, the altcoin, which underpins one of the largest smart contract networks, increased by more than 10% in the last 24 hours. It reached $200 for the first time since October 2021.The increasing on-chain activity was likely boosting the coin’s value.As evident below, Solana’s weekly DEX volumes have been growing steadily over the past month, reaching an all-time high of $17.5 billion last week.Ethereum’s on-chain fees have declined in recent days, while Solana’s have increased.
Since the network burns a percentage of the fees earned in SOL, such high levels of network utilization indirectly aided the coin’s upward climb.One particular whale moved a whopping 200k SOL coins, worth $40 million at press time, to cryptocurrency exchange Binance over the past two days.Aniket is a full-time journalist at AMB Crypto. With experience in news publishing and content management, he is now increasingly tangled up in the web of cryptocurrencies and blockchains.
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