The cryptocurrency associated with the Solana network has recently risen ranks to end up at the 7th position.
As it registered considerable gains, it managed to displace dogecoin. Meanwhile, many anticipate that in the near future, it will become a fierce competitor of Ethereum.
Solana’s token, abbreviated as SOL, has increased threefold in a span of just three weeks. This had led its market value to increase to over $45 billion.
Solana alleges that it’s among the fastest blockchain networks globally. It’s also claimed the crown for being the most rapidly expanding ecosystem in the crypto industry.
It has more than 400 projects, which are spread out in different niches, including DeFi, Web3, NFTs among others. Many are optimistic that soon enough, Solana will become a long-term competitor of Ethereum, which has been thriving in other applications like digital collectibles and DeFi.
Based on the information displayed on Solana’s site, each transaction costs an average of $0.00025.
In the past week alone, this crypto’s token registered an upward trend of 50%. In the meantime, other digital currencies were struggling to get any positive returns.
In the course of the last 30 days, SOL has increased by more than fourfolds. Its price rose sharply from just $35 to a staggering $163.
In June, Solana made it known that it had procured about $314 million. This was after it conducted a funding round that saw key players like Polychain Capital and CoinShares, Andreessen Horowitz (a venture capital company) and Bankman-Fried’s Alameda Research, participate.
On another note, altcoins have been stealing the spotlight from renowned crypto tokens like Ether and Bitcoin. Binance Coin, Cardano and Solana have been increasing in popularity, especially in the past couple of weeks.
Unfortunately, things haven’t gone well for Bitcoin, which seems to have taken a nosedive. The crypto went from $52,000 to $42,000, before gaining a bit of stability after El Salvador became the first nation to accept Bitcoin as legal tender on Tuesday.