Tag Archives: Solana

2024 Updates On Solana Network SOL Price Potential and The Markethive Community Wins

2024 Updates On Solana Network, SOL Price Potential, and The Markethive Community Wins

With Bitcoin's record-breaking surge, the crypto community is abuzz with anticipation for the next altcoin to make a significant leap. And all signs are pointing to SOL. Solana has shown remarkable resilience recently and is on the cusp of achieving significant milestones that could trigger a substantial price surge. This growth potential is an exciting prospect for cryptocurrency enthusiasts and investors.

SOL, a native cryptocurrency of the Solana blockchain, holds immense potential. It covers costs on the Solana network through burning and can be deposited as a stake to operate a blockchain node. SOL tokens are not just for trading and peer-to-peer transactions but also as rewards for staking SOL. Since its introduction to the market in March 2020, it has gained significant popularity, being recognized as one of the top ten cryptocurrencies on CoinMarketCap. With a market capitalization of $61.9 billion and 618,596 SOL tokens in circulation, SOL is poised for a promising future.

As valued members of the Markethive community, we've been at the forefront of Solana's journey, given that our own Hivecoin operates on the Solana blockchain. This previous article from 2022 provides an overview of Solana, highlighting its blockchain's suitability for supporting Markethive's decentralized ecosystem. In this update, I will discuss Solana's recent developments, explore SOL's potential growth, and identify the key factors that could drive its value higher, emphasizing Solana’s crucial role in the Markethive community in this exciting journey.

Solana Has Been Making Waves

Solana, a layer-1 protocol in the blockchain arena, stands out with its exceptional transaction velocity and affordability. It can handle an impressive 50,000 to 65,000 transactions per second, far surpassing Ethereum's current processing power of around 30 transactions per second. This cutting-edge platform deploys smart contracts and decentralized applications, leveraging a proof-of-stake consensus mechanism that ensures ease of access and timestamped transactions to optimize performance.

This article highlights Solana's eight core features, including its groundbreaking Sealevel technology. This innovative feature allows concurrent execution of multiple smart contract runtimes on a single chain, thereby significantly boosting the network's ability to handle multiple transactions simultaneously.

Since its establishment in 2017, Solana has experienced significant growth and development, forging connections with major technology corporations like Google, Visa, and Amazon. These alliances are crucial benchmarks for blockchain initiatives, as they validate the project's credibility, demonstrating real-world adoption, practical use cases, and technological progress.

Solana has forged alliances with a diverse range of notable entities, including Chainlink, a decentralized data provider on Ethereum, and two leading stablecoin issuers: Tether, which has integrated its USDT token into Solana's network, and Circle, whose USDC stablecoin is a critical player in the decentralized finance (DeFi) sector. 

Moreover, Solana has partnered with Asics, a renowned sportswear brand, and Membrane Finance, a Finnish fintech company that has introduced the first Euro-backed stablecoin on the Solana platform. Notably, Solana's collaboration with e-commerce giant Shopify has opened the door for customers to make purchases using USDC, further expanding the utility of the Solana ecosystem.

In May 2023, Solana unveiled the Saga, a cutting-edge Android smartphone boasting robust blockchain capabilities. This innovative device is now accessible to consumers in various countries, including the UK, EU member states, Canada, the US, New Zealand, Switzerland, and Australia.

Concurrently, Solana revealed its collaboration with ChatGPT, a cutting-edge technology born out of Solana Labs. According to Anatoly Yakovenko, the founder and CEO, "AI will make Solana more usable and understandable." The open-source ChatGPT plugin seamlessly merged with Solana's ecosystem, initially facilitating various operations, including NFT acquisitions, token transfers, finding NFT collections, reviewing transactions, and interpreting public account data.

The frenzy surrounding meme coins on Solana kicked off in December 2023 with the debut of the BONK token. The subsequent distribution of BONK to owners of Solana's Saga smartphone led to the device selling out, and it appears to have had a ripple effect, causing Solana's future phone releases to sell out as well. Amidst the chaos of meme coin excitement, Solana made two significant announcements that flew under the radar.

One notable development was Circle's decision to launch its euro-pegged stablecoin natively on the Solana blockchain. It's worth mentioning that Solana was previously designated as the preferred blockchain for Circle's USDC, although it's unclear if this is still the case. Combined with the recent approval from New York regulators for Paxos to issue its assets on Solana, institutional investors increasingly view Solana as a viable alternative to Ethereum.

Source: X

Could a Solana Spot ETF Be the Next Big Thing?

Following the debut of Bitcoin spot ETFs in January, there has been mounting anticipation about the potential for a similar investment product dedicated to Solana. This buzz seems to have originated from statements made by Franklin Templeton, a prominent asset management firm, which emphasized Solana's notable advantages on the social media platform X.

Despite expectations, Bloomberg's ETF analyst James Seyffart casts doubt on the imminent arrival of a Solana ETF, citing the US Securities and Exchange Commission's (SEC) ongoing scrutiny. The SEC's classification of SOL as a security in its recent lawsuits against major exchanges Binance and Coinbase may be a significant hurdle. 

Nevertheless, Solana may still have a chance to secure its own ETF in the future. This prospect appears to hinge on whether SOL is listed on the prestigious Chicago Mercantile Exchange (CME), following in the footsteps of Bitcoin and Ethereum. Industry insiders believe that SOL and other prominent cryptocurrencies like ADA and DOT will eventually be listed on the CME, particularly since the exchange began providing pricing data for these assets in 2022.

Beyond the excitement surrounding ETF speculation, Solana garnered attention in January by introducing Token Extensions, a new development designed to facilitate widespread adoption among institutional investors. Essentially, these extensions represent fresh token standards on the Solana platform, boasting integrated compliance and privacy safeguards to meet the specific needs of institutional users.

Obstacles Facing Solana

Despite the positive developments, Solana's progress was hindered by a significant setback in early February when the network suffered unexpected downtime. This marked the first such incident in nearly 12 months. However, it's important to note that Solana's team swiftly addressed the issue, demonstrating their commitment to maintaining the network's stability. A thorough investigation subsequently identified the outage's root cause as a known bug previously flagged by developers, reassuring us of Solana's ability to overcome challenges and continue its upward trajectory.

Institutional investors prioritize consistency and stability above all else, so Solana's downtime may have affected their trust in the project. Nevertheless, this setback did not prevent Abu Dhabi from collaborating with Solana to develop blockchain solutions. Moreover, it did not deter Sam Bankman-Fried, the embattled founder of FTX, from promoting SOL to his prison authorities.

In addition, Binance revealed in March 2024 that it had put a temporary hold on withdrawals due to overwhelming network activity on the Solana blockchain. Around the same time, Coinbase users may recall similar notifications. Clearly, the Solana network became overwhelmed due to the surging popularity of memecoins, which reached a fever pitch and generated hundreds of millions of dollars in presale revenue on the platform.

Several people drew parallels between these pre-sales and the excitement surrounding Ethereum's initial coin offering (ICO) during the bullish market 2017. Yet, the underlying technical causes of the problems caused by this congestion may be obscure. A deeper understanding reveals that the congestion problems primarily stemmed from the Maximum Extractable Value (MEV) mechanism provided by Solana clients, particularly Jito, which ceased its mempool functionality in March 2024.

To clarify for those who may not know, MEV gives validators the ability to reorder transactions in a way that boosts their earnings. As a result, some transactions may not be processed successfully, leading to exchange problems.

Furthermore, transactions are temporarily stored in mempools before being included in the blockchain. While Solana's fundamental structure does not include a mempool, Jito's block engine, which aims to maximize extractable value (MEV), does have one. As a result, numerous expensive front-running attacks have been carried out on cryptocurrency traders, including sandwich attacks.

In the end, the Jito Labs team sees negative MEV, including sandwich attacks, as a hindrance to the Solana ecosystem, which is why they have decided to suspend it. Nonetheless, they are committed to providing an additional revenue stream for validators and stakers while striving to make Solana the top choice for all users in terms of performance.

On a positive note, Jito's bundle and block processing systems remain functional, and the rewards for maximizing extractor value (MEV) have not experienced a significant decline. Moreover, the attractive economic benefits will likely motivate teams to develop similar mempool solutions inspired by Jito's model.

It's worth noting that Franklin Templeton remains optimistic about Solana's prospects, as evidenced by a recent research report shared with its clients, which argues that memecoins can successfully drive user growth. This suggests that the recent surge in memecoin popularity may be intentionally orchestrated to achieve this goal. The results support this theory, with Solana reportedly surpassing Ethereum in terms of decentralized exchange trading volume.

Source: X

SOL’s Price Movement 

Solana's price movement has been influenced by its recent updates, announcements, and progress, leading to significant SOL value growth. Analysis of on-chain data indicates that this surge in price may be attributed to the popularity of memecoins, with an increase in user activity and transactions on the Solana network. This trend is further supported by the growing adoption of the Phantom wallet browser extension, which has now surpassed 3 million downloads.

Let's take a step back to appreciate the rapid progress: just six months ago, Phantom had 2 million downloads—this stark contrast highlights Solana's astounding growth rate, which is accelerating at an incredible pace. A closer look at on-chain data reveals a remarkable surge in Solana accounts, with growth rates reminiscent of the crypto market's peak in 2021.

According to DappRadar's statistics, the Raydium DEX on Solana has attracted nearly 1.3 million unique wallets, while the Magic Eden NFT Marketplace has gained 300,000 new wallets. This indicates a resurgence in Solana's NFT environment. Current data shows that Solana NFT transactions have reached a significant milestone of $5 billion in trading volume.

Source: DappRadar

The importance of this lies in the fact that SOL is a necessary prerequisite for purchasing memecoins and NFTs on the Solana platform. As a result, any individual seeking to invest in or speculate on these digital assets must initially acquire SOL, thereby generating a surge in demand. This increased demand has been the primary force driving up the value of SOL over the past few months.

However, that only addresses the demand side of the situation. When considering the supply side of the equation, historical information indicates that the SOL supply has risen by around 20 million in the past six months. Therefore, using an estimated price of $150 per SOL could lead to potential selling pressure amounting to as high as $3 billion.

Despite significant selling pressure, SOL's price came remarkably close to reaching a record high, implying that the demand was exceptionally strong, possibly exceeding $3 billion. Alternatively, the selling pressure may have been overstated. Nevertheless, observing the substantial funds invested in memecoins is quite revealing.

As mentioned in this article, the rise in popularity of memecoins is thought to be caused by the absence of new retail investors entering the market. This situation may have encouraged large-scale investors, known as "whales,"  to target the existing retail investors familiar with decentralized exchanges (DEXs), leading to the hype surrounding memecoins. Despite the underlying reasons, Solana (SOL) displays a strongly optimistic outlook across various time frames.

Source: Messari

Solana’s Actual Road Map For 2024

Solana developed a de facto roadmap for 2024, established by the Solana Foundation in January. This plan includes four key milestones. The first milestone was the introduction of Token Extensions, completed in January. The second milestone involves the rollout of new validator clients, such as Fire Dancer, which is already operational on the testnet. Without delving into complex technical details, validator clients effectively enable validators to engage with the blockchain, enhancing network performance. 

The introduction of the Fire Dancer client is expected to substantially boost Solana's speed, although the exact improvement remains uncertain. Anatoly Yakovenko, the founder of Solana, mentioned in a December 2023 discussion that the Fire Dancer client is anticipated to be launched by the upcoming Breakpoint Conference in September 2024.

Interesting tidbit: With the successful integration of Fire Dancer, Solana will finally shed its beta label. This milestone, combined with the anticipated boost in performance, is expected to have a profoundly positive impact on SOL's value. Many experts believe this could be the spark that propels SOL to surpass the $300 mark in the upcoming weeks.

The next significant benchmark on Solana's defacto roadmap is unspecified institutional support. This milestone marks a crucial step forward, indicating that businesses now have unrestricted access to a comprehensive suite of tools necessary for building on the Solana platform. Furthermore, given Solana's ambition to emulate a decentralized version of the NASDAQ exchange, the integration of tokenized, real-world assets is likely on the horizon.

The following key objective is establishing a “mature building ecosystem,” where Solana’s developers are encouraged to leverage the full range of tools to create innovative products and services on the platform. The authors identify six critical focus areas: developing gaming finance applications, (GameFi) decentralized autonomous organizations, (DAOs)  permission products, infrastructure solutions, payment systems, and interoperability features.

The Solana Foundation recently announced a new milestone in a blog post involving an upcoming upgrade to address Solana's congestion problems. This upgrade began in mid-April and may include potential MEV functionality.

The Governance Forum of Solana has indicated that it plans to develop a new governance framework. An article published in August 2023 mentions that the introduction of this governance structure is expected in the first quarter of 2024. However, it remains to be seen whether it has been finalized at this point.

Closing Thoughts on Solana

Anatoly Yakovenko, the mastermind behind Solana, noted in an interview the importance of considering the potential shift in efficiency between decentralized and centralized exchanges. As decentralized exchanges become more effective, centralized cryptocurrency exchanges will likely transition to utilizing the decentralized blockchain for enhanced efficiency. Solana is determined to be at the forefront of this shift and has a strong possibility of emerging as the go-to blockchain solution.

Solana boasts 29.7 million active accounts and 340 million minted NFTs. With fast block times at 400ms and a low median TX fee of $0.00064, the network is known for its energy efficiency and zero net carbon impact. Despite notable obstacles, the Solana ecosystem has shown impressive resilience and sustained expansion. It has emerged as a leading candidate for managing millions of users on decentralized trading platforms.

Solana is an impressive venture supported by influential figures who believe in the network. The team is both reliable and innovative. Despite being in beta, Solana has demonstrated its capabilities beyond just a polished interface, processing billions of transactions. Additionally, the company started modestly without relying on massive amounts of venture capital, focusing on achieving tangible outcomes. These aspects collectively indicate a focus on delivering results.

Markethive Thrives On The Solana Blockchain

Solana is a perfect fit for the Markethive ecosystem, empowering the Markethive to further its mission of creating a fully decentralized platform for social media, marketing, and broadcasting where users can freely express themselves without fear of censorship. This all-encompassing ecosystem provides a comprehensive suite of tools for social media, marketing, broadcasting, publishing, eCommerce, and business facilitation. Ultimately, this collaboration aims to create an environment where individuals from diverse backgrounds can flourish in a cottage industry economy.

A key long-term goal is to launch the Markethive blockchain and decentralized exchange (DEX). This comprehensive project, designed to operate independently at every level, will resist the oppressive forces affecting societies worldwide. Multiple components of Markethive's ecosystem are being developed in tandem, preparing the way for the millions seeking a safe haven and reclaiming their independence. We have established our sovereign merchant account and successfully activated the Markethive wallet.

To conduct transactions through your Markethive wallet, you will need Solana's native coin (SOL) for the transaction fees, as Markethive’s Hivecoin (HVC) is a Solana token. Sending HVC involves paying gas fees. If Hivecoin were based on the Ethereum network, sending 10 HVC would cost $4.16. However, because Hivecoin is built on the Solana Network, the cost of sending 10 HVC is just $0.00003, which is a minuscule amount by comparison.

SOL can be purchased from a wallet like Solflare, Trust, or Exodus and then sent to your Markethive Solana sub-wallet. Watch this video for a step-by-step guide on setting up and utilizing the Exodus wallet to purchase SOL. To begin building your SOL reserves, leverage Solana's numerous faucets, which offer free SOL in exchange for participation. As detailed in this article, you can also take advantage of airdrops through Trojan On Solana

Markethive originated from modest roots without the backing of influential investors. Instead, it was created by the people and for the people, forming a collaborative environment that empowers entrepreneurs. The true beneficiaries of this system are its grassroots community, who will collectively reap the rewards and share in the prosperity and abundance that permeates every level of humanity. 

Keep updated on the advancements of Markethive as we implement our innovative new system—a secure Divine fortress impervious to malevolent forces. Join us for the weekly meetings held every Sunday at 8 a.m. Mountain Time. You can access the meeting via the invitation link in the Markethive calendar.

This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


Editor and Chief Markethive: Deb Williams. (Australia) I thrive on progress and champion freedom of speech.  I embrace "Change" with a passion, and my purpose in life is to enlighten people to accept and move forward with enthusiasm. Find me at my Markethive Profile Page | My Twitter Account | and my LinkedIn Profile.





Tim Moseley

Franklin Templeton Eyes Altcoin-Focused Crypto Fund

$1.5 Trillion Asset Manager Franklin Templeton Explores New Crypto Fund For Solana, XRP, Shiba Inu

By Brenda Ngari – June 6, 2024

$1.64 trillion Wall Street asset manager Franklin Templeton is mulling the launch of a new private fund that would invest in tokens other than Bitcoin (BTC) and Ethereum (ETH).

Franklin Templeton Eyes Altcoin-Focused Crypto Fund

According to a June 6 report from The Information citing anonymous individuals with knowledge of the plans, the private fund will target institutional investors and will be dedicated to altcoins like Solana, XRP, Shiba Inu, Cardano, and the like.

Franklin Templeton is no stranger to the crypto ecosystem. The Wall Street titan forayed into the digital assets world in 2018. It introduced a spot Bitcoin exchange-traded fund (ETF) in mid-January and has also applied to offer a similar offering for the industry’s second-largest cryptocurrency, Ethereum. In fact, Franklin Templeton was recently the first issuer to announce its sponsor fees for its spot ETH ETF in its updated S-1 statement.

“We are excited about ETH and its ecosystem. Despite the midlife crisis it’s recently experienced, we see a bright future with many strong tailwinds to push the Ethereum ecosystem forward,” the company previously stated in an X post.

By venturing beyond the top two major crypto assets, the asset management firm is signaling comfort with the class of tokens that the SEC has long deemed unregistered securities.

While the report does not indicate which altcoins in particular would be included in the new crypto fund’s basket, Franklin Templeton has publicly hailed the growth of the Solana network in 2024, commending Anatoly Yakovenko’s vision of “a single atomic state machine as a powerful use case of decentralized blockchains.”

Staking Rewards And Global Expansion

Franklin’s Thursday announcement comes after the U.S. Securities and Exchange Commission’s shocking approval of key regulatory filings related to the spot Ether ETF applications in late May — despite the top financial cop having reportedly classed Ethereum internally as an unregistered security for more than a year.

Notably, staking rewards were not included in the proposed Ether funds when the SEC gave its regulatory blessing to the first stage of applications last month. However, Franklin Templeton is considering offering investors staking rewards with the new altcoin fund.

Although Franklin Templeton’s spot BTC ETF has not been as successful as the financial instruments offered by peers BlackRock and Fidelity, the report noted that the company is keen to grow its crypto assets business outside the US.

DISCLAIMER The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on Zycrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Solana XRP ETFs Next?

Solana, XRP ETFs Next? Standard Chartered Sees Possibility After Ethereum Approval

By Brenda Ngari – May 24, 2024

Now that the Securities and Exchange Commission (SEC) has finally given the go-ahead to spot Ethereum exchange-traded funds (ETFs), the regulator might also greenlight other crypto ETFs.

According to British multi-national bank Standard Chartered, Ripple’s XRP and Solana (SOL) could emerge as the next crypto ETF frontiers after ether.

SOL, XRP ETFs “Likely A 2025 Story”

Standard Chartered thinks Solana or XRP could be the next contenders after the U.S. Securities and Exchange Commission approved key forms 19b-4 filed by prospective issuers. However, the British banking giant said they don’t believe these SOL and XRP products will happen in 2024.

“For other coins (eg. SOL, XRP), markets will look ahead to their eventual ETF status as well, albeit this is likely a 2025 story, not a 2024 one,” Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered noted. “For now, bitcoin and ether dominance will rise, with selective “next in line” winners as well.”

The SEC yesterday gave the regulatory blessing to eight spot Ethereum ETFs. The move follows the approval of similar spot Bitcoin exchange-traded funds back in January. The shocking and historic move means that Ethereum is not categorized as a security by the SEC, thus indicating that other ether-like tokens, which were previously under the regulator’s scrutiny, may not be deemed securities, as per Kendrick.

“In several cases the core technology is so similar to ETH it would be difficult for the SEC to claim they were securities given the ETH position,” Kendrick posited. “The crypto industry now seems to have political backing on both sides of the aisle.”

The SEC chairman Gary Gensler has long maintained that all coins and tokens on the crypto market, besides Bitcoin, are securities, and are thus breaking the law by offering them to US investors. SOL and XRP have previously been named as unregistered securities in different SEC lawsuits.

Gensler had also hinted that Ether’s monumental shift to a proof-of-stake consensus model could transform the second-largest crypto into a security. In fact, one high-profile lawsuit against the SEC even alleged that the SEC was seriously considering designating Ethereum as a security, and not a commodity.

Standard Chartered described the Thursday approval as a “true watershed moment”, adding that the next question is not whether but when the crypto industry will witness more regulatory changes.

Lofty Price Targets

Standard Chartered reiterated its previous prediction of Ether hitting $8,000 per coin by the end of the year. Analyst Kendrick anticipates the trading of the spot ETH ETFs to start trading next month and sees such funds attracting $15-$45 billion within the first 12 months.

Notably, the ether ETFs will only start trading after the approval of S-1 registration statements — which have so far only been submitted by a few would-be issuers.

Standard Chartered previously said it sees a $150,000 Bitcoin price tag by year-end. The bank said today that this price was still possible with the continuing massive inflows for spot Bitcoin exchange-traded funds. “A portfolio containing both BTC and ETH ETFs is likely attractive and the industry has been further validated by the SEC’s decision on ETH,” the bank’s researcher summarized.

DISCLAIMER The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on Zycrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Pundit Predicts A Spot Solana ETF Approval After Ethereum

Pundit Predicts A Spot Solana ETF Approval After Ethereum

By Newton Gitonga – May 23, 2024

As the cryptocurrency community eagerly anticipates the potential approval of Spot Ethereum exchange-traded funds(ETFs), Matrixport co-founder Daniel Yang has ignited speculation about Solana (SOL) being the next in line for such investment products.

Yang’s remarks come amid heightened interest in cryptocurrency ETFs following recent regulatory developments.

On Tuesday, May 21, Yang highlighted the significant impact of reports suggesting that the Securities and Exchange Commission (SEC) has requested issuers to update Form 19b-4 in their product applications. Notably, following these reports, he pointed out the surge in the Ethereum to Bitcoin (ETH/BTC) pair, indicating market optimism surrounding ETF approvals and expressing hope of seeing a SOL ETF soon after Ether’s.

“What’s the trade, if ETH ETF really get approved in two days?…. A better trade I will argue for is: “BUY SOL/ETH.” This may sound absurd and definitely unpopular. Reasons are: 1) SOL will be the No.1 next in line if ETH ETF get approved.” Wrote Yang.

Elsewhere, analysts, including one identified as ‘Gumshoe,’ also view the approval of Ethereum-based instruments as potentially more advantageous for Solana than for Ethereum itself. Earlier this week, the pundit argued that a rejection could make Ethereum less appealing while enhancing Solana’s attractiveness as an investment option.

Nevertheless, the cryptocurrency community is concerned about the broader implications of ETF approval processes. Should any ETF applications be rejected, it could deliver a significant blow to the sector, prompting what one observer likened to a “nuclear strike” on market sentiment.

Industry experts have outlined bullish scenarios for Solana’s price trajectory. Ryan McMillin, investment director at Merkle Tree Capital, predicts a rise in Solana’s value to $400 by November 2024, citing a potential catalyst in meme coins related to the upcoming US election campaign.

Echoing this sentiment, Daniel Chung, co-founder of Syncracy Capital, anticipates Solana will revisit $200 by the end of May. These projections reflect a positive outlook on Solana’s fundamentals and positioning within the broader cryptocurrency landscape.

Moreover, Solana’s technological prowess has not gone unnoticed, with CoinGecko analysts recognizing its network as the fastest among major blockchains. Notably, on April 6, the Solana network achieved a record-high average daily transaction throughput of 1,504, further solidifying its status as a leading blockchain platform. Analysts from The Digital Asset Fund Manager Survey also highlighted how institutional demand for the crypto asset had soared in the same month, underscoring their bullish outlook.

That said, as anticipation builds around the potential approval of Ethereum ETFs, all eyes are now turning to Solana, poised to capitalize on the momentum generated by its predecessor. Whether Solana will follow in Ethereum’s footsteps remains to be seen, but market sentiment suggests that the cryptocurrency’s future is brimming with potential.

At press time, Solana was trading at $171, reflecting a 4.28% drop over the past 24 hours. However, the coin surged nearly 9% over the past week, with a market capitalization of $77 billion, according to CoinMarketCap data.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Newton Gitonga and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Get secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Solana Ranked The World’s Fastest Blockchain

Solana Ranked The World’s Fastest Blockchain, Outshining Ethereum, Polygon

By Brenda Ngari – May 19, 2024

‘Ethereum killer’ Solana has taken the blockchain ecosystem by storm after becoming the fastest blockchain in the world with record transaction speed. Research from CoinGecko shows that the network processed an astounding 95 million transactions in a single day. This achievement is not just a technological feat but also marks a huge milestone in the blockchain and crypto industry.

Solana Takes The Speed Crown

Solana has emerged as the cheetah of the cryptosphere thanks to its lightning-fast speed.

According to a recent research report by crypto data aggregator CoinGecko, Solana leads with the highest daily average transactions per second (TPS), clocking in at 1,053 TPS. This remarkable achievement in speed solidifies Solana’s status as a so-called “Ethereum killer,” which has long been questioned due to the constant network outages.

Sui comes in second at 854 TPS, followed by Binance Smart Chain (BSC) at 378 TPS, Polygon at 190 TPS, TON at 175 TPS, Tron at 159 TPS, Near at 117 TPS, and Avalanche at 89 TPS.

Meanwhile, established networks like Bitcoin (BTC) and Ethereum (ETH) have long struggled with transaction speed limitations. Ethereum recorded an average peak TPS of 22.8, while the world’s largest blockchain, Bitcoin, processed just 10.7 transactions per second.

CoinGecko analyzed the processing speed of the top 30 blockchains based on their total value locked (TVL) ranking on DefiLlama as of May 15, 2024, to ascertain the fastest blockchains. Processing speed was calculated using the actual or realized TPS metric, measured as a daily average, to ensure a uniform comparison across multiple blockchains.

Solana’s peak performance was awe-inspiring, attaining 1,504 TPS on April 6, 2023, owing to an upsurge in meme coin transactions. This performance makes Solana approximately 46 times faster than Ethereum and 5 times faster than Polygon — the fastest among Ethereum scaling solutions.

CoinGecko’s study noted that despite ranking as the fastest blockchain, Solana has only achieved 1.6% of its theoretical maximum TPS of 65,000.

Solana’s exceptional speed has not gone unnoticed in the cryptocurrency market. At press time, SOL changed hands for $173, representing a 2.7% gain on the day and an 18.2% increase on the weekly chart. This performance underscores the market’s confidence in Solana’s potential to revolutionize the digital transaction landscape.

Is Solana Truly An “Ethereum Killer?”

Solana started its mainnet operations in March 2020, with a claimed throughput of 50,000 transactions per second (TPS). The network sought to improve Ethereum’s scalability inefficiencies.

Unlike Ethereum, which relies on layer-2 scaling solutions to enhance scalability, Solana offers scalable solutions for a decentralized ecosystem. But Solana’s technique has been widely criticized following its previous repeated outages. In early April, soaring demand for meme coins caused roughly 76% of Solana transactions to fail.

Prior to that, block production on Solana halted for around five hours before developers and validators could build and test a release that contained remediation.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Markethive Activity Report 5052024

Markethive Activity Report 5/05/2024

In this weekly report, we delve into the blockchain activity of Hivecoin within the Solana blockchain and have an insight into how Hivecoin's transactional activities have been for the week. As members invested in the growth and performance of Hivecoin, understanding transaction trends provides valuable insights into user engagement, network usage, and overall ecosystem health. 

At the heart of our analysis lies the recognition of transactions as the lifeblood of any blockchain network. Each transaction represents a node of activity, a testament to user engagement, and a contributor to the overall health of Hivecoin within the Solana ecosystem. By dissecting transaction trends, we unravel a tapestry of behaviors, patterns, and preferences that shape the trajectory of our digital asset.

Our primary objective in dissecting these transactional patterns is twofold: first, to glean actionable insights that empower strategic decision-making, and second, to optimize Hivecoin's strategic positioning within the vibrant landscape of decentralized finance (DeFi). Armed with a deeper understanding of user behavior and network dynamics, we can navigate the ever-evolving DeFi terrain with agility and foresight, ensuring Hivecoin remains at the forefront of innovation and adoption.

Hivecoin Blockchain Activity

  • The Hivecoin faucet offers a daily claim of Hivecoin, making it accessible to all users within the Markethive community and beyond.
  • The total faucet claims of Hivecoin as of this writing stand at 3,664, indicating a growing community of users actively engaging with the token.
  • Daily transaction counts on the Solana blockchain were recorded for the week spanning from April 28 to May 4th, providing a granular view of transaction activity over the designated period.
  • The total number of transactions processed amounted to 144, reflecting sustained engagement with the Hivecoin network. Analyzing daily transaction volume revealed fluctuations, with peak activity observed on April 28th and May 3rd, recording 31 and 30 transactions each, and relatively lower activity on April 30th, with 14 transactions. 
  • Hivecoin's blockchain activity reflects a vibrant and engaged community, and by actively sending coins back and forth to each other, members can further stimulate the blockchain activity and strengthen the token's presence within the Solana ecosystem.

 Community Engagement Report

  • This week, the community has shown remarkable dedication to enhancing the presence of Markethive on various platforms. 
  • A concerted effort was made to increase activity on the Markethive Bitcointalk page, aiming to foster vibrant discussions and interactions.
  • The community also turned its attention to the Markethive Trustpilot page. Numerous community members submitted reviews, sharing their personal experiences and feedback about Markethive's services.
  • These initiatives are part of a broader strategy to elevate Markethive's visibility and user engagement within the digital space.
  • The continuous active participation is expected to not only boost Markethive's online presence but also to attract new users and stakeholders to the platform.

We encourage the frequent exchange of Hivecoin within and outside the Markethive community because it serves a tremendous purpose. Firstly, it cultivates a vibrant and active blockchain environment, enhancing its resilience and dynamism. Secondly, it showcases the tangible utility and demand for the token among community members. 

Such heightened engagement not only amplifies the token's intrinsic value but also plays a pivotal role in advancing Markethive's mission. By bolstering blockchain activity, it bolsters Markethive's endeavors to secure listings for Hivecoin on prominent exchanges. This, in turn, extends the reach and functionality of Hivecoin beyond the confines of the Markethive platform.

In essence, this cycle of active participation fuels a positive feedback loop, propelling both the token and the platform towards greater recognition and utility within the broader cryptocurrency landscape. 

Join the Markethive Community Group and be part of those who shape the future of Hivecoin within the Markethive ecosystem!

God Bless Markethive!


About: Prince Ibenne. (Nigeria) Prince is passionate about helping people understand the crypto-verse through his easily digestible articles. He is an enthusiastic supporter of blockchain technology and cryptocurrency. Find me at my Markethive Profile Page | My Twitter Account | and my LinkedIn Profile.





Tim Moseley

Solana SOL Flips Final Resistance Into Support

Solana (SOL) Flips Final Resistance Into Support; $250 In View

By Olivia Brooke – April 19, 2024

Prominent crypto analyst Jelle has drawn the cryptocurrency market’s attention to a recent development, particularly Solana’s (SOL) remarkable performance.

Renowned for its rapid transaction speeds and minimal fees, SOL has garnered attention for its upward trajectory, aiming to create a new all-time high.

Jelle’s latest analysis, supported by a comprehensive chart, reveals that Solana has effectively transformed its previous significant resistance level into a support level.

As expected, this critical shift indicates bullish sentiment surrounding the asset, accompanied by a Greed score 82. This development signals a potential upward trend for SOL, with Jelle projecting a trajectory toward surpassing the $250 mark in the summer months.

Solana’s Impressive Performance: Heading Towards New All-Time Highs

A recent chart shared by Jelle X’s account showcases Solana’s robust upward trajectory, signalling a significant rebound and sustained positive momentum. Solana experienced a period of consolidation and bearish trends. Nonetheless, the recent breakout indicates a shift in potential investor sentiment and market dynamics.

Over the last trading session, SOL traded around $145, signalling a 4.31% increase in the last 24 hours. This surge propels the market cap up by 3.23% to $64.7 billion. Similarly, Solana’s 24-hour volume has printed a 14.70% gain, surging to $5.8 billion.

Over the past year, Solana’s price has surged by 841%, reflecting a sustained upward trend. SOL trades 314.14% above its 200-day Simple Moving Average (SMA) of $47.08. Additionally, Solana’s trading data mirrors this northbound movement, with the daily close price surpassing the daily open price in 19 of the last 30 days. These trading days ended with green candle sticks, accounting for 63% of the observed period. In addition, Solana’s liquidity is high, represented by a 24-hour volume-to-market cap ratio of 0.1014.

Meanwhile, the Solana ecosystem’s rapid growth has resulted in liquidity flowing from SOL’s ecosystem to Coinbase Layer 2 (L2). According to a crypto analyst Rasgard, this influx suggests potential exponential growth for projects within the BASE ecosystem, with projections ranging from 10x to 100x shortly.

In light of this, market analysts and investors closely monitor Solana’s performance, recognizing its resilience and growing adoption.

The recent transition from resistance to support represents a technical milestone and solidifies Solana’s position as a notable project in the cryptocurrency space.

Furthermore, this transition signifies a noteworthy milestone for Solana, suggesting sustained momentum and investor confidence in its prospects. As SOL continues its ascent, investors may find reassurance in this strategic pivot, which could further solidify its position within the crypto market.

DISCLAIMER The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Olivia Brooke and posted on Zycrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Analyst Highlights Encouraging Metric for Solana Bulls Amid Calls For New SOL All-Time High Price

Analyst Highlights Encouraging Metric for Solana Bulls Amid Calls For New SOL All-Time High Price

By Newton Gitonga – April 5, 2024

Following a strong quarter, Solana (SOL) has been the subject of intense scrutiny and analysis by traders and analysts alike, even as the cryptocurrency tries to recapture its November 2021 all-time highs.

This week, Solana’s price has pulled back slightly after hitting a high of $210, prompting questions about its future trajectory. Meanwhile, analysts have been quick to chime in on the situation, with popular chartist Decentrader highlighting a potentially encouraging metric for Solana bulls.

On Wednesday, the pundit noted that Solana’s funding rates have dropped significantly, which could be interpreted as a positive sign for bullish investors.

“Decision time here for Solana. Price has pulled back to Sniper support at $183. If current levels do not hold the major support area is sub-$150. After funding rates had climbed too high, they have now dropped after a lot of leverage traders got liquidated on the down move,” He tweeted, adding, “This is one potentially encouraging metric for the bulls.”

Adding to the analysis, trader X-Istan pointed out key resistance and support levels for Solana. While facing resistance at around $205, he noted that Solana could find support at $180, with a bounce potentially signalling bullish momentum towards $267. However, he warned that a break below $180 might lead to a drop to $147, indicating a potential bearish scenario.

Despite these fluctuations, Solana has maintained a bullish trend overall. Its resilience in the face of market volatility suggests that the bulls are still in control, pushing steadily to reclaim the monthly high of $210.

However, challenges lie ahead for Solana, particularly in low buying volume and lacklustre buying activity. Nonetheless, the absence of bearish signals indicates that any setbacks in the market are likely to be temporary, with the bulls expected to prevail in the long run.

Looking back at Solana’s performance since late 2022, the cryptocurrency has experienced remarkable growth, with its price increasing by more than 25x. From a technical standpoint, Solana appears to be just getting started, with promising prospects for further appreciation in value.

While Solana faces short-term challenges, its long-term prospects remain optimistic. At press time, SOL was trading at $173, reflecting a 6.90% drop over the past 24 hours, as per CoinMarketCap data.

DISCLAIMER The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Newton Gitonga and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Solana SOL Emerges as Top Choice for Investors Toppling BNB and Ethereum

Solana (SOL) Emerges as Top Choice for Investors, Toppling BNB and Ethereum

By Newton Gitonga – March 22, 2024

Solana has emerged as the top choice for investors, surpassing top assets like BNB and Ethereum in terms of global investor interest.

According to a Wednesday report by Coingecko, Solana, currently the fifth largest cryptocurrency by market capitalization accounted for 49.3% of global investor interest in blockchain ecosystems, while Ethereum followed closely behind with 12.7%.

The growth of Solana’s popularity can be attributed to several factors, including the development of ecosystem projects like Pyth Network (PYTH) and the popularity of meme tokens such as SLERF and ‘Dogwifhat’ (WIF). Additionally, Solana’s high trading volumes and low transaction fees have made it an attractive option for investors.

On the other hand, Ethereum maintained its position as a leader in the L2 protocols segment, with second-layer networks built on Ethereum gaining increasing popularity among investors.

“This is likely because Ethereum is already well-established as an ecosystem and familiar to investors, such that it is no longer considered a new, trending crypto narrative. At the same time, attention towards the Ethereum ecosystem is increasingly dispersed across the layer 2 ecosystems building on top of it,” Coingecko wrote.

Arbitrum and Base emerged as the most popular second-layer network ecosystems, with 3.3% and 3.2% of investor interest, respectively.

Other L1 ecosystems, such as Cosmos, Avalanche, and Sui, also gained traction among investors. According to Coingecko, Cosmos’ success can be attributed to successful airdrops like Celestia and Dymension, while Avalanche’s meme tokens like Coq Inu have contributed to its popularity. Sui, on the other hand, lept ahead of TON in terms of investor interest despite TON’s connection with the Telegram messenger.

The report also highlighted the growing interest in L2 networks, with Arbitrum, Polygon, zkSync, and Metis attracting notable attention. Optimism, Blast, and StarkNet are among the top 20 L2 networks.

Notably, Ethereum’s recent Dencun hard fork, which activated on the mainnet on March 13, significantly impacted L2 networks. The update reduced commissions in L2 networks based on Ethereum, leading to a significant increase in the daily volume of transactions on Base, one of the projects that benefited the most from Dencun.

That said, Solana’s emergence as the top choice for investors comes amidst a notable price surge for the crypto asset. Notably, the asset recently tapped $200 and is up over 100% year to date, making it one of the best-performing cryptocurrencies in recent months.

Despite witnessing a brief pullback that saw it plunge to $164 earlier this week, Solana bulls managed to push the price back up, with optimism of a further price surge growing.

At press time, SOL traded at $170.92, reflecting a 9.40% drop in the past 24 hours.


The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Newton Gitonga and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Wen 300 SOL Price? On-Chain Data Shows Solana On The Cusp Of Hitting A New All-Time High This Month

Wen $300 SOL Price? On-Chain Data Shows Solana On The Cusp Of Hitting A New All-Time High This Month

By Olivia Brooke – March 13, 2024

Solana is one of the leading altcoins experiencing a major upward correction. Expectations for Solana have mostly been bullish as the year kicked off positively for the asset. More recently, market data has outlined the near-term potential for SOL.

Data from on-chain analytics firm Santiment has depicted a continuous upsurge in SOL's value. With market cap, trading volume, and monthly gains tapping new levels, SOL is on the verge of hitting a new yearly price high.

The bullish rally is poised to be fueled by positive sentiments from market players. Although FOMO has historically tampered with asset prices, this might not be the case for SOL. Collective doubt might help sustain a long-term rally and potentially send SOL to $300.

Solana SPL meme coins might be behind SOL's recent price upswing

The price prediction comes after reports from Bloomberg revealed that Pantera Capital's asset manager is gearing up to buy a whopping $250 million worth of SOL tokens from the FTX estate. It bears mentioning that Pantera Capital currently holds an estimated 10% of the $5.9 billion SOL tokens under the possession of the FTX estate.

As such, the price of SOL might not be swayed by the asset managers' move in the long term. However, other fundamental factors might affect SOL's performance in the future.

Meanwhile, SOL has increased by more than 23% in the last 7 days, bringing monthly gains to 42.82% at report time. SOL, the fifth largest cryptocurrency by market cap, is amongst the best-performing altcoins in the top category.

Factors influencing SOL's price upswing are mostly fundamental. Several celebrity-focused Solana SPL meme coins gained traction on March 6th, with impressive trading volume and performance.

While the Solana community members are still sceptical about these meme coins, some of these assets have functional use cases in the Solana ecosystem. Jupiter (JUP) is amongst the list of these meme coins with associated applications. The meme coin has soared by nearly 30% within the last three days.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Olivia Brooke and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Get secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley