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🙌 Solana is so back

🙌 Solana is so back

SOL eclipsed $260 for the first time ever last night

Jack Kubinec & Jeffrey Albus
November 22, 2024

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Howdy!

Well, there you have it. A new all-time high for solana. To borrow from Joe McCann on a recent Lightspeed episode, there have been a whole lot more buyers than sellers this year.

Today, we have some interesting stats to commemorate the new record, Sky’s stablecoin, and a Friday news roundup.

Solana’s all-time high by the numbers

SOL touched $260 for the first time ever last night, setting off a round of quasi-religious celebration and dunks on Solana bears. We have covered the narrative side of Solana’s turnaround from a massive post-FTX sell-off previously, but today we’re bringing you some interesting data to recap Solana’s landmark day.

1,111

That’s the number of days between Solana’s first and second all-time highs. As long as the wait may have felt for SOL holders, that’s actually less time than it took bitcoin to set its second price record: The orange coin took some 1,200 days to top its 2013 high.

$294.42

That would be Solana’s previous all-time high adjusted for inflation, according to the data from the Bureau of Labor Statistics. So $263 is pretty good, but those SOL tokens don’t go quite as far as they used to.

7.72%

That’s the percentage of one ether token that one solana token represents, and this SOLETH ratio also set an all-time high yesterday. When solana last hit an all-time high, the coin was only worth 5.7% of one ether.

$2.4 billion

That’s how much the SOL tokens Galaxy Trading purchased from the FTX estate are worth at today’s prices, according to details reported by Bloomberg. The subsidiary of Mike Novogratz’s Galaxy Digital purchased $620 million in SOL at $64 per token in April. SOL was trading at around $172 at the time. Not a bad deal.

80%

That’s roughly the percentage of Solana decentralized exchange activity that involved memecoins yesterday. Speculative meme tokens have largely been the story of Solana’s massive run-up in volume and blockspace demand. Solana founders and investors will often portray memecoins as a “stress test” for the network — presumably as it readies itself to onboard more meaningful financial activity.

1,150%

That’s roughly the price appreciation between when Robinhood delisted SOL in June 2023 and when it added the token back to the platform last week. The popular retail trading app stopped offering SOL and repaid users at June 2023 market prices after the SEC declared in lawsuits against Coinbase and Binance that the asset is an unregistered security. Following Donald Trump’s electoral victory and the prospect of a more crypto-friendly regulatory environment, Robinhood brought SOL back. Robinhood users missed out on some pretty big gains in between those dates.

— Jack Kubinec

Brought to you by:

Renaud Partners is the premier go-to-market consulting firm for early-stage Solana teams.

We’ve been deeply involved in the community since 2021, supporting some of the best known projects in the ecosystem.

We help teams with their go-to-market, brand positioning, social and PR, and fundraising strategy.

We also work across other ecosystems including Monad, Base and TON.

If you're a team looking to expedite your marketing success, let’s talk: [email protected] or @rockin_renaud on telegram.

To resurface a story from earlier this week, there are now 80 million USDS stablecoins on Solana:

USDS, which was formerly DAI, is the third-largest stablecoin by market capitalization. Its launch on Solana this week and accompanying liquidity spending was an optimistic development for Solana’s stablecoin supply, which currently accounts for just 2% of the total.

A few days in, the results look promising, if not Earth-shattering.