Solana (SOL) Smashes Past $200 Becoming the Sixth-Largest Crypto By Market Cap
The native cryptocurrency of the Solana blockchain - SOL - has recently gained momentum and currently is now more valuable than Ripple. Over the last 24 hours, SOL observed a surge of more than 22%, which aided to a peak of an all-time high of $214 on Thursday.
Solana is currently the 6th largest cryptocurrency globally, with a market cap of over $60 billion. In comparison, SOL is larger than Dogecoin (DOGE), XRP, Polkadot (DOT), Uniswap (UNI), USDC, and Bitcoin Cash (BCH). With a total of 3% market dominance in the crypto ecosystem.
Despite a dip to $130 earlier this week in the broader market correction, Solana bounced back strongly. Earlier today, it reached another all-time high of $214. Over the last month, a remarkable Solana has delivered six-fold gain rallying from $37 all the way to $209. In a yearly overview, SOL began this year at a price level of just $1.5. The value has jumped by roughly 13,900% to date. Same time, XRP saw growth of nearly 400% this year.
Since last month institutional interest for SOL has escalated piercingly. Solana investment products attracted record inflows of $13.2 million. “Solana remains the favorite with weekly inflows totaling US$13.2m last week, doubling its total inflows year-to-date. While AuM has grown from US$15m the previous week to US$44m last week.” Solana’s total market cap jumped above $60 billion, making SOL more valuable than Dogecoin.
The total value locked (TVL) on the Solana blockchain has towered past $7.75 billion. Just like the SOL price, Solana’s TVL has also shot to 5x in just a month’s time. The high DeFi activity shows that SOL gradually appears as a direct competition to ETH for hosting DeFi projects. This is because Solana blockchain offers a lot more scalability with negligible transaction costs.
The proof-of-history (PoH) is one of the most vital innovations SOL provides to its enthusiasts. This concept allows for greater scalability of the protocol, which in turn boosts usability. The reason its popularity sprung is because of the incredibly short processing times the blockchain offers.
On the other hand Solana blockchain is becoming an attractive destination for hosting NFT projects. Solana Monkey Business NFT has been drawing strong transaction volumes on the network. It is a collection of 5000 unique and randomly generated images of cartoonish pixelated monkeys. This is similar to CryptoPunk NFTs and Bored Ape Yacht Club NFTs on Ethereum-based OpenSea marketplace. Solana Monkey Business (SMB) is among the latest NFT collections to appear on the Solana blockchain.
Famous and renowned personalities worldwide have recently joined Solana’s NFT Boom. Steve Harvey (comedian), KSI (Rapper & YouTuber) are the few named supporters.