Solana (SOL) hits new high and becomes 10th most capitalized cryptocurrency

A new historic high for the SOL

The SOL price of the Solana blockchain has increased by nearly 60% over the last 32 hours, from $ 44 to nearly $ 69. This rapid rise also allows the SOL to reach a new all-time high, after the previous record set last May at 58 dollars.

According to data from CoinGecko, SOL would have grown to a capitalization of nearly $ 18.5 billion to become the 10th most capitalized cryptocurrency.

Solana SOL course

Evolution of the SOL price over the last 32 hours – Source: Trading View

This increase would be partly explained by the launch of “Degenerate Ape Academy”, a project of non-fungible tokens (NFTs) built on the Solana blockchain.

Indeed, a collection of 10,000 NFTs representing primates would have been sold in just 8 minutes to reach an exchange volume of nearly 96,000 SOL, or nearly $ 6 million.

We sold out in 8 minutes. Holy Ape.

No the drop was NOT smooth. It was shitty at best. We did A LOT wrong and the team was overwhelmed with the wave that hit us in the past week. It was exponentially bigger than we thought. Please ape rage in the comments / 1

– Degenerate Ape Academy 🎓 (@DegenApeAcademy) August 15, 2021

In addition to the launch of these NFTs, the Solana ecosystem is developing continuously, notably with the recent launch of the decentralized exchange (DEX) Mango Markets, which raised more than $ 70 million during the sale of its token.

Finally, this increase could also be explained by the influence of the cryptocurrency market, which experienced significant bullish momentum. These include for example Ripple’s XRP which has climbed nearly 57%, Cardano’s ADA which has increased by 47%, or even Dogecoin (DOGE) which has increased by 34% over the past 24 hours.

👉 To discover – Solana (SOL) raises $ 314 million to accelerate its development

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About the Author: Anthony Bassetto

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