SOL Rallies 40% from August 5 Low, Now at $153.7 with $71.8 Billion Market Cap

Crypto Bank Anchorage to Support SOL-Based Tokens, Including USDC and Helium. Solana Blockchain Sees 5 Million Transactions, Boosted by Ore Cryptocurrency.

Cryptocurrency bank Anchorage will begin supporting tokens built on Solana that utilize the Solana Program Library (SPL) standard. Among the supported tokens are USDC, Helium (HNT), Wormhole (W), Pyth (PYTH), and Metaplex (MPLX).

Solana's blockchain processed over 5 million transactions as users flocked to acquire Ore, a cryptocurrency that mirrors Bitcoin's mining algorithm on Solana's platform.

Solana's price surged on Monday as memecoins on the network soared by over 30% amid a broader crypto market recovery.

Solana's token, SOL, saw a double-digit increase on Monday, rising by 11.8% to trade at $153.50. This follows a surge in memecoins on Solana's blockchain, boosting the network's overall transaction volume.

Anchorage to Support SOL-Based Tokens

Anchorage, a crypto bank that provides custody and other services to institutional clients, announced on Tuesday that it will be supporting tokens built on Solana that utilize the SPL standard.

This support will enable users to mint, burn, and transfer these tokens, expanding the range of assets accessible within Anchorage's platform.

Solana Blockchain Sees 5 Million Transactions

Solana's blockchain experienced a surge in activity on Monday, processing over 5 million transactions as users aimed to acquire Ore, a cryptocurrency that replicates Bitcoin's mining algorithm on Solana's platform.

Unlike traditional mining, Ore presents personalized challenges to miners, ensuring rewards for solving these puzzles.

Solana Price Surges as Memecoins Rise

Memecoins on Solana soared by over 30% in the last 24 hours, leading the crypto market's recovery as SOL, the network's main token, rebounded from earlier losses.

Tokens like the cat-themed popcat (POPCAT) and dog token dogwifhat (WIF) rose by up to 25% before dropping slightly, while smaller tokens like MUMU and catdog (CATDOG) increased by 30%.

Solana's price experienced a significant rally from its low of $110 on August 5, surging by over 40%. The token faced resistance at the $140 level but eventually recovered, trading at $154 on Monday with a market cap of $71.8 billion.

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