Solana News: Price Surges 9% Despite Failed Proposal to Alter Staking Rewards

A recent proposal to change Solana’s staking rewards system has failed to gain the necessary approval, but the cryptocurrency’s price has risen significantly nonetheless.

Solana Gains 9% After Failed SIMD-228 Proposal

Solana reclaimed the $130 price level after a historic number of on-chain votes participated in its recent SIMD-228 proposal. The proposal, which aimed to switch SOL’s issuance from a fixed inflation rate to a dynamic model by altering staking rewards, failed to meet the required 66.67% approval threshold. Despite this, Solana’s price ROSE by 9% on Friday following the result of the vote. 66.67% of yes votes were necessary for the proposal to pass, but it only received 43.6% yes votes with 27.6% voting no.

Solana Inflation Reform Proposal SIMD-228 Defeated in Vote

A proposal aimed at reducing Solana’s inflation rate by 80% has failed to pass in a vote, despite generating high turnout across the ecosystem. The SIMD-228 motion secured 61.39% ’Yes’ votes but did not meet the required 66.67% supermajority approval. The vote was held alongside SIMD-123, which also saw unprecedented levels of participation.

Solana Forms Cup-And-Handle Pattern; Analyst Predicts Breakout

Solana (SOL) is facing significant selling pressure and struggling to hold key support levels as the crypto market remains under stress. SOL has plunged over 37% since the start of March, reflecting broader market sentiment. The downturn isn’t limited to crypto, with trade war fears and macroeconomic uncertainty pushing both crypto and U.S. stock markets to their lowest levels since late 2024. Despite this weakness, some analysts see potential for a turnaround, noting that Solana is forming a cup-and-handle pattern, a bullish technical formation.

ShibaDino: The Future of Community-Driven Projects

ShibaDino is more than just hype; it’s a serious contender in the crypto world. The project has taken engagement to the next level with two key platforms: ShibaDinoSocial.io, a hub for community videos and monthly prize pools, and DinoFoundation.io, supporting the project’s long-term vision. NFTs play a vital role, with 140 NFTs raffled to presale investors over 20 SOL, 10 NFTs given to active community members, 52 listed on MagicEden, and 20 held by the team ensuring fairness. ShibaDino demonstrates that community-driven projects can have a significant impact.