Coinbase Wallet Adds Support For This Altcoin! Price Peaked

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Coinbase, the largest cryptocurrency exchange in the United States, made a new announcement the other day. The announcement by Coinbase caused the price of this altcoin to peak.

Coinbase Wallet Adds Support For This Altcoin!

Coinbase Wallet, the wallet service of Coinbase, which is among the largest cryptocurrency exchanges in the world, announced that it has added wallet support for Solana (SOL) and tokens in the Solana ecosystem. With this move by Coinbase, the price of Solana (SOL) started to increase.

After this announcement by Coinbase, the popular altcoin Solana (SOL) managed to rise above $ 90 again after a long time.

Coinbase cited increased interest in Solana over the past 12 months as the main reason behind adding support to the network, as investors seek low-cost alternatives to Ethereum.

The expanded wallet support comes just days after the company launched Coinbase Pay, which lets users fund their wallets directly through a web browser extension.

Coinbase announced its support for Solana in a blog post it shared on March 18. In the Coinbase blog post, it also outlined its plans to “more integrate” with Solana by connecting its Wallet with decentralized applications (dApps) and network-hosted NFTs.

Users can transfer their Solana-based wallets such as Phantom and Solflare to Coinbase Wallet via a desktop browser extension.

Coinbase Wallet Supports Ethereum, Avalanche, Solana and Many Networks

Following the addition of Solana network, Coinbase Wallet now supports Ethereum, Avalanche, Polygon, BNB Chain, Bitcoin, Dogecoin Litecoin, Stellar Lumens and Ripple network.

In the statements made by the popular crypto money exchange Coinbase, the following statements were included;

Many users are looking for networks that are optimized for scale, offering low-cost transactions and fast transaction times. Solana has been one of the fastest growing blockchains in the past year.

According to data from Defi Llama, the Solana blockchain currently ranks fifth in terms of total value locked (TVL) in decentralized finance (DeFi) protocols, with $6.94 billion. NFT data aggregator CryptoSlam ranked it as the second-highest blockchain for secondary sales volume with $156.28 million last month.

Like the majority of the crypto market that has performed fervently this year, SOL price has dropped 18% in the past 30 days to $85.90.