Franklin Templeton has published a new investor note on cryptocurrencies. This time, to highlight the resilience of the Solana blockchain.
El Solana priceSolana, the native cryptocurrency of the Solana network, has increased by almost 8% in the last 24 hours, following the optimistic report that investment fund manager Franklin Templeton published on this blockchain network.
According to data from CoinMarketCap, the price of SOL rose from $130 on Wednesday to $141 today, an increase of 7,95%.
Source: CoinMarketCap
The recent surge in SOL’s price also boosted its market cap above $63.000 billion. With this value, Solana ranks as the fifth most capitalized cryptocurrency and blockchain network in the crypto industry.
Optimistic about Solana's future
In its latest investor note, the fund manager highlighted the resilience of the Solana blockchain, which withstood one of the toughest times in the cryptocurrency market.
As noted by Franklin Templeton, Solana survived the FTX crash in November 2022, only to emerge even stronger in 2023.
According to the investment manager, the Solana blockchain was considered “dead” by many, to the point that several project developers abandoned the network and migrated their projects to other blockchain ecosystems. However, despite the difficulties, which are also related to failures and crashes in the operation of the network, Solana has proven its resilience and its developers, their commitment to the future of this network.
Thanks to this, Franklin Templeton highlighted that it is quite optimistic about Solana, noting that the Proof of History-based blockchain is poised to capture the next wave of cryptocurrency adoption.
In the note, the investment fund manager commented that Solana's growth is likely to continue, because the blockchain is well positioned in the crypto industry. He also stressed that this blockchain has the potential to scale over BNB Chain and Tether, and become the third most important crypto asset in the market, after Bitcoin (BTC) and Ethereum (ETH).
Memecoins are driving Solana's growth
Although, in a separate note that was published In March, Franklin Templeton noted that memecoins lack intrinsic value, he also recognized their potential to create quick profits for their holders, and it is this potential that has been driving the recovery and growth of the Solana network, whose activity has accelerated with the arrival of memecoins.
Jito and Pyth airdrops on the network created a wealth effect of over $1 billion in the ecosystem, Franklin Templeton noted, also highlighting the role that Bitcoin and spot ETFs have played in the recovery of the broader crypto ecosystem.
“The Solana network has seen countless meme coins created and traded, some even reaching multi-billion dollar market caps, such as Bonk (BONK) and Dogwifhat (WIF),” said Franklin Templeton. “In the past year, Solana has seen significant growth demonstrated through an increase in both total fees and DEX volumes on the network.”
In addition to talking about memecoins and Solana's resilience, the investment fund manager has also dedicated notes to other important innovations in the crypto industry, such as the Dencun upgrade of Ethereum and Nakamoto upgrade of Stacks, the Bitcoin halving, the registration of Ordinals and Runes, the restake of EigenLayer, token airdrops, the advantages of public blockchains, among other topics.
Continue reading: Franklin Templeton Launches New Dedicated Investment Account for Bitcoin and Ethereum
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