SOL Price Shoots Over 15% as Coinbase Adds Support for Two Solana-based Crypto Tokens

UTC by Bhushan Akolkar · 2 min read
SOL Price Shoots Over 15% as Coinbase Adds Support for Two Solana-based Crypto Tokens
Photo: Depositphotos

Coinbase announced support for two major SOL coins – FIDA and ORCA. this is for the first time that Coinbase is supporting non-Ethereum coins.

In a high relief for Solana investors, SOL has reversed the downfall gaining 16% in the last 24 hours. As of press time, SOL is trading 16.96% up at a price of $106 with a market cap of $33.4 billion. The latest price surge in Solana  (SOL) comes partly because of the broader market recovery and partly due to the Coinbase announcement. On Monday, January 31, crypto exchange Coinbase announced that it shall be adding support to two Solana-based projects. These two are FIDA and ORCA. Both of these are native cryptocurrencies of decentralized exchanges Bonafide and Orca, respectively.

As per the recent announcement, the expansion will add SOL tokens to the  Coinbase token collection for the first time. SOL tokens are basically Solana’s equivalent of ERC-20 tokens.

SOL Tokens on Coinbase

So far Coinbase has only supported Ethereum-based assets of other Ethereum Layer 1 competitors like Solana and Avalanche. It is for the first time that Coinbase is supporting the listing of non-Ethereum assets.

Following the announcement, prices of ORCA and FIDA saw an uptick. On Monday, the ORCA price jumped 36% whereas FIDA increased marginally by 0.7%. Solana’s native cryptocurrency SOL has witnessed a healthy bounceback on Monday moving past $100. The SOL price has already corrected by more than 50% from its all-time high.

Another reason behind the SOL price surge is that Solana’s most used Phantom wallet made a major announcement.

Solana’s Phantom Raises $109 Million

On Monday, January 31, the Solana Web3 wallet platform announced raising $109 million during its Series B funding round. The fundraise had participation from some big names like Andreessen Horowitz (a16z), Solana Ventures, Jump Capital, etc.

Phantom said that it will be using these funds for onboarding more users to Web 3 and “innovating on the multi-chain wallet user experience”. Furthermore, Phantom is also looking to hire more specialists in community support and product development.

Besides, Phantom also launched Solana’s wallet for iOS users. Speaking of this development, the team wrote:

“Our first step toward this vision is the launch of Phantom across mobile platforms, starting with the release of our iOS app to the public today. With an Android launch also coming shortly, we couldn’t be more excited about the potential for mobile to empower a whole new set of users and use cases for Phantom”.

Other crypto news can be found here.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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