Solana Keeps Smashing Through All-Time Highs
Following a similar pattern to Cardano, Solana keeps smashing through its all-time highs.
Covered
- New High For Solana
- Alternative to Ethereum
- Sam Bankman-Fried and Solana
New High For Solana
Regardless of market conditions, Solana (Ticker symbol: SOL) keeps pushing past its all-time high. Most recently, SOL hit $84 USD around 3am EST. It’s trading above $80 at press time. With the recent surge, the cryptocurrency finds itself in the top 10 in terms of market cap.
It’s been a rapid rise up the charts for the smart contract platform. SOL debuted in April 2020 trading at $0.70 USD. According to Coin Market Cap, that puts anyone who bought in on the first day up 36,970.14% on their initial investment. A 20 dollar bet on the Ethereum killer could have netted $2,300 USD at current market prices.
However, that same bet would have only netted around $50 bucks if cashed out on January 1st, 2021.
Alternative to Ethereum
Solana struggled to gain traction throughout 2020. Unlike their competitor Cardano, the Solana Network released its BETA that year with smart contract functionality. Nevertheless, Ethereum continued to dominate the smart contract landscape. With low gas fees, there wasn’t much of a desire to move past the OG smart contract platform.
Recommended: “SOL is the native cryptocurrency of the Solana Network. Its primary use is that of a utility token, which means that it is used to pay transaction fees, whenever any transaction is made on the network.” For more on how SOL works, please check out our guide to the protocol.
However, with the bullrun in full effect in early 2021, gas fees skyrocketed. Then came the need for alternatives. Solana especially fit the bill. Its promise of 50,000 transactions per second, coupled with low transaction fees, made it a legitimate alternative to Ethereum. Not to mention, SOL fell into the eco-friendly camp, making it appealing to institutional investors.
https://www.degenape.academy/
As a result, Solana has gained serious transaction this year. The recent launch of Degenerate Ape Academy gave the blockchain its first major hit NFT project. As well, Audius, a decentralized alternative to Spotify, decided to move its project to Solana in order to scale. While Serum, a DEX linked to Sam Bankman-Fried, saw over 1 billion USD in trading volume in July.
Sam Bankman-Fried and Solana
Not to mention, Sam Bankman-Fried is a big investor in SOL. Sam Bankman-Fried’s FTX exchange also has experienced massive growth this year. Most of it coming from Sam Bankman-Fried’s sponsorship deals dominating headlines in the crypto news world.
Getting mentioned as SBF’s smart contract platform of choice every time the rising star grabs a headline probably hasn’t hurt.
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