SOL soars by 149% since January, with 1.1M inflows

CoinShares data reveals a tidal wave of investment in digital assets, with $117 million pouring in last week, marking the greatest influx since July 2022. This surge has caused the total assets under management (AuM) to soar to $28 billion, a rise of 43% from its November 2022 lows.

As the spotlight was firmly fixed on Bitcoin, which saw a massive $116 million in inflows last week, other digital currencies, such as Solana, basked in the glow of increased inflows as well.

Furthermore, Solana continues to flourish, with its second consecutive week of inflows, as sentiment surrounding its blockchain grows. 

Solana’s investment products saw a surge of $1.1 million in the past week, outpacing the previous week’s inflows of $0.1 million, proving its growth trajectory is soaring higher.

Solana bounces back

The blockchain platform made a stunning comeback after taking a tumble of 42% in the aftermath of the FTX collapse. Previously touted as the “Ethereum killer,” it was beloved by FTX co-founder Sam Bankman-Fried.

Solana experienced a tumultuous end to the year 2022, with its token price gradually slipping before plummeting 20% on December 29, 2022. However, all was not lost, as a single tweet of support from Ethereum founder Vitalik Buterin reignited the fire under Solana’s price.

SOL’s value more than triples

January brought a new lease on life for Solana as the cryptocurrency soared back to the $26 level.

According to CoinMarketCap, SOL has seen a steady increase of 1.3% in the last seven days and an impressive surge of 149% in the last 30 days.

SOL is currently trading at $24.84 USD, up 1.71% in the last 24 hours.