Glauber Contessoto, better known as "SlumDOGE Millionaire" on social platforms, drew attention to the price trajectory of Solana SOL/USD, the fifth-largest cryptocurrency by market cap, over the past year.
What Happened: The popular crypto trader, who built a fortune investing in Dogecoin DOGE/USD, casually asked his 328.8k-strong community,
"I put $250K into $ADA at 24 cents. Solid 2X – now up almost $500K If I put $250K into $SOL same time last year how much would I have today?"
At the time of writing, Solana was exchanging hands at $146.48, according to data from Benzinga Pro. Exactly a year ago, Solana was priced at $21.97. This represented a massive 6.6x yearly jump.
So, if SlumDOGE millionaire invested $250,000 a year ago, his Solana portfolio would have swelled to nearly $1.65 million at the time of writing.
Why It Matters: Solana plunged to historical lows in the days following the implosion of cryptocurrency exchange FTX in the fall of 2022.
The asset tanked below $9 around this time and spent most of the first half of 2023 grappling with bearish sentiment.
The turnaround started in October 2023 and by the time the fourth quarter ended, the digital asset jumped to $101, representing a 339% surge. In the process, it surpassed Ripple Labs' XRP XRP/USD to become the fifth-largest cryptocurrency.
Solana's bullish run has decelerated in 2024, as its 44% year-to-date gains paled in comparison to the bull run seen late last year.
That said, bullish sentiment is here to stay. Widely followed cryptocurrency trader Immortal said on X that the recent dip to $120 was its "last ever", predicting a rally to its all-time high of $320 later this year.
Read Next: Spot The Difference In YTD Returns? Why Ethereum Is Trailing Bitcoin In 2024
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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