Bitcoin, Solana, Memecoin Prices Lead Market Rally

Despite the long-standing crypto winter and the decline in value of several cryptocurrencies, CoinDesk Indices noted that some digital assets have bucked the trend and outperformed the market.

Tokens that Outperform the Market

Solana Price

According to CoinDesk, Solana has exhibited significant gains recently, in contrast to other prominent cryptocurrencies. SOL has surpassed the performance of Bitcoin and Ethereum, showing a remarkable 64% surge in the last month, while Bitcoin recorded a 25% increase, and Ethereum saw an 8.4% gain. Accordingly, this surge elevates SOL’s year-to-date increase to almost 300%.

However, the firm stressed that Solana’s market standing is still complicated due to a significant portion of SOL supply being locked within the FTX bankruptcy estate.

SOL is the native cryptocurrency of the Solana blockchain. It is used for various purposes within the Solana ecosystem, including transaction fees, staking, and participating in the network’s governance. 

Recently, Solana has seen a significant 30-day increase of almost 81%, with a more than 30% surge in the past week. This uptrend coincides with the testnet release of Firedancer, a long-anticipated scaling solution for the blockchain.

It is currently valued at $43.42, having gone up by 6.0% in the last 24 hours and surged 86.7% in the last 30 days, as per the data from CoinGecko. 

Recently, the Solana Foundation, in partnership with The BLOKC, a blockchain education provider, addressed the talent deficit in the Philippines’ blockchain industry by conducting a series of bootcamps.

Earlier this year, unique contract deployments on the Solana network were observed to be significantly increasing.

Meme Coins: Elon & Pepe Prices

The report highlighted that meme coins have finally broken their downward trajectory of the past few months, making a strong comeback, with ELON and PEPE being among the top-performing assets.

Dogelon Mars, or ELON, is a doge-themed meme coin that aims to replicate the success of Dogecoin (DOGE) while referencing Elon Musk’s vision to colonize Mars. Despite its name, the coin is not affiliated with Elon Musk or any of his companies. In fact, Musk has distanced himself from cryptocurrency and has stated that his companies will never create a crypto token. 

PEPE, a cryptocurrency inspired by internet memes, was humorously established in 2016 and takes its name from the well-known meme, Pepe the Frog. This decentralized digital currency is built upon the Bitcoin and Litecoin codebases, offering enhancements such as quicker transaction processing and reduced fees.

As of writing, ELON is currently valued at $0.000000184629 and has gone down by 2% in the last 24 hours on CoinGecko—it is currently ranked 280. PEPE, on the other hand, is ranked 91 and is trading at $0.00000117; it was up by 0.7%.

Meme coins are a type of cryptocurrency that are often popular due to their meme-like or humorous nature. They are typically created as a joke or parody of more established cryptocurrencies and often feature internet memes, popular cultural references, or celebrities in their branding.

Read the meme coin series:

• What are the Top Meme Coins in the Philippines in 2023?
• (Newsletter) Why Filipinos Love Memecoins
• ALMOST AS FAST AS BINANCE: Coins.ph Lists Pepe, Floki
• In Meme We Trust: Philippines Weekly Crypto Roundup: May 8, 2023
• Artist Who Used ChatGPT to Create Turbo Meme Coin Shares Experience

Bitcoin Price

The leading cryptocurrency, Bitcoin, had its most profitable day in 2023 on October 23, according to CoinDesk Indices. This was aligned with the positive sentiment surrounding the introduction of a spot Bitcoin Exchange-Traded Funds (ETFs).

A Bitcoin ETF is a financial product that enables investors to access Bitcoin through traditional stock exchanges, treating it like a stock. It operates similarly to other ETFs that track market indices and trade on exchanges, but instead of holding traditional assets, a Bitcoin ETF holds Bitcoin as its underlying asset. Spot ETFs directly track the price of Bitcoin, eliminating the risks associated with futures-based ETFs, which rely on derivatives.

According to CoinGecko, the price of 1 bitcoin is currently equivalent to $35,227.07, and it has gone up by 78.6% over the past year.

Read BitPinas’ Bitcoin Series:

• Bitcoin Month: Origins and Key Milestones in Bitcoin’s History
• Bitcoin Pizza Day: The Story Behind the First-Ever Real-World BTC Transaction
• How to Buy and Store Bitcoin: A Step-by-Step Guide
• Bitcoin and the Lightning Network: An Introduction to Scalability Solutions
• Bitcoin in the Philippines: Adoption, Regulation, and Use Cases
• Understanding Bitcoin: What is it, How it Works, and Why it Matters
• Bitcoin Halving Explained: How It Influences BTC’s Price
• The Ultimate Guide to Bitcoin Books: Recommended Reads for Filipinos
• Wrapped Bitcoin | WBTC Guide and Usecase
• How to Use Wallet of Satoshi in the Philippines: A Complete Guide to Receiving and Sending Bitcoin

What is Coindesk Indices?

CoinDesk Indices is a sister company of CoinDesk that provides analysis and data related to cryptocurrency markets. It offers insights into specific areas of strong growth within the cryptocurrency market compared to the broader CoinDesk Market Index (CMI), which measures the performance of the entire cryptocurrency market or a very comprehensive subset of it. 

This article is published on BitPinas: CoinDesk: Solana, Meme Coins, Bitcoin Outperform the Market

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