The launch of the NFT project Degenerate Apes leads SOL to a new price record

Solana's SOL token price hit a new all-time high of over $64 following the launch of the NFT series, focusing on the fun 3D primates, the Degenerate Apes.

The collection of non-fungible tokens, consisting of 10,000 images of gorillas “trying on” the image of many heroes of films, cartoons, books, games, and other pop culture products, sold out in just 7 minutes. At the same time, the total trading volume amounted to more than 96,000 SOL tokens, equivalent to almost $6 million.

The developers themselves noted that the launch of the idea took place not without problems. However, they were pleasantly surprised by the positive sentiment of the cryptocurrency community and stated that “the launch exponentially exceeded their expectations”.

Minting one primate cost 6 SOL, while the cheapest of them cost buyers as early as 14.4 SOL after all NFTs were sold out. From which it follows that even by selling the NFT of the cheapest 3D gorilla, the person managed to at least double his cash investments. The highest price for a Degenerate Apes series card is 100,001 SOL, which is more than $6.1 million at the current Binance SOL token rate.

Due to the success of the NFT series launched within the Solana blockchain and the established communication bridge through Wormhole, the coin managed to reach a new ATH, surpassing even such a giant as Uniswap at the TOP of CoinMarketCap.

At the moment, the rate has slightly decreased and averages $61.15 on the largest crypto exchanges. SOL's price growth per day was more than 33%, and its trading volume per day showed a record “plus” of 551%, which is impressive even against the background of other altcoins that have increased their performance this week. We are talking about Ripple (XRP) and Cardano (ADA), which grew by 64% and 52%, respectively.

The Solana blockchain is notable for at least the fact that it offers users a processing speed of 65,000 transactions per second. This makes it almost 2,000 times faster than Ethereum and 40 times faster than the Visa payment system. And while the nickname “Ethereum killer” sounds too optimistic for now, Degenerate Apes is unlikely to be the last NFT project to mint their non-fungible tokens using the Solana network.

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