Solana (SOL) Sees 78.5% Increase in Value in First 13 Days of 2023: A Combination of Factors Contribute to the Price Spike

Recent reports indicate that the cryptocurrency Solana has experienced a substantial increase in its value over the first 13 days in 2023. This spike in value is due to a variety of factors.

Bonk’s launch strategy, a cryptocurrency, played a significant role in the recent price rise. Bonk’s team decided to distribute 50% of its total supply through a multi-stage airdrop to a large base of Solana users. On December 10, 2022, the first stage of the airdrop saw 20% of BONK supply distributed to 40 Solana NFT collection holders. These popular collections included y00ts and Solana Monkey Business. This helped increase awareness and adoption, which ultimately drove up the coin’s value.

A major purchase of SOL tokens from Google was another factor that contributed to the increase in price. According to Cryptomove News Google bought 2.8 Million tokens which helped further increase the coin’s value.

Vitalik Buterin, the founder of Ethereum, also supported Solana. This caused the coin’s price to nearly double over the next weeks. According to reports, this led to about $550,000,000 worth of short liquidations during the same time period.

It appears that Solana’s recent price rise is due to a number of factors including a strong launch strategy and major purchases by large companies. Industry leaders also supported the coin. It will be fascinating to see how Solana’s value changes over the next weeks and months.