Solana Q2 Performance, Here’s Role Played by Its First Meme Coin

Solana (SOL) is seeing a very mild resurgence in its price after a bearish opening to the trading day on Thursday. The cryptocurrency is trading at a spot price of $22.08, up by 0.98% at the time of writing and by more than 9% in the trailing week. Solana is maintaining its resilience owing in part to the released Q2 performance report from crypto analytics provider, Messari.

1/ How did @Solana perform in Q2 of 2023?

Solana’s Q2 had its ups and downs. Financials suffered due to SEC allegations against exchanges involving SOL. However, May 2023 saw a surge in fee-payer activity & daily non-vote txs.@JamesTrautman_ dives into highlights below. 🧵 pic.twitter.com/EjvLXhxmE2

— Messari (@MessariCrypto) July 12, 2023

Solana highlights and Bonk’s role

Per the insights shared by Messari, the Solana blockchain recorded its ups and downs in the second quarter, with its price valuation dropping by as much as 9%. Despite this, the token ended the quarter by retaining its spot among the top 10 most capitalized cryptocurrencies, proving it remains one of the most valuable assets.

For the quarter, BONK, the first meme coin in the Solana ecosystem, also impacted overall performance. Carrying over its impact in driving massive transaction volumes in the first quarter, BONK also helped push the Solana figures to new highs in May, when users interacted with an unknown smart contract.

Overall, the Solana protocol was shown to have a Nakamoto coefficient of 32 in Q2, showing its above-average decentralization compared to other Layer 1s. The second quarter also played host to the launch of Solana Mobile, the smartphone of the protocol that was open to the public for ordering in May, as reported earlier by U.Today.

Eyeing new high

The Solana protocol has maintained a relatively bullish price thus far this year compared to its peers. The SOL token is currently up by 126% year-to-date (YTD), and with the positivity brewing in its ecosystem, the digital currency is now eyeing a new monthly high above $23.

In all, there is optimism that the impact of the Grizzlython event that was wrapped up in the second quarter will be reflected in the protocol in the coming years.