Choose your language:
Solana recently made it into the top 10 cryptocurrencies by market cap, while Solana ecosystem projects Audius and Arweave have also been rallying
Last week saw many cryptocurrencies make gains, with Bitcoin almost reaching $50,000 and Ether testing the resistance around $3,300. Neither of them, however, came close to regaining their all-time highs from last quarter.
Both were outperformed though by Solana (SOL), which has pushed its way into the top 10 cryptocurrencies with a market cap of over $21 billion. After surpassing its May all-time high of $61.44 last Monday, SOL went on to rise by another 35% to set a new all-time high of $83.23 on Saturday.
Solana’s innovative Proof of History consensus mechanism means dramatically increased scalability, and with an average transaction cost of just $0.00025, Solana is becoming a popular blockchain for decentralised app (dApp) development.
One of the most recent additions to the Solana ecosystem is PsyOptions, an American style options protocol that allows users to write options for any asset represented by an SPL token – a fungible token standard for the Solana blockchain.
The rise of non-fungible tokens (NFTs) seems to have helped Solana in its recent rally. Metaplex launched in June to enable artists and creators to build NFT experiences on Solana and is already proving popular.
More recently, Degenerate Ape Academy launched on Solana and its initial collection of 10,000 ape NFTs sold out in just eight minutes, reaching nearly $6 million in overall trading volume.
Solana-based projects have also seen their tokens rally along with SOL. Audius provides decentralised music sharing and streaming on Solana and its AUDIO token is up 73% over the last seven days.
Meanwhile, decentralised storage protocol Arweave – which was used by Degenerate Ape Academy to store its NFT – has also exploded in popularity, with its AR token surging by 46% over the last seven days.
After setting a new all-time high on Saturday, SOL price fell for the rest of the weekend. It is currently changing hands at $73.45 at time of writing.
Keep updated with our round the clock and in-depth cryptocurrency news.
No SPAM ever!
Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. We may receive financial compensation from these third parties. Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services.
Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.
CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.
Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.
When trading in stocks your capital is at risk.
Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.
Choose your language: