OKX has listed two Solana-based tokens, Jito (JTO) and Bonk (BONK), after Solana's very impressive performance in December of 2023. Despite the recent decline in the value of Solana meme coins like BONK and Dogwifhat, Solana's ecosystem continues to thrive, with its transaction volume soaring to $42 billion in early January 2024. Meanwhile, Crypto.com's new promotional staking campaign for Solana stakers offers the chance to win BTC rewards. The token's price has been steadily rising, currently trading around $98.34, with analysts predicting potential resistance levels at $97, $109, $115, and $125, and a long-term target of $200, especially if Spot Bitcoin ETFs are approved.
OKX Lists Solana’s JTO and BONK
After its great successes in December of 2023, people just can't get enough of Solana (SOL). It seems like cryptocurrency exchanges are willing to give the people what they want as OKX has announced the listing of two tokens from the Solana blockchain: Jito (JTO) and Bonk (BONK).
The integration of JTO and BONK into OKX's trading platform was set to start with the activation of the deposit feature at 2:00 a.m. UTC on Jan. 8, 2024. After this, the exchange opened spot trading pairs for JTO/USDT and BONK/USDT at 6:00 a.m. UTC on the same day. Additionally, the withdrawal functionality for both tokens will be available from 10:00 a.m. UTC on Jan. 9, 2024.
Jito Network, the platform behind JTO, is a liquid staking protocol on the Solana blockchain. The JTO token plays a crucial role in this ecosystem as it serves as the governance token. With a total supply of 1 billion, JTO is integral to the functioning and decision-making processes in the Jito Network.
On the other side, BONK stands out as a meme coin on the Solana blockchain. It has carved a niche for itself by blending humor and social commentary in the crypto space. With a massive total supply of 100 trillion, BONK has captured the attention of the crypto community, not just for its sheer volume and its unique approach and use case, but also for its explosive price performance at the end of 2023.
The Declining Fortunes of Solana Meme Coins
The listing of JTO and BONK might be happening at just the right time. The Solana network experienced a huge surge in the popularity of meme coins. Among these, the dog-themed token bonk (BONK) stood out from the rest of the tokens, witnessing a 1,000% rally over three months. However, this success was short-lived as BONK's value plummeted by over 70% from its December peak, despite being listed on a number of very popular exchanges.
Another meme coin, Dogwifhat, captured the attention of crypto enthusiasts with its quirky image of a dog wearing a hat. Initially, it offered a remarkable return of over 10,000% to early investors, but it too faced a steep decline, dropping nearly 80% from its all-time high (ATH). The downturn wasn't only limited to dog-themed tokens. Cat-themed tokens like popcat (POPCAT) and chipi (CHIPI) also experienced a drastic fall in value, with losses exceeding 90% from their ATHs.
The Solana ecosystem itself saw a boom in December with listings on influential exchanges like Binance and Coinbase. This excitement boosted the SOL token from $38 in early November to nearly $120, and the value locked in Solana applications soared from $400 million in November to $1.3 billion, reaching heights last seen in July of 2022. However, this growth phase did not have the same momentum heading into 2024 as the latter part of December saw a wave of profit-taking as valuations reached unsustainable levels.
Crypto.com’s Staking Campaign
Despite this loss in momentum, there is still good news for Solana fans. Crypto.com rolled out a promotional campaign, particularly beneficial for Solana stakers. Crypto.com's app now offers an on-chain staking function. This feature is not only limited to ETH and SOL but extends to over 10 other popular cryptocurrencies, including Polkadot (DOT). One of the most appealing aspects of this staking option is the regular rewards it generates for users. Additionally, it boasts an unlimited staking quota and offers people the flexibility to unstake at any time after activation.
To add even more excitement to this campaign, Crypto.com announced a special bonus. Users who actively engage with the staking feature during the promotional period stand a chance to win a share of $20,000 worth of BTC. The campaign, which kicked off in late December of 2023, is set to run until Apr. 10, 2024, 12:00 a.m. UTC. The staking period itself spans three months, starting from Jan. 10, 2024, at 10:00 a.m. UTC.
A particularly exciting aspect of this campaign is the Staking Challenge tailored for SOL users. This challenge features a Reward Pool of $10,000. The top 500 users, which will be determined by the average amount of their SOL stake over the 90-day period, will each be awarded $20 in BTC.
$200 Price Predictions for SOL
The Solana network also recently witnessed a surge in its daily transaction volume, reaching an impressive $42 billion in the first week of January 2024. This is a massive increase from the $5.47 billion recorded in the first week of December. The surge in transaction volume also coincides with a steady rise in the price of Solana's native token, SOL.
According to the latest data from CoinMarketCap, SOL is trading hands at $98.34 after its price was able to climb by about 3.78% in the past 24 hours of trading. Despite experiencing some fluctuations over the past few days, the overall momentum for Solana still seems to remain strong.
While the SOL token has not breached the $100 mark, many people believe its trajectory suggests great long-term potential. Market analysts and enthusiasts are closely watching key resistance levels at $97, $109, $115, and $125. Breaking through these barriers could pave the way for SOL to reach the $200 milestone. SOL’s price could also be given a leg-up by the fact that the broader crypto industry is ready for a boost if Spot Bitcoin ETFs get approved.
