As NFT Mania takes hold, Solana is back to all-time highs

In the previous week, the price of Solana's SOL token has increased by 80%. SOL has reclaimed its all-time high thanks to increased activity and oncoming NFT craze. Important Points to Remember

  • Solana's SOL token has become the first major cryptocurrency to recapture its all-time high after the May meltdown, with a price increase of 80% in the previous week.
  • With a market capitalization of over $18 billion and a price of around $68, SOL has reached the top ten cryptocurrencies by market capitalization.
  • The substantial price hike is partly due to increased activity on the chain as a result of popular NFT dumps.

Since the May meltdown, Solana is the first of the main cryptocurrencies to reclaim its all-time high. Following the debut of the NFT initiative Degenerate Ape Academy, the price of SOL rose to $67.

Season of Solana

Those who predicted Solana Summer in May will be relieved to learn that the last few months were merely a postponement. In recent weeks, the layer 1 blockchain has experienced more usage, and the value of its native coin has risen rapidly, crossing $67 at the time of writing.

The price increase occurred at the same time as the launch of the NFT project Degenerate Ape Academy. Much has been stated recently about Ethereum's NFT craze, but this latest announcement reveals that Solana is also eager in developing its own NFT environment. 10,000 different cartoon apes were featured in the project, which sold out in under ten minutes.

On Solanart, Solana's OpenSea equivalent, the cheapest available apes cost approximately 13SOL, or little under $1,000. According to the Degenerate Ape crew, the launch went poorly because interest was far more than projected. The cost of minting an ape was 6SOL, thus those who created Degenerate Apes have already profited handsomely.

After starting the year under $2, Solana is a blockchain that has gained a lot of popularity in 2021. It has a high throughput of roughly 50,000 transactions per second, as well as speedy transaction resolution and inexpensive costs. Ethereum, on the other hand, gives roughly 30.

Because Ethereum NFT drops frequently result in sky-high gas fees, a blockchain like Solana could be a suitable competitor when it comes to NFT drops. The quick transaction speed and minimal fees make it considerably easier for artists and collectors to distribute their work. Anatoly Yakovenko, the company's founder, believes the chain will develop at an exponential rate in the next years.


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