FIDA, the governance token of Solana-based infrastructure developer Bonfida, gained 40% following the launch of Solana Name Service (SNS) in China. This increase reverses the token’s downward trend in recent months and confirms analysts’ optimistic views about its long-term upside potential. FIDA, the governance token of Solana-based infrastructure developer Bonfida, experienced a jump after the launch of Solana Name Service (SNS) in China.
Solana-based altcoin experienced a rise
FIDA, the token that governs Solana-based infrastructure developer Bonfida, surged 40% following the launch of Solana Name Service (SNS) in China. At the time of writing, FIDA is still up 40 percent and trading at $0.44 in the last 24 hours, according to CoinMarketCap data. The daily trading volume of the token was recorded as 72 million dollars and the total market value was 50.3 million dollars. Despite the recent price increase, FIDA is still 96% off the all-time high of $10.87 reached on April 4, 2021.
Bonfida developed SNS, a platform that provides domain name services using the low latency and cost-effective features of the Solana Blockchain. SNS aims to redefine web3 naming systems, providing domain registration, management, registration processing and commerce services. It also aims to enhance web3 credentials by offering records management, profiling capabilities, and the ability to bridge web2 reputations across multiple blockchains.
Bonfida also expands to Vietnam
Within the Bonfida ecosystem, the FIDA token offers a variety of benefits, including preferential fee structures, registration discounts, and the potential for holders to influence the SNS Improvement Protocol. The latest price increase follows Bonfida’s June 5 announcement that “Solana Name Service is now available in Chinese.” The announcement highlighted their goal of making the website globally accessible, starting with the Chinese translation of all domain related services. The Bonfida team also highlighted that users can print domain names with the .sol extension in Chinese, such as “双子星.sol” listed on SNS for over $25,000, or the option to create a domain name with the .sol extension for $20.
Additionally, Bonfida announced its expansion into Vietnam on June 6. The team expressed their excitement about meeting new ecosystem partners and organizing the Solana Happy Hour event together with partners SuperteamVN, Saros and Ranger Finance. Interested parties can contact the Bonfida team between 6-9 June. Amidst the surge in FIDA, analysts suggested that the token is currently recovering with great strength. In a May 6 post, Javon Marks said that the token has broken through multiple key resistance trends on the logarithmic scale and could reach $9.0281. “This breakout implies a 2,188% upside potential from here to reach this target. This process may still be in its early stages,” Marks says.
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