- Solstice token price went parabolic on Monday, with its market cap hitting $100 million.
- The token jumped after the latest listing by Upbit and Bithumb.
- There are significant risks that the SLX price will crash soon amid profit-taking.
The Solstice token price went parabolic today, continuing a trend that started in March when it launched its token-generation event (TGE). SLX token more than doubled, reaching a high of $0.5791, up 232% from its weekend low. Its market capitalization jumped to over $100 million.
Solstice Token Price Jumps After Key Exchange Listings
Solstice token jumped in a high-volume environment. Data show that its 24-hour trading volume soared to over $419 million, far exceeding the token’s market capitalization of over $101 million. Most of this trading was happening in PancakeSwap, Bitget, and Uniswap.
Solstice token jumped as more crypto exchanges continued listing it. It went live on Upbit, the biggest crypto exchange in South Korea. This is important because South Korea is one of the most popular crypto trading hubs in the world. Other exchanges like OKX and Bithumb, the second-biggest South Korean exchange, might follow suit.
SLX price is also rising, as third-party data show that network growth is accelerating. Its total value locked (TVL) jumped to a record high of $500 million today, well above the year-to-date low of $170 million. USD inflows in the network have soared, reaching $122 million in May, the highest level on record.
Solstice’s TVL is based on the USX market capitalization. USX is an overcollateralized settlement layer on Solana with over 50k users, offering double-digit returns.
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The Solstice price rally is also driven by recent investments from Anchorage Digital, a leading U.S.-regulated crypto bank. Anchorage has also invested in other coins, including EigenLayer and Worldcoin.
SLX Price Faces Major Risks Ahead
Still, the ongoing Solstice price surge faces substantial risks. For one, there is a risk that the token will crash as investors book profits following the recent surge. We have seen many newly minted tokens surge and then crash shortly after.
A good example of this is Berachain, whose BERA token soared to $9.17 after its TGE and then plunged to $0.355. Similarly, Sonic price surged to $0.9832 in February and then plunged to $0.040. Monad token surged to a record high of $0.049, then fell to $0.023, while World Liberty Financial (WLFI) rose from $ 0.059 to $ 0.3206.
The other risk is that its insiders will likely continue dumping the token in the coming days as its price continues soaring. This is a common situation in the crypto industry, where insiders dump their holdings after TGE.
Additionally, the coin will continue having substantial dilution in the coming months. It has a circulating supply of 242 million against the total supply of nearly 1 billion.
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