Solana Integrates Circle’s CCTP; SOL Slips 4.20% Intraday

The partnerships of the cryptocurrency-based companies have raised speculations that a significant boost in crypto adoption might be observed. Since the past few years, cryptocurrencies have surged significantly and might evolve as the subsite of mainstream currency.

Solana (SOL) is among the top five cryptos, with a significant market capitalization integrated with the Circle’s Cross-Chain Transfer Protocol (CCTP). The Circle issues the USDC coin.

The integration will enable the developer on Solana to exchange USDC tokens with Ethereum and other leading blockchains directly. It is claimed to boost interoperability across the crypto ecosystems.

CCTP (Cross-Chain Transfer Protocol) uses the mint and burn process and permits the process of secure transfer of USDC across different blockchains. In the past few weeks, Solana’s price has fluctuated significantly.

CCTP acts as a bridging protocol; however, besides the integration, Allbridge, Mayan Finance, Drift Protocol, Sphere Labs, Cube Exchange, Jupiter Exchange, and others were significant Solana ecosystem entities.

Other News

All three of them, including SingularityNET, Fetch.ai, and Ocean Protocol, plan to combine all three tokens into an AltSignals (ASI) Token. As per the information, the ASI token will have a diluted valuation of $7.5 Billion.

Munchables, a Web3 gaming platform that lost $62.5 Million, is an exploit; the ecosystem is based on Blast Network. A company unveiling rug pulls in the market has identified the theft and tracked the wallet address. The firm informs that the tracked wallet held $17,411 in Ethereum.

Cathie Wood has sold 1.5 million Robinhood shares from three companies owned by ARK group. When writing, Hood stock is trading at $19.08, with a growth of 22.39%.

According to TradingView, the yearly price target of the stock is $16.14.

Solana (SOL) Price Update

According to CoinMarketCap data, Solana (SOL) is trading at $185.91, with a monthly growth of 69.18%. In the past 30 days, SOL broke the resistance of $200, reaching its highest at $209.70.

However, its all-time high is $260.06, recorded in November 2021. During the early phase of 2021, many cryptocurrencies have recorded their highest trading price till their evolution.

Solana has a market capitalization of $34.14 Billion, which makes it the fifth crypto with the most market cap. The token is ranked sixth in trading volume below Bitcoin, Ethereum, Tether, and BNB.

Market Price Update

The redness in the market reflects harsh action; the market capitalization slipped 1.21% and reached $2.67 Trillion. Bitcoin, the market leader, has lost 1.02% of its price.

Following the allegation over Kucoin, the Kucoin Token (KCS) is constantly bleeding and lost 21.12% of its trading price. Hedera (HBAR) lost 10.64%, Kaspa (KAS) 10.65%, Conflux (CFX) 7.27% and JasmyCoin (JASMY) 7.84%.

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.

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