Solana’s SOL Surges Again, Gains 50% in a Week: These Are the Secrets to the Network’s +850% Price Rise in 2023

Solana has surged 14% today, 50% in the past 7 days, making a total of 870% growth in 2023. The crypto also outperformed many top 10 cryptocurrencies. With 2023 ending in another 7 days, the crypto is poised to complete the year strong. What drove this meteoric price rise? The answer lies in Solana’s vibrant, expanding community.

As Solana tweeted, “2023 was the year of a community-led resurgence.” In December 2022, people started receiving a mysterious token for participating in the Solana community and using dApps. One year later, @bonk_inu took the web3 world by storm. This grassroots support brought developers and users alike to Solana.

The community’s excitement also led to Solana Mobile’s Saga phone selling out on launch day. Meanwhile, a community vote helped the Helium network successfully migrate to Solana. The community made the network more resilient too – the Nakamoto coefficient measuring decentralization rose to 31 as community validation clients gained adoption. Firedancer’s validator client even went live on testnet.

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Real-World Adoption

The Solana community kept building worldwide, with 6,000+ developers shipping apps and 50+ games showcased on the network. Solana also made major strides in real-world crypto adoption.

Solana Pay integrated with e-commerce platform Shopify, enabling frictionless USDC payments for millions of merchants. Coffee chain Boba Guys saw visits increase 67% after launching a Solana loyalty program. Other enterprises like Visa and Mastercard collaborated with Solana as well.

The network effects were on full display at Solana Conf Breakpoint 2023. As Solana tweeted, over 3,000 builders attended alongside 50+ community events. Momentum certainly seems on Solana’s side moving into 2024.

Continued Innovation

And the ecosystem isn’t resting on its laurels. Major technical achievements positioned Solana for the future, like pioneering NFT compression techniques that slash data storage costs by over 2,000x.

Solana Labs also released an OpenAI ChatGPT plugin to explore integrating AI and crypto. Meanwhile, new dev tools made building on Solana more accessible than ever.

As Solana’s tweet put it: “The Solana ecosystem is just getting started. What are you most excited about in 2024?” After 850% growth driven by its community, Solana heads into the new year with wind at its back.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.