Solana Implements Circle’s CCTP; SOL Dips 4.20% During the Day

The Rise of Cryptocurrency Partnerships

The partnerships of cryptocurrency-based companies have sparked speculations about a potential surge in crypto adoption. Over the past few years, cryptocurrencies have experienced significant growth and are poised to become a subset of mainstream currency.

Solana Implements Circle’s CCTP

Solana (SOL) ranks among the top five cryptocurrencies by market capitalization and has recently integrated Circle’s Cross-Chain Transfer Protocol (CCTP). Circle is the issuer of the USDC coin.

The integration allows developers on the Solana network to directly exchange USDC tokens with Ethereum and other leading blockchains, enhancing interoperability across the crypto ecosystem.

CCTP utilizes the mint and burn process, facilitating secure transfers of USDC across different blockchains. Despite the integration, Solana’s price has experienced significant fluctuations in recent weeks.

CCTP serves as a bridging protocol, complementing other significant entities in the Solana ecosystem such as Allbridge, Mayan Finance, Drift Protocol, Sphere Labs, Cube Exchange, Jupiter Exchange, and others.

Other News

• SingularityNET, Fetch.ai, and Ocean Protocol plan to merge their tokens into an AltSignals (ASI) Token with a projected diluted valuation of $7.5 billion.
• Munchables, a Web3 gaming platform, suffered a $62.5 million exploit on the Blast Network. The company responsible for identifying rug pulls in the market has traced the theft to a wallet holding $17,411 in Ethereum.
• Cathie Wood has sold 1.5 million Robinhood shares from three companies owned by the ARK group. At the time of writing, Hood stock is trading at $19.08, marking a growth of 22.39%. The yearly price target for the stock, according to TradingView, is $16.14.

Solana (SOL) Price Update

According to CoinMarketCap data, Solana (SOL) is currently trading at $185.91, experiencing a monthly growth of 69.18%. In the past 30 days, SOL surpassed the $200 resistance level, reaching a high of $209.70.

Its all-time high of $260.06 was recorded in November 2021, during the early phase of 2021’s cryptocurrency boom.

Solana boasts a market capitalization of $34.14 billion, making it the fifth-largest cryptocurrency by market cap. It ranks sixth in trading volume, trailing behind Bitcoin, Ethereum, Tether, and BNB.

Market Price Update

The market currently reflects a downturn, with the overall market capitalization dropping by 1.21% to $2.67 trillion. Bitcoin, the dominant player, has seen a 1.02% decrease in its price.

Amidst allegations surrounding Kucoin, the Kucoin Token (KCS) continues to decline, losing 21.12% of its trading value. Other notable losses include Hedera (HBAR) down by 10.64%, Kaspa (KAS) by 10.65%, Conflux (CFX) by 7.27%, and JasmyCoin (JASMY) by 7.84%.