(FIDA) price surges 36% following Solana Name Service launch in China

The price of Bonfida’s governance token, FIDA, surged by over 36% in the past 24 hours, reaching $0.3804 as of 4:00 GMT.

This significant increase comes as investors respond to the launch of the Solana Name Service (SNS) in Chinese.

The token’s trading volume soared to $72 million, with its market cap now standing at $50.3 million.

Solana Name Service launch in China sparks investor interest

FIDA, the token governing the Solana-based infrastructure developer Bonfida, experienced a meteoric rise following the announcement that its Solana Name Service is now available in Chinese.

This move aims to expand SNS’s global accessibility, starting with the translation of all domain-related services into Chinese. Users can now obtain .sol domains in Chinese, with notable listings such as “双子星.sol” priced at over $25,000 or create a .sol domain for $20.

Bonfida leverages the low-latency and cost-effective features of the Solana blockchain to develop the SNS, a platform that offers comprehensive domain name services.

These services include domain registration, management, record handling, and trading, aiming to enhance web3 identity through advanced record management and profiling capabilities.

Despite surge, FIDA remains 96% below all-time high

Despite the recent price surge, FIDA is still down 96% from its all-time high of $10.87, achieved on April 4, 2021.

The Bonfida ecosystem, through the FIDA token, provides various benefits such as privileged fee structures, registration discounts, and the ability for holders to influence the SNS Improvement Protocol.

The recent price surge followed a June 5 announcement on X by Bonfida, emphasizing the launch of the Solana Name Service in Chinese.

The Bonfida team expressed their goal of making the website accessible globally, starting with this translation effort.

Additionally, on June 6, Bonfida announced its expansion into Vietnam, aiming to establish new ecosystem partnerships and co-hosting the Solana Happy Hour with partners SuperteamVN, Saros, and Ranger Finance.

Analysts see strong recovery potential for FIDA

Amidst the surge in FIDA’s price, analysts have taken to X to suggest that the token is recovering with significant strength.

In a May 6 post, Javon Marks noted that FIDA had broken out of multiple key resisting trends on a logarithmic scale, suggesting a potential target that could see further price increases.

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