FIDA rallies 35% following launch of Solana Name Service in China

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As a researcher with experience in the crypto market, I’m excited about the recent developments surrounding FIDA and Bonfida. The surge in FIDA following the launch of Solana Name Service (SNS) in China is a significant milestone for this infrastructure developer.

The price of FIDA, the native token for Solana infrastructure developer Bonfida, has experienced a significant increase of approximately 35%, largely due to the recent rollout of Bonfida’s Solana Name Service (SNS) in China.

Currently, FIDA has gained 29% and is being traded at a price of $0.392 in the past 24 hours based on data from CoinMarketCap. The token saw a trading volume of around $72 million and a market capitalization of approximately $50.3 million during this period.

FIDA rallies 35% following launch of Solana Name Service in China

I’ve observed that despite undergoing a recent price hike, FIDA remains significantly undervalued compared to its historic peak. Specifically, it currently stands at a level representing an 96% decrease from its all-time high of $10.87, which was attained on April 4, 2021.

Bonfida takes advantage of Solana’s fast and affordable blockchain characteristics to build SNS (Solana Names Service), a versatile platform for domain name solutions. SNS intends to revolutionize web3 naming systems by offering domain registration, management, record maintenance, and trading functionalities.

Additionally, it aims to elevate web3 identities by providing features for managing records, creating profiles, and linking web2 reputations across various blockchain networks.

In the Bonfida platform, holding the FIDA token grants you several perks. These include lower fees for transactions, reduced costs when registering, and the opportunity for token holders to shape the development of the SNS Improvement Proposal.

Following Bonfida’s June 5 announcement, the price of Solana surged anew. This announcement declared Solana Name Service as now operational in Chinese.

Our objective is to ensure our website is accessible to all, no matter the location.

— Solana Name Service | Bonfida (@bonfida) June 5, 2024

I’ve learned that Bonfida is committed to expanding its website’s reach worldwide, beginning with Chinese translations of all domain-related services. Notably, users can now secure a “.sol” domain in Chinese, such as “双子星.sol,” which currently goes for over $25,000 on social media platforms. Additionally, the opportunity to register a new “.sol” domain costs $20.

On June 6, Bonfida unveiled plans to broaden its presence in Vietnam. The team is enthusiastic about forging new partnerships within the local ecosystem and collaborating with SuperteamVN, Saros, and Ranger Finance to co-host a Solana Happy Hour event.

Interested parties can reach out to the Bonfida team between June 6 and 9.

As a dedicated researcher delving into the current financial landscape, I’ve noticed an uptick in discussions surrounding FIDA. To shed light on the situation, some analysts are advocating for examining X as evidence that the token is presently regaining significant momentum and strength.

As a market analyst, I’ve noticed that in a May 6 post on X, Javon Marks pointed out that the token has surpassed several significant resistance levels on a logarithmic chart. According to his analysis, this token could potentially reach a price of $9.0281.

As a researcher, I’ve identified a potential breakout in the market data. This development could suggest an increase of up to 2,188% if we were to reach the target price. It’s important to note that this trend might still be in its initial stages.

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2024-06-06 11:00