At the time of writing, FIDA was still up 29%, trading at $0.392 over the past 24 hours, according to CoinMarketCap. The token recorded a daily trading volume of $72 million and a total market cap of $50.3 million.
The SNS aims to redefine web3 naming systems, providing domain registration, management, record handling, and trading services. Within the Bonfida ecosystem, the FIDA token offers various benefits, including privileged fee structures, registration discounts, and the potential for holders to influence the SNS Improvement Protocol.
The latest price surge followed a June 5 announcement by Bonfida stating that Solana Name Service is now live in Chinese. The announcement emphasized their goal to make the website accessible globally, starting with a Chinese translation of all domain-related services.
The Bonfida team also mentioned that users could have their .sol domain in Chinese, highlighting “双子星.sol” listed at $25k+ on SNS or the option to create a .sol domain for $20. The team expressed excitement about meeting new ecosystem partners and co-hosting the Solana Happy Hour with partners SuperteamVN, Saros, and Ranger Finance.
Interested parties can reach out to the Bonfida team between June 6 and 9. Amidst the surge in FIDA, analysts have suggested that the token is currently recovering with major strength.
Marks added, “This breakout can imply another 2,188% upside from here to reach this target and this process may be still in its early stages.”