- Cardano and Solana’s prices have surged significantly in 2023.
- Solana has improved by 20% in 7 days while Cardano hiked by 20%.
- Solana’s new meme coin BONK and Charles Hoskinson’s new hospital are anticipated to be the cause behind the rise in values.
Cryptos Solana and Cardano experience significant increases in value after entering 2023. While Solana started the new year with a 90% hike in 2022, the token rallied over 20% in just seven days, currently trading at $16. Meanwhile, Cardano plunged more than 25%, jumping it to $0.31.
Crypto investment platform Mudrex’s CEO and co-founder, Edul Patel shared that while Cardano and Solana reached lows in December 2022, the coins recovered strongly with a heavy increase in price in 2022. Patel added:
The crypto market’s overall recovery, specifically Bitcoin’s, may have contributed to the rebound of these altcoins. Accumulation of whales may also have played a role.
Patel further continued that ‘BONK’, Solana’s new meme coin, accelerated the rise in large transactions by investors and traders seeking to capitalize on the current price spike.
Additionally, the Cardano founder, Charles Hoskinson announced that he will be launching a new hospital in his name called the “Hoskinson Health & Wellness Clinic.” This new hospital accept ADA as payments. This news has further powered the surge in Cardano’s prices.
The medical institution is set to offer a range of services to its clients, including primary care, mental health care, women’s health, proactive health screenings, cancer screenings, diet/nutritional medicine, and cardiovascular care.
Moreover, the growth in value is a positive sign for the market in general since the crypto exchange FTX’s collapse left the industry in shambles. Firms with exposure to one of the leading exchanges suffered as they lost liquidity.
The current market capitalization of the crypto industry has plunged a little below the $1 trillion mark, however, it is down from its peak of $3 trillion, in 2021.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
