Solana (SOL) Staking Engagement Returns Near All-Time Highs: Details

In a "State of Staking" report shared by staking explorer Staking Rewards on Twitter, Solana is posting encouraging staking stats.

According to the graphic posted, Solana ranked second among blockchains with the highest net staking inflow. With a staking inflow of $97,144,738, Solana followed Ethereum in 24-hour net staking inflows. Aside from this, engagement is increasing as the Solana-engaged balance is creeping up.

The $SOL engaged balance is creeping up, despite its volatile price action.

The engaged balance is currently 384.2M $SOL, only down 6.4% from its ATH of 410.5M $SOL.

Are we seeing some renewed confidence from #Solana stakers?

— Staking Rewards (@StakingRewards) January 4, 2023

Staking Rewards gives the engaged balance a value of 384.2 million SOL, only down 6.4% from its all-time high of 410.5 million SOL. It believes that this indicates renewed confidence by Solana stakers.

In the last seven days, as Solana's price recovered, SOL staking metrics also saw an improvement. The overall number of stakers on the Solana network has increased over the last seven days, according to data provided by Staking Rewards. This figure currently stands at 588,688, which represents an increase of +44.87% in the past seven days.

Solana has a staking market cap of $5,251,910,571 with a staking ratio of 71.43%, per staking rewards data.

SOL price up 35% weekly

Even though major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) barely moved over the past 24 hours, Solana's SOL has increased 14% to $13.48 at the time of writing.

This is because the recently launched Shiba Inu-themed token Bonk (BONK) decided to do a major airdrop, which sparked interest in the Solana community. The cryptocurrency Solana has also increased by 35% over the last week.

Bonk's airdrop, which represented 50% of its token supply, most likely sparked a lot of community interest. A total of 20% of the airdrop supply is going to Solana NFT collections, which include 297,000 individual NFTs, and 10% is going to Solana-focused artists and collectors.