December 6, 2022

Move Over Dogecoin: Solana Overtakes the Memecoin Amid NFT Craze

3 min read

Driven by the current NFT and DeFi craze, Solana’s SOL set its all-time high earlier today. According to CoinMarketCap, the cryptocurrency is up 12.62% and 70.86% in the past 24 hours and the past week, respectively.

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Solana’s(SOL/USDT)current rally pressed Dogecoin to the 8th largest cryptocurrency by market capitalization. At press time, SOL’s market cap outmatches Dogecoin —’s(DOGE/USDT)by around$4.3 billion. Source: Tradingview.com SOL’s explosive growth caused the cryptocurrency’s market capitalization skyrocketing to over$43 billion — exceeding Dogecoin to become the 7th largest token in the world. Related Reading|Bitcoin: Learn to

Trade Crypto Solana (SOL) Now Up Approximately 8,000% YTD, Surpassing BTC, ETH

Solana’s unanticipated increase can definitely be attributed to the broader crypto market recovering; however, the now 7th biggest cryptocurrency is up 70.86% in the previous week, whereas Bitcoin (BTC) and Ethereum (ETH) are up 1.44% and 20.79%, respectively.

It’s safe to state that there were other aspects that led to Solana’s unanticipated increase — — mainly the revival of the non-fungible token (NFT) space.

Solana (SOL/USD)with RSI on Tradingview.com While NFTs were all the rage previously this year, the interest in the area blew over when Bitcoin and Ethereum plunged over 50% between May and June. According to information from NonRarible.com, month-to-month sales volume dropped from $520 million to as low as $59 million in the exact same time period — — marking a near 80% decline.

However, as celebrities and super star athletes bring the spotlight to the “meta verse,” the NFT area is back more powerful than ever, setting new records. The month of August saw a total trading volume of $3 billion, which is up nearly 1000% from July’s $325 million.

So it’s no coincidence that Solana tripled in price when it introduced NFT project Degenerate Ape Academy, unlocking for other NFT projects to build upon SOL’s blockchain.

Now, there are over 36 distinct tasks, including Solarian, Sollamas, Solania, and Solana Monkey Business, among others.

Related Reading|Solana Blockchain Receives $100M in Funding to Boost Ecosystem

“Solana’s appeal… … has actually seen unmatched price action on the back of strong mindshare development, a flurry of decentralized application launches and, most recently, the craze around their Kaiju cards NFT launch,” stated Jehan Chu, co-founder, and managing partner at blockchain trading firm Kenetic Capital.

Solana’s ever broadening community is thriving. Its scalability and inexpensive deal charges (relative to Ether) have likewise been a plus to investors. Nevertheless, it stays to be seen whether the cryptocurrency can keep its current rally.

Included image from UnSplash