frenzy has caused Solana’s market capitalization to hit $87.6B. The value of the SOL token has also gone up, with the token selling for $205.6 as of writing.

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Ayush Pande

Written by:

Ayush Pande

Writer

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

About the Author

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

About the Author

Radica Maneva

Reviewed by:

Radica Maneva

Senior Editor

Radica is a Senior Editor at Bitcompare. She has worked for more than a decade at leading publications as an Editor across various industries, including crypto and finance.

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