Solana (SOL) is trading above $70 for the first time in its history. The new all-time high is also attributed to the NFT project Degenerate Ape, which launched over the weekend and is organized through Solana.
The champagne corks should be popping at Solana (SOL): A few hours ago, the price curve of Solana took the mark of 70 US dollars for the first time and SOL is thus currently also pushing itself into the TOP 10 of the most important altcoins by market capitalization. Up a good 80 percent week-over-week and nearly 20 percent in the last 24 hours, Solana is undoubtedly the winner of the hour in the crypto market. There are good reasons for this momentum:
1. over the weekend, the NFT project Degenerate Ape (“degenerate monkey”) got off to a dream start, proving that Solana’s ecosystem is poised to take market share in the digital arts space as well. 10,000 NFTs were generated for Solana’s blockchain and sold out within eight minutes at the fixed price of 6 SOL each. “Holy Ape!” commented the creators of Degenerate Ape via Twitter – not knowing at the time how this hype would continue. Because on the secondary market Solanart, these NFTs are now being resold for at least double the initial price and rare Degenerate Ape have already achieved more than 1,000 SOL. In absolute numbers, this is still a far cry from the CryptoPunks, who are considered the forefathers of NFT art. But Solana demonstrates on the Degenerate Ape that in the ecosystem of SOL the creation (mining) of NFTs and and trading fees are much lower than on Ethereum (ETH), where so far the music plays.
2. In June, Solana had secured just over $310 million in a funding round to quickly establish itself in growth areas such as DeFi. The money is intended to attract outside developers, and Degenerate Ape is an example of the success of this tactic. According to CoinMarketCap, four dozen projects, some well-known, have already docked with Solana’s ecosystem. SOL, as a native currency there, benefits directly from rapidly increasing sales and potential uses. Not to be underestimated is also Solana’s clever public relations work, which was expressed, for example, in the sponsoring of the hip music festival Lollapalooza.
What was already foreshadowed in the spring of 2021, when SOL demonstrated an impressive interim spurt, is thus now finding its continuation.
Conclusion: Solana – star of the hour
The competition in the big themes of crypto year 2021 – DeFi and NFTs – is increasing. Old master Ethereum continues to lead the movement with flagship projects like Uniswap (UNI) and the CryptoPunks. But around Binance Coin (BNB) and the Binance Smart Chain, serious competitors have already positioned themselves with PancakeSwap and the Binance NFT marketplace. Solana’s catch-up is in full swing, as a DeFi token there is Serum (SRM) to keep an eye on. And Cardano (ADA) is looking to attack Alonzo in the DeFi space with an upgrade in September. So far, there is no end in sight to these trends.