Solana’s Mango Market DEX raised $70M, should you buy SOL?

    Solana SOL/USD has had quite a lot of developments as of recently, all of which have impacted its price.

    On August 10, Solana made huge progress with the Solana Bridge Wormhole, which began to support inter-blockchain message transfers. 

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    This is a decentralized bridge that brought many projects the ability to move tokenized assets seamlessly across blockchains.

    The Mango Markets funding as a catalyst for growth 

    That being said, on August 11, Mango Markets, the decentralized exchange on the Solana blockchain raised $70 million in an MNGO token sale.

    Mango Markets has its own cryptocurrency token, MNGO.

    The final minutes of the token sale only left $70,462,383 locked up in tokens.

    Mango is a DE  offering a trading hub for spot markets, perpetual futures as well as lending by sourcing its liquidity from its own pool alongside Serum. 

    Serum is Solana’s alternative to Uniswap which has been backed by FTX’s founder Sam Bankman-Fried.  Keep in mind that this sale was closed to people from the U.S.

    That being said, this decentralized exchange that runs on the Solana blockchain will definitely end up seeing an increase in its activity, which has the potential to drive the price of SOL up higher.

    Should you buy Solana (SOL)?

    On August 12, the price of the Solana (SOL) token was $41.38.

    Over the span of the last 24 hours, its trading volume increased by 6.20%, and its market cap increased by 2%. The all-time high value the token ever had was on May 18 where it was valued at $58.03.

    That being said, when we look at its performance in July, It ranged from $37.56 on July 7 and fell to $22.21 on July 20, which meant that it saw a 40% difference in value throughout the span of the month.

    Now, given the fact that Mango Market runs on the Solana Blockchain, and uses part of a liquidity pool called Serum, also being part of Solana, we can expect this increase in blockchain activity to drive demand for the token even higher and in turn, increase the cost of the SOL token.

    That being the case, when we compare the highest point the token ever saw at $58.03 with the value it had on August 12 at $41.38, we can see that it’s only 28% lower in value, which means that it is close to hitting that price range yet again. 

    It’s also 12% more valuable than its highest point in July, which spells excellent news for the future of the token.

    There are genuine developments currently going on in the Solana blockchain and as such, we can expect its price to break the $50 price barrier by the beginning of September 1 at this rate and climb to $51.

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