Kioni 🎩 🎭
@kioni
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Since Donald Trump, known for his favorable stance on crypto, got elected as the 47th President of the U.S., the crypto market has seen a fresh wave of bullish momentum.
Bitcoin hit an all-time high of $93,400 on Nov. 13, continuing its upward journey in the price-discovery phase.
This rally has extended to the meme coin market, where the total market cap has more than doubled in under a month. On Oct. 18, it stood at $55 billion; now, it has surpassed $124 billion—an increase of over 100%.
Pepe have been at the forefront of this surge, recording key gains.
In the last 30 days, DOGE has skyrocketed by 166%, trading at $0.375. PEPE has gained over 100%, reaching $0.000021, while BONK has climbed by 116% to trade at $0.000048.
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There's a lot of money to be made in providing infrastructure for Solana on-chain markets.
That's according to David Duong and David Han, head of institutional research and institutional research analyst at crypto exchange Coinbase, who made the case in a Friday report that, if one looks at Solana's on-chain trading ecosystem as a financial sector in its own right, it's the third-most-profitable category in crypto — right behind stablecoins and layer 1s.
"Solana's trading-linked activity regularly accounts for 75-90% of [Solana] transaction fees, substantially higher than that of Ethereum and other networks like Base and Arbitrum," Duong told CoinDesk. "While layer 2 solutions have also shown growth and innovation, they face different scalability challenges and user fragmentation issues compared to Solana," Duong added. "Solana's approach, especially its fee dynamics and user activity patterns, remains distinct." 0 reply
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