Markets Wrap: Solana and Terra Tokens Rise Amid NFT Craze

We saw Solana (SOL) and Terra (LUNA) continuing to record all-time highs, which I feel suggests that this asset class [will] continue to mature,” said Kevin Kang, Founding Principal of BKCoin Capital.

  • In August, the NFT marketplace OpenSea surpassed $1 billion in sales, setting a new milestone for the number of unique daily purchasers.
  • The DeFi protocol is a protocol that allows you to connect Ondo was able to raise $4 million in seed funding from well-known investors such as Pantera and Genesis.

The prices of Solana and Terra tokens soared on Tuesday as a result of the avalanche of surging non-fungible token (NFT) sales, which included the growing popularity of animal-based NFTs.

Over the weekend, the NTF portal Solanart listed the Degenerate Ape Academy. On Saturday, Solanart, which mints digital art using the Solana blockchain, sold all 10,000 cartoon apes in just eight minutes.

Solana gained 28% on Monday and 15.68% the next day as a result of the news. According to CryptoSlate, SOL has gained +83.02 percent in the last week. Furthermore, Terra's LUNA token was up 15.41% on Wednesday and 73.92 percent in the last seven days.

According to Coin Metrics Network Data, OpenSea, one of the largest NFT marketplaces, had over $1 billion in sales in August, with their highest number of unique daily customers.

Ondo, a DeFi protocol, has acquired $4 million in funding from big-name investors such as Pantera and Genesis. The seed financing will go toward introducing new yield strategies and expanding the team, which was founded by two former Goldman Sachs employees, Nathan Allman and Pinku Surana. With services including loan, trading, and basic derivatives, co-founder Allman says the company has only “scratched the surface of possibility in DeFi.”


  • At 4:00 p.m. ET, DeFi Uniswap is trading at $26.53, with a total value locked of $4,765,744,171, down -7.1 percent in 24 hours.
  • At 4:00 p.m. ET, Chainlink was trading at $25.67, down -5.9%, with a 24-hour trading volume of $1,566,624,139.
  • At 4:00 p.m. ET, DeFi:ETH is at 32.8 percent.


  • At 4:00 p.m. ET, Bitcoin is trading at $44,899.04, down -0.27% in the last 24 hours.
  • At 4:00 p.m. ET, Ether is trading around $3,030.10, down -1.40 percent in 24 hours.
  • At 4:00 p.m. ET, ETH:BTC is trading at 0.067, up 0.17 percent.
  • At 4:00 p.m. ET, the VIX had risen 9.83 percent to 19.67.


Kevin Kang, the founder of BKCoin Capital, recapped Tuesday's market action, saying that some difference between different assets (such as SOL and LUNA) could be a sign of developing crypto markets.

“The crypto market was not immune to yesterday's equity market sell-off, as bitcoin and ethereum both plummeted [and] broke below $45,000 and $3,000, respectively,” Kang told Blockworks. “It's encouraging to see some dispersion among assets, as we witnessed Solana (SOL) and Terra (LUNA) continue to record all-time highs, indicating that this asset class [will] mature.”

The Federal Open Market Committee (FOMC) minutes released on Wednesday showed that the Federal Reserve may start tapering bond purchases as soon as this year. However, Blockworks claimed that it was unclear when the tapering would begin or in which area.

After lower-than-expected July housing figures, markets began lower on Wednesday. According to the Commerce Department's monthly report, housing starts in the United States plummeted by 13.1 percent for multi-family dwellings and 4.5 percent for single-family homes.


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