Solana (SOL) fires 30% boosted by the creation of NFTs in the blockchain itself

Charlie Taylor

Solana (SOL) is taking off this Monday (16) and was able to hit the highest price in history of US$ 68.82. The record came late in the morning thanks to a  30% appreciation in the last 24 hours. According to CoinMarketCap, SOL is the top 100 cryptocurrency with the best performance this week. By achieving a record capitalization of $19.7 billion, the token achieved a position in the top 10 cryptocurrencies with the highest market cap, leaving behind Uniswap (UNI). Solana accumulates an appreciation of 65% throughout the week, a gain that rises to 154% in the monthly period. At the same time, the currency receives a large number of trades. In just 24 hours, SOL's volume rose 280% and currently stands at US$ 3.8 billion. What may have boosted the price of the coin was the Sunday (15) launch of the Degenerate Ape Academy, a collection of non-fungible (NFT) tokens built on Solana's blockchain. In just eight minutes, all 10,000 NFTs in the collection were sold, generating a trading volume of 96,000 SOL, equivalent to more than $5.9 million, according to Decrypt. Chimpanzee illustration NFTs started to be sold at 6 SOL but due to high demand, the minimum price rose to 14.40 SOL. Currently, the most expensive NFT on sale on the Solanart marketplace costs 100,000 SOL, around R$34 million. Degenerate Ape Academy NFT Collection (Source: Solanart)

Solana's future

The price of SOL doesn't just react to the popularization of the NFTs circulating on its network, and the crypto community seems to be excited by the development of the blockchain as well. Last Monday (9), was released in the core network Wormhole 2.0, a communication bridge between Solana and other DeFi chains such as Ethereum and Binance Smart Chain. On Wednesday (11), it was the turn of the decentralized exchange (DEX) Mango Market, based on Solana's network, to raise US$ 70 million with the sale of 500 million MNGO, the platform's native token. Solona's developers seem to target decentralized finance and raise the currency's bar as a competitor to Ethereum, the network that still dominates the DeFi industry.

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