Ethereum Competitor Solana Network Gains Traction as its Native Token SOL Registers New ATH

Making into the top 10 cryptocurrencies list is the main aim of every digital asset in the space. Solana Network is one such project that was able to climb up the ranks last week. Its native token SOL also registered a new ATH of $78.63 today. The new record was first noted by crypto analytics service Nomics.

Since morning, the price of SOL token has retracted by a small margin. However, the token started from less than $40 in the last week. This means that it has managed to gain 100% in a matter of the last seven days. The main reason that Solana is often dubbed as a competitor for Ethereum is that it already uses the PoS consensus model and also has smart contracts capabilities.

The biggest contributor for pushing Solana Network to new heights is the NFT marketplace. The Solana blockchain allows users to mint, trade, and host NFT artwork on their platform. The masterpiece called the Degenerate Ape Academy quickly rose to fame and set a record of selling all the pieces in only 8 minutes.

One of the most popular pieces of the NFT artwork called digital Ape resold for 100,001 SOL tokens that are valued at $6.2 million. With the high demand for the NFT artwork on Solana Network, the interest of the investors started to increase in the ecosystem. Last Tuesday, the total market cap of Solana Network surpassed $2 billion for the first time. Solana can handle 1,365 transactions per second, whereas Ethereum’s top capacity is set at 15 TPS.

Polygon Network is also a Strong Competitor of Ethereum

Another progressing network that has been making rapid progress is the Polygon. It is also a blockchain project that is built as a layer- 2 solutions. The native token for Polygon MATIC has managed to gain 12% in the last 24 hours. It is currently trading for $1.68, which is far away from ATH in May at $2.45 per unit.

Polygon network is planning to expand its horizons by launching a dedicated Polygon ecosystem called DAO. In addition, a merger with scalability solution provider Hermez has been announced by the network. The cost of the merger is set at $250 million in the first stage. After the merger is complete, the holder of the HEZ token can swap MATIC with a 7 to 2 ratio.

Leave a Reply

Your email address will not be published.


Coins Capital Review, – Is Coins Capital Scam Or Legitimate?

Coins Capital Trading Platform Rating 4.3 Summary Read our Coins Capital review at FStar Capital Forex and Cryptocurrency Trading blog, find the answer to your question “is Coins Capital scam or legit” and much more! Coins Capital Review You have been thinking for a long time if trading is for you. You have finally […]

AI Center Indicts ChatGPT Developer of Trade Law Violations: Claims Bias & Deception

The organization alleges that the creator of ChatGPT has violated Section 5 of the Federal Trade Commission Act with the release of GPT-4. This section of the act prohibits any practices or acts considered deceptive or unfair and that affect commerce. CAIDP has complained to the US Federal Trade Commission, intending to prevent the distribution […]

Investors Excited As XRP Market Capitalization Hits $20 Billion

It’s been wide jubilation today after XRP investors heard the announcement that the market capitalization has surged to $20 billion. XRP: a cryptocurrency developed and managed by Ripple, a San Francisco, United States, distributed data company. It was gathered that the coin itself responded to this development through a climb in price – it was […]

GlobalTrades Review, – Is Global Trades Scam or a Good Broker?

GlobalTrades Trading Platform Rating 4.6 Summary Read our Global Trades review at FStar Capital Forex and Cryptocurrency Trading blog, find the answer to your question “is scam or legit” and much more! GlobalTrades Review As people look at cryptocurrencies and their immense success, they are eager to start their own trading businesses. While […]

Belgium Regulator Sets To Impose New Crypto Ads Rules

The Belgium government has mandated that every firm offering crypto advertisements should register with it before launching any campaign. Henceforth, any crypto advertisement without the government’s backing would be treated as an offense with heavy consequences. According to the report, the Financial Services and Markets Authority (FSMA) of Belgium recently announced that every potential crypto […]