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- SOL’s price increases by 30%
- Sam-Bankman Fried says that the current surge in SOL’s price may be independent of the sell-offs
- Alameda heavily invests in Solana blockchain
While Dogecoin is dominating the entire cryptocurrency market by a considerable margin, several analysts point towards the fact that Litecoin and Solana are on the verge of entering massive rallies. Solana (SOL), the native cryptocurrency of the blockchain supported by FTX’s Sam Bankman Fried, multiplied its worth by almost 17 times this year alone. Currently, its market capitalization stands tall at over $8 billion. Solana is a blockchain that supports the development of cryptocurrency apps.
A Surprising 30% Growth in SOL’s Worth
The SOL tokens shortly recorded a daily percentage gain despite bitcoin’s very recent sell-off. Currently, the token’s value stands at $31.22, which is up by almost 2.26% in the last 24 hours, and the market capital stands at $8.4 billion. In the event of Bitcoin’s sell-off on Sunday, SOL was approximately valued at $33 at the FTX exchange. This accounted for an almost 30% increase in its value. Because prices of most cryptocurrencies, including bitcoin, dropped to multi-week lows, Solana’s sudden increase in its value was astounding.
Token’s High Year-to-Date Returns
Solana’s biggest supporter Sam Bankman Fried, the CEO of FTX, commented that the factors responsible for the current upsurge in the token’s value might be independent of the recent bitcoin sell-off. Solana has come a long way from where it used to be a year ago. Currently, the token has a year-to-date return of almost 1600%. As mentioned before, it has a pretty impressive market capital of over $8 billion, just a million short of Tron’s(TRX), $9.17 billion.
Solana to Distract the DeFi Developers from the High Gas Fees Ethereum Platform
Distracting Decentralized Finance (DeFi) developers from the Ethereum platform due to its high gas fees made Solana a potential rival of the second-largest blockchain company in the world. Moreover, Alameda, the trading company run by Sam Bankman Fried, has been seen heavily investing in the Solana blockchain to resort to an Ethereum based alternative that can do a lot faster and scalable transactions. Bankman-Fried’s team also revealed their plans on building their decentralized exchange (DEX), Serum, on the Solana blockchain.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
