Congratulations are in handy for Sol – Solana network AA their native utility token, SOL bags 7th place among the world’s top gems by coin capitalization. Currently, Solana is popping up more and more as the #1 choice when it comes to long-term competition for Ethereum. This ‘ is also being considered as a method of building decentralized apps and decentralized finance solutions that are highly beneficial.
In just three weeks, Solana’s native utility token has tripled in price putting this sweet new gem at $41.3 billion in value and close to Ripple’s market cap at $62 million. Not too long ago, Solana surpassed Dogecoin’s capitalization by a solid $1.5 billion.
With the Solana network, one of its primary benefits is the fact that compared to other networks, it incurs a lower cost for transacting on the network. Where the Ethereum Network requires users to remit as high as $200 in transaction fees for every single transaction, Solana requires a bare minimum of $0.00025 on average. Super cool right?
And what is the big secret to their exponential growth? The answer is simple. Solana’s growth can be pegged to the large-scale capitalization of the NFT and DeFi industries. Also, the heavyweight fees on Ethereum’s network which sometimes surpasses the value of the transaction and minting price it quite easy for a lot of projects and users to switch to perfect alternatives like Binance Smart Chain, Solana, etc. One more good thing Solana has going for them is the strong support from FTX exchange CEO.
According to Solana developers, their project gathered more than $300 million worth of funds from investors, some of whom include Coinshares, Andreessen Horowitz, Alameda Research (Bankman-Fried), and Polychain Capital. Just last month, Pyth Network, a data provider went live on Solana mainnet.
Generally, altcoins like SOL, Binance Coin, and ADA have experienced mind-blowing growth. Recently, Cardano introduced a smart contract solution that launched ADA to $3 per gem. The percentage of this growth stands at an impressive 100%.
As projects look for more platforms that offer affordable transaction fees for their users, several altcoins, specifically those who let users build non-fungibles and decentralized solutions, have been raking in extra funds and popularity.
For top gems like Bitcoin, their recent rise back to $52,000 has generally impacted the market as usual. One striking thing to note is that though Bitcoin moves up the ramp by merely 10%, altcoins will go from 40-100% in runs.
In the last 24 hours, SOL has made double-figure profits, springboarding to 20% like magic. The past week saw SOL gaining exceptionally by 85.3% and observation of the last two weeks see the value of this native utility token at 93.1%.
Taking all of these into consideration, Solana appears to be doing quite well as a programmable blockchain capable of running multiple DeFi operations. Compared to Bitcoin, Solana can store smart contracts which can then be programmed to execute transactions when stipulated conditions are met.