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.
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.
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.
