After the great declines of cryptocurrencies in the spring, gatherings have started to be seen in both Bitcoin and altcoins since mid-summer. Some cryptocurrencies resumed their rapid rise, which attracted everyone to the market earlier in the year. If one of them Launched in 2020 Solana project’s token became SOL.
SOL, the crypto currency of the open-source Solana project, created to provide decentralized financial solutions, has reached its highest price ever with an increase of 41% today. SOL, who is not even 2 years old now, saw $68.
After 65% increase in 1 week, 41% increase in 1 day
Bridges many decentralized financial networks and enables fast and inexpensive transfer of tokens of these projects mid-blockchain. Wormhole project caused SOL to increase 65% in 1 week. This increase has accelerated as the NFT project named ‘The Degenerate Ape Academy NFT’ was launched and succeeded on the Solana blockchain. SOL gained 41% in 1 day. SOL, which closed with about $ 53 yesterday, has reached $ 68 as of the moment.
Ten thousand monkey NFTs, which the NFT project, which is the subject of the word, offered for sale on Saturday, was exhausted in 8 minutes. The production price of these artifacts was 6 SOLs per NFT. Heavy interest of NFT enthusiasts and collectors, Increased the process volume in Solana to over $2.5 billion.
According to experts, the need for cryptocurrencies to be ‘the best’ disappears
Ethereum, the second largest cryptocurrency after Bitcoin, experienced bottlenecks during the period when the market accelerated, allowing many altcoins, including Solana, to spread their name to wider circles. For comparison, the Solana blockchain, It can process 2,000 times faster than Ethereum and 40 times faster than VISA. However, some experts think that it is no longer true to give adjectives such as ‘Ethereum killer’ to rising altcoins. Charlie Morris, an executive at crypto-focused investment firm CMCC Global, explains the situation with these words:
“Now the word ‘Ethereum killer’ doesn’t sound so wrong. The entire ecosystem is growing so fast, and it’s a shame to say that one system will kill another. I think both Ethereum and Solana will show very significant growth from this point. I think we’re already starting to see this growth… you can see it even when you look at the Wormhole in the middle of Ethereum and Solana. I am a firm believer that many different chains can work together in the long run”