Solana Beats Dogecoin by Market Cap on CoinMarketCap
The Solana token managed to dislodge the Internet's favorite “memecoin”, Dogecoin, from its honorable seventh spot on the CoinMarketCap top, reaching a new all-time high at $145.97.
Over the past day, SOL tokens have added more than 22% in price, not only passing the psychologically important barrier of $145 but also breaking the previous record, recorded this Tuesday at $130 per token. The market capitalization of the cryptocurrency also surged 22.60% to $41 billion.
Since the launch of the promising NFT project with the strange name Degenerate Ape Academy based on its blockchain, SOL tokens have been doing great, showing a threefold growth. And given the fact that NFT fever has not disappeared anywhere, the $145 level for many crypto enthusiasts seems to be just the beginning of a bullish rally in the token. At the same time, some community members believe that the main reason for the growth of the token was Solsea, the first NFT marketplace based on Solana, launched on Friday.
The Solana ecosystem is attracting more and more investors with its scalability priority, low operating costs, and fast transaction processing. The project team described it as “the fastest blockchain in the world”, apparently to lure Ethereum fans into their camp. The latter, by the way, also showed growth against the background of the NFT boom.
The total growth in the value of the SOL token over the past 30 days has exceeded 300%. On August 1, the coin reached $35, on Monday it was fixed above $100, and today its price on the Huobi cryptocurrency exchange is $141.81.
This allowed the blockchain to displace the beloved dog of the crypto community, Dogecoin, which was ranked seventh on the CoinMarketCap top with a market cap of $42 billion, which now stands at $39.12 billion, while Solana's market performance continues to grow. At the time of this writing, the capitalization of the latter exceeds $41.29 billion.
It's funny that despite the growth of the project, the founder of Solana, Anatoly Yakovenko, recently announced that he considers himself "the biggest skeptic about cryptocurrencies." As an example, he recalled the company Six Degrees, which many consider the first social network in the world, recalling that it, even with huge ambitions and prospects, collapsed after just four years of its existence, disappearing forever from the market in 2000.
We want to remind you that there are always pioneers in any industry. And by the time bitcoin can outlive itself, it will surely have formed enough worthy "heirs".
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