NFTs Craze Makes For Record Solana Price Rise

2021-08-17 17:33:10

After the serious drop of crypto-prices in May, Solana reports a record 80% price rise, making for an all-time high. One of the main reasons and contributors is definitely the huge NFT activity on the market. This surge in NFT popularity is the biggest contributor for SOL going at almost 68 at the moment of writing.

More specifically, after Degenerate Ape Academy launched its NFT project, the SOL prices started to incline. Consequently, with nearly 18b, Solana is now part of the select top 10 cryptocurrencies by market capitalization.

The Degenerate Ape Academy did not expect such a bit turn-out for their tokens. With just above 10.000 cartoon apes, it is no wonder that the sale was done in less than 10 minutes. From here, the cheapest ape tokens on Solanart are no more than 13 SOL. And if you take into account that minting a single ape is 6 SOL, many users ended up with serious profits.

Although the biggest NFT craze is in relation to Ethereum, Solana definitely shows that is capable to build its own NFTs program. There are several key factors as to why in January one SOL was going for just below 2 and now it is almost at 70. One such contributor is the speed with which it processes transactions.

Particularly, due to its high throughput, Solana is capable of processing of up to 50.000 transactions. To give you a perspective, Ethereum can only process about 30. In addition to the quick transaction resolution and conveniently low fees.

It is due to these factors that many experts believe that Solana is yet to achieve its full potential. And consequently, to seriously challenge Ethereum as the go-to crypto option. It may take another similar NFTs craze, but we will definitely see a record Solana price rise again.

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