This season is being dubbed “Solana Summer.” by some.
Solana (SOL) has surpassed yet another milestone. The cryptocurrency is now valued at $157. With a market cap of $45.8 billion and a 24-hour growth of 14.71 percent, the coin is now the seventh-largest cryptocurrency.
The incredible surge compares to a year and a half ago, when Solana was just getting started and the market hadn’t yet recognized its value.
Solana, which was created by former Qualcomm employees, promises a slew of advances that will speed up transactions, expand capacity, and reduce transaction costs to a fraction of a penny per transaction.
The most notable of these is proof-of-history, an unique consensus technique that confirms transactions by logically deducing whether someone is able to fund them using a cryptographic clock.
Solana’s emergence comes at a time when the market is clamoring for a low-cost, smart contract-enabled blockchain with high throughput. Ethereum, its major rival, is on the verge of collapsing; a long-awaited update is taking forever, and transactions can cost hundreds of dollars.
The creation of an NFT marketplace on FTX, which allows consumers to exchange NFTs across Solana and Ethereum, coincides with Solana’s latest all-time high. Customers spammed entries of NFT fish, causing the marketplace to make news today. Since then, FTX has imposed a price for NFT submissions.
Although the NFTs minted on FTX’s new marketplace cannot yet be withdrawn, the concept of minting NFTs for a little amount of money (compared to the $80 it costs to mint an NFT on Ethereum) on a large exchange that supports the Solana ecosystem may have attracted new investors.
Solana’s climb today has been aided by the rest of the market. As the non-fungible market continues to flourish, Bitcoin has risen to $51,908 hours before El Salvador accepts it as its national currency, and Ethereum is flirting with $4,000 as well.