Solana hits new all time high following lightning fast sale of Degenerate Apes NFT collection

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Solana hits new all time high above $64, ranks among top 10 cryptocurrencies. Despite BTC stagnating at around $47K, Solana has made double-digit gains, and has created a new all-time high.

Solana hits new all time high above $64, ranks among top 10 cryptocurrencies. Despite BTC stagnating at around $47K, Solana has made double-digit gains, and has created a new all time high. Its market capitalization has shot up to $17 billion, and it is currently ranking tenth in the crypto charts after displacing Uniswap, Chainlink and Bitcoin Cash.

Solana is trading at $63.63 at the time of writing after a 43.4% gain in 24 hours. Solana was the top performing alt coin among the top 30 crypto assets by markets with a 21% gain vs USD in the past 24-hour period, which has helped it to capture the #11 position in the crypto market cap table.

Solana hits new all time high

Solana is the native token of the Solana blockchain. Solana is an open source project implementing a new, high-performance, permission-less blockchain that is maintained by the Geneva based Solana Foundation. One of the exchange platforms where you can buy SOL is eToro. eToro is a leading social copy trading platform. It supports a wide range of tools, such as low trading fees. eToro is also supportive of many cryptocurrencies and trading pairs

The other platform that supports SOL is Coinbase. Coinbase is one of the largest global exchange platforms. The exchange supports a wide range of altcoins, making it convenient for investors who want to diversify their portfolios.

Solana protocol was created by Solana Labs, which is backed by investors such as Multicoin Capital, Slow Ventures, Foundation Capital, 500 Startups, and Abstract Ventures. Anatoly Yakovenko is the creator of Solana and Greg Fitzgerald is its principal architect.

Founded in 2017 in the midst of the ICO boom, Solana has emerged as a challenger to Ethereum as the blockchain of choice for building decentralized applications.

The cryptocurrency market seems to have consolidated, given that BTC and ETH have failed to create new weekly highs. However, Solana has defied the odds, and it is a leading gainer in the market. SOL reaches an all-time high of $63.33 in the past 24 hours, and despite a slight retreat, bulls seem strong enough, and another high could be created.

SOL currently processes nearly 50,000 transactions per second on its blockchain network.  Their network capabilities were tested this weekend when the digital art collection titled “The Degenerate Ape Academy” went on sale on Solanart. 

Within eight minutes of its launch, the collection sold 10,000 smoothest brained apes. The team behind the NFT sale shared their experience on Twitter, apologizing for the overflow of transactions.

Solana’s documentation states that it’s possible for a centralized database “to process 710,000 transactions per second on a standard gigabit network if the transactions are, on average, no more than 176 bytes.” The Solana team hope that one day they will achieve that “theoretical limit of 710,000 transactions per second.” Currently, Solana can process around 50,000 transactions per second.

To achieve this kind of speed, Solana relies on a combination of two consensus mechanism: Proof-of-History (PoH), which handles the bulk of the transaction processing, and Proof-of-Stake (PoS), which is responsible for validating the blocks produced by the PoH process.

Solana hits new all time high over $1,86 billion. This means it increased by 85.44%. Solana’s decentralized finance ecosystem has been growing at an accelerating speed, with the value of all the tokens staked in Solana-based decentralized finance applications approaching $2 billion

Analysts consider Solana’s price rally impressive and predict slow, steady grinding in the altcoin.

Does Solana have a chance to overtake ETH? Maybe. That chance is slim, but not impossible. While ETH sits in limbo, Solana is nearly guaranteed to take market share from ETH, but right now, whilst Solana hits new all time highs, the community is feeling very bullish.

Dylan Leighton

Dylan Leighton

Dylan Leighton is an composer, music producer, sound designer and mix engineer from the United Kingdom. Making music for over 40 years, he creates music for corporate clients, film and video, and his own personal enjoyment. Writing under the artist name Kalliste, he has composed in just about every genre, from hip-hop to funk to classical.

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