Solana (SOL) pumped by 12% in the last 24 hours, whereas it had been bearish so far. The only cryptos to outperform SOL are LDO and BIT:

Why does it suddenly pump?

There are basically two main reasons for that:

1) Vitalik's tweet a few days ago saying:

Some smart people tell me there is an earnest smart developer community in Solana

2) The launch of the BONK memecoin, a kind of DogeCoin (DOGE) on Solana, which significantly increased the transaction volumes on Solana:

Will Solana (SOL) continue to pump or dump?

In the short term, a price correction seems very likely. Longer term, it will mostly depend on the next projects which will be launched on Solana, and hence on the activity of developers. There are indeed currently some fierce debates about the real number of active developers working on Solana. According to Token Terminal, there would be around 67 active developers on Solana. Although this number looks low, it is higher than other layer-1 chains like Avalanche (AVAX) or Tezos (XTZ), Ethereum's sidechain like Polygon (MATIC) and layer-2 chains like Optimism (OP) and Arbitrum...

Disclaimer: this article does not contain any financial advice. The information is provided for general informational and educational purposes only.

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