How Did Solana Ecosystem Coins Perform?
Bonk, Rollbit, and Orca were the three tokens out of the 8 Solana Ecosystem Coins that outperformed Solana from June 14 to November 19, 2023. During this period, Solana increased by 289.7% from $15.00 to $58.44.
Bonk (BONK) was the largest gainer among Solana Ecosystem Coins, increasing by 872.5% from $0.00000029 to $0.00000286. Bonk, considered by many as the Dogecoin of Solana, reached a peak of $0.00000324 on November 16, 2023. It recently announced Bonk Staking, which is powered by GooseFX’s dynamic single-sided liquidity pools.
Rollbit (RLB) followed closely, increasing by 746.3% from $0.0228 to $0.1931. It reached a local peak of $0.2475 on November 12, 2023. The casino-centric token has been one of the largest gainers in 2023, increasing by 8,407.2% from $0.0023 at the start of the year. It has seen sustained growth after deploying RLB on Ethereum in June.
Orca (ORCA) was the third largest gainer, increasing by 300.9% from $0.54 to $2.16. It hit a high of $2.46 on November 16, 2023. Orca is the largest decentralized exchange (DEX) for Solana as of November 19, 2023. It had recently announced the liquidity terminal, empowering liquidity providers with various tools like historic yield chart and time to profit (TTP) simulator.
Raydium (RAY), Render (RNDR), Helium (HNT), and StepN (GMT) all made gains. However, they were outperformed by Solana during that same period.
Solana Rises From The Dead
Solana (SOL) had a significant rally in recent months, increasing by 289.7% from $15.00 on June 14, 2023 to $58.44 on November 19, 2023.
Solana has had an eventful year, marked by a price dip to $9.60 on December 30, 2022, following the collapse of FTX. However, it subsequently rebounded, maintaining a price range between $14.00 and $27.00 before hitting another low of $14.51 on June 15, 2023. The turning point occurred when BlackRock filed for a spot Bitcoin ETF, kickstarting the entire Solana rally.
Solana also recently held its annual Solana Breakpoint conference in Amsterdam, Netherlands, from October 30 to November 2, 2023.
Bonk Increased 15x in a month, outperforming Solana ecosystem tokens
Bonk and Orca were the only two tokens that outperformed Solana from October 14 to November 19, 2023. During this period, Solana increased by 167.7% from $21.83 to $58.44.
Bonk outperformed all the other Solana ecosystem coins, increasing by 1514.3% from $0.00000018 to 0.00000286. It achieved returns 8.68 times higher than Orca, the second-highest gainer in the Solana ecosystem.
Conversely, Rollbit underperformed Solana during the same period, increasing by 53.8% from $0.126 to $0.193. This underperformance may be attributed to a loss of momentum following its rise since January 2023 and a decreasing correlation with Solana after its migration to the Ethereum blockchain.
Render, and StepN made more gains when comparing their price returns from October as compared to their price returns from June. During this period, Render increased by 93.8% (75.8% when compared to June), and StepN increased by 76.9% (31.2% when compared to June). It is interesting to note that Render, associated with AI, and StepN, linked to GameFi, deviate from the typical categorization of Solana tokens.
Top Performing Solana Ecosystem Coins
The top 8 performing Solana Ecosystem coins since June 14, 2023 are:
| Rank | Token | Price Returns (%) |
| 1 | Bonk | 872.5% |
| 2 | Rollbit | 746.3% |
| 3 | Orca | 300.9% |
| 4 | Solana | 289.7% |
| 5 | Raydium | 126.8% |
| 6 | Render | 75.8% |
| 7 | Helium | 63.0% |
| 8 | StepN | 31.2% |
Methodology
The study examined the price returns of Solana Ecosystem Coins from June 14, 2023 to November 19, 2023 and October 14, 2023 to November 19, 2023. The Solana Ecosystem Coins selected are Solana, Render, Rollbit, StepN, Helium, Bonk, Orca, and Raydium. Price returns are calculated using daily price data from CoinGecko.
If you use these insights, we would appreciate a link credit to this article on CoinGecko. A link credit allows us to keep supplying you with future data-led content that you may find useful.Curious to find out more about our previous research studies & statistics? Check out this one we did on the top Layer-1 blockchains by total value locked.
Nicholas is a Market Research Intern at CoinGecko. He can be seen crawling around the vast crypto space, be it NFTs, crypto or memecoins from time to time. People in web3 call him picnicmou. Follow the author on Twitter @picnicmou
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