Solana celebrates its fifth anniversary since its mainnet launch in March 2020, during the onset of the COVID-19 pandemic. The blockchain has emerged as one of the top platforms by transaction volume, processing over 408 billion transactions worth nearly $1 trillion on decentralized exchanges. Initially launched with support from venture firm Multicoin Capital, Solana aimed to rival Ethereum, achieving a peak market cap of $77.8 billion by early 2021. However, the 2022 bear market, exacerbated by the collapse of FTX, severely impacted its market cap, dropping it to $3 billion by late 2022. In 2023, Solana rebounded significantly, particularly benefiting from a memecoin craze, with several new memecoins emerging and driving its market cap to over $140 billion by early 2025. Further highlighting its growth, the Trump administration announced plans to include Solana in its Digital Asset Stockpile as a reserve asset alongside Ethereum and others. Furthermore, Solana released its first major crypto phone, the Solana Saga, to capitalize on the interest in memecoins. Despite challenges, including network outages, the future looks promising for Solana as it continues to innovate in the blockchain arena.

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