News30 August 2021

Solana Enters List of Top 10 Cryptocurrencies by Market Capitalization

Solana Enters List of Top 10 Cryptocurrencies

Summary

· Move into NFTs boosts Solana market value

· First Solana NFT sale sold 10,000 copies

· Solana is now one of the biggest crypto by market cap

The SOL token has now become one of the biggest by market value thanks to the growing interest and popularity of Decentralized Finance (DeFi) and NFTs (Non-Fungible Tokens).

Currently, the value of one SOL token is $93 with a market capitalization of $26.86B, making it the ninth-largest asset in the crypto market, ahead of Polkadot that stands at $25.7 billion. SOL hit the $96 for the first time ever on Monday morning, having more than doubled since 15 august.

The interest in SOL swelled two weeks ago after Solana’s entrance into the NFT market by launching the Degenerate Ape Academy. This smash-hit debut introduced more than 10,000 NFTs featuring cartoon apes that sold out in the first ten minutes. This swelled the price of SOL since buyers needed to purchase the token to invest in the NFTs.

Other developments that may have contributed to the sudden rise of the token price include Pyth Network’s debut of their real-time data feeder on the Solana blockchain and the registering of Osprey Solana Trust with the U.S. securities regulators.

A continued boom in non-fungible products is expected to bring more gains to SOL in the future.

Kibet Elikana
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