In a data released by CoinMarketCap, it said that Solana’s SOL token has finally overtaken Dogecoin in market capitalization. SOL has become so successful its market capitalization has now reached $43 billion, making it the 7th largest token in the globe.
Thanks to the recovering crypto market, Solana has been pushed even further and grown by 70.86% over the past week. Bitcoin was up by 1.44% while Ethereum had a 20.79% increase. But other analysts say that SOL’s unexpected rise can also be attributed to the rapidly rising NFT industry.
Everybody is happy that the cryptos and NFTs have finally made a resurgence after experiencing a significant dip several months ago. It can be remembered that between May and June, the demand for NFTs has decreased while Bitcoin and Ethereum have nosedived by 50%.
Celebrity endorsements
Thanks to a series of endorsements from the popular stars in Hollywood and the sports world, the demand for NFTs has increased again.
NFTs have shot up so significantly that from July’s trading volume of $325 million, the figures catapulted to $3 billion last August. In other words, the demand for NFTs has risen to 1,000%.
And since Solana has launched its NFT project called “Degenerate Ape Academy”, it has ridden on the resurgence of NFTs, which helped push its SOL token’s value. Today, Solana has rolled out more than 36 projects which include Sollamas, Solana Monkey, and Solarian.
Solana’s rise
A lot of analysts recognize Solana’s potential, but they were surprised with its latest performance which enabled it to surpass Dogecoin as the 7th largest token in the world.
“Solana’s popularity… has seen unprecedented price action on the back of strong mindshare growth, a flurry of decentralized applications launches, and most recently, the frenzy around their Kaiju cards NFT launch,” Jehan Chu, co-founder of blockchain trading firm Kinetic Capital, said.
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