The native tokens of Cardano and Solana recorded an increase late Sunday, pushing the overall market cap by 2.85% to $847 billion at press time. According to data shared by CoinMarketCap, ADA rose 21% to an intraday high of $0.3401, while SOL climbed 23% in the same period to a high of $16.42. Both tokens have gained 29% and 60% in the last week.
Currently ranked 12th in the industry with a market capitalization of $6 billion, SOL is trading at levels last seen at the beginning of November. Solana’s total value locked (TVL) is up 8% to $247 million in the same period, according to DefiLlama.
After losing more than 94% of its value from an all-time high of $259 following the collapse of FTX, SOL’s latest upsurge is related to a recently launched Shiba Inu-themed token on Solana. BONK debuted in December with an airdrop to the ecosystem’s developers, NFT collectors, and artists. The excitement around the project, having minted more than 100 trillion tokens, boosted the value of the meme crypto and Solana.
Cardano’s Upcoming Developments Are Driving Positive Gains in ADA
The reasons behind the positive gains in Cardano are not specific but could partly be tied to the recent launch of the Lace wallet by the blockchain developer, Input Output HK. Lace is a unified Web 3 wallet platform for managing digital assets, non-fungible tokens, and decentralized finance. Besides, Cardano’s co-founder Charles Hoskinson recently announced that his upcoming Health & Wellness Clinic based in Wyoming would accept ADA for payments.
Cardano is an open-source smart contract platform that uses a proof-of-stake consensus algorithm called Ouroboros to secure transactions. The blockchain is anticipating the launch of three major projects this year, including; Hydra, Oracles, and stablecoin Djed.
