- The governance token of Solana-based infrastructure developer Bonfida, FIDA, surged by 40% following the launch of Solana Name Service (SNS) in China.
- This significant price rise reverses the token’s recent downward trend, validating analysts’ long-term bullish outlook.
- The launch has bolstered optimism around FIDA, bringing it into the spotlight within the crypto community.
Discover the recent surge of FIDA following the Solana Name Service launch in China, and what it means for the token’s future.
Solana-Based FIDA Token Experiences Major Surge
The governance token FIDA, associated with Solana-based infrastructure developer Bonfida, has seen a remarkable 40% increase in value. According to data from CoinMarketCap, FIDA continues to trade up 40%, priced at $0.44 within the last 24 hours. The token’s daily trading volume has peaked at $72 million, while its total market cap stands approximately at $50.3 million. Despite this recent uptick, FIDA remains 96% below its all-time high of $10.87, which it achieved on April 4, 2021.
Bonfida’s Advancement with Solana Name Service
Bonfida has developed the Solana Name Service (SNS) utilizing the low latency and cost-effective features of the Solana Blockchain. SNS aims to redefine Web3 naming systems by providing domain registration, management, and trading services. It also seeks to enhance Web3 identity through capabilities like profile creation and bridging multiple blockchains, along with incorporating Web2 reputations.
Bonfida Expands to Vietnam
Beyond China, Bonfida is expanding its ecosystem to Vietnam. Benefits associated with the FIDA token include exclusive fee structures, registration discounts, and influence over the SNS Improvement Protocol. Bonfida’s recent announcement on June 5 about making Solana Name Service available in Chinese has significantly contributed to its global accessibility goals. Users can now register and list domain names in Chinese, exhibiting options such as “双子星.sol” priced over $25,000 or more accessible names for around $20.
IS NOW LIVE IN CHINESE 🇨🇳
One of our main goals is to make our website accessible to everyone, everywhere
Our first venture is a Chinese translation of all things domains. We’re taking our expansion in the APAC region seriously – look out for us!
For… pic.twitter.com/kABQTzfr2Y
— Solana Name Service | Bonfida (@bonfida) June 5, 2024
Additionally, Bonfida announced its foray into Vietnam on June 6, conveying excitement about collaborating with new ecosystem partners and hosting the Solana Happy Hour with SuperteamVN, Saros, and Ranger Finance. Interested parties can engage with the Bonfida team from June 6-9. Amid these developments, analysts suggest that FIDA is making a robust recovery. Javon Marks highlighted in a May 6 post that the token has surpassed multiple significant resistance trends on a logarithmic scale and could potentially reach $9.0281. According to Marks, “This breakout suggests a 2,188% upside potential towards this target, although it may still be in its early phases.”
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Conclusion
The 40% surge in FIDA following the Solana Name Service launch in China marks a pivotal turnaround for the token. With ongoing expansions into new markets like Vietnam and increasing community engagement, the long-term outlook for FIDA appears promising. As adoption and investment interest continue to rise, FIDA is poised for potential further upward movements.
