- December 11, 2023
- Posted by: [email protected]
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Solana (SOL) is making waves in the cryptocurrency space, not just in its native token’s performance but also in the thriving non-fungible token (NFT) sector. Recent data indicates that Solana’s NFTs are outshining Ethereum, traditionally the leader in NFT trading volume and home to some of the most valuable projects in the space.
Projects like Mad Lads and Tensorians within the Solana ecosystem have experienced substantial price surges, multiplying several times over in recent weeks. The collective trading volume of Solana NFTs has now surpassed that of Ethereum, marking a significant shift in market dynamics. Over the past 24 hours, Solana NFTs generated $14.8 million in trades, exceeding Ethereum’s approximately $13.9 million, according to CryptoSlam data. This surge represents a remarkable 92% growth in Solana’s trading volume within a day.
Among the top-traded projects during this period, Tensorians, affiliated with the Tensor NFT marketplace, stands out with over $4 million in sales. Within the Solana ecosystem, Tensor has held nearly 76% of the market share in the past 24 hours, demonstrating its dominance.
Solana’s native cryptocurrency, SOL, has been on a significant uptrend, reaching a new 19-month peak of $73.85. Although still below its all-time high of nearly $260 in November 2021, SOL has experienced a remarkable recovery from its low of around $8 in late 2022. With a current trading value above $73, SOL recorded a 13% surge in the past 24 hours.
BONK, the leading meme coin on the Solana network, has been a standout performer. It recently set a new all-time high price of $0.00001314 and, even with a slight dip to $0.00001283, registered a 10% gain in the past 24 hours and tripled in value over the last seven days. In the past month alone, BONK has skyrocketed by an impressive 982%, securing a spot in the top 100 cryptocurrencies by market capitalization with a total market cap of $747 million.
Beyond the token performance, the recipients of the Jito airdrop on the Solana DeFi platform are also witnessing substantial benefits. The JTO token, distributed during the airdrop, surged by 72% in the past day, reaching $3.35 per token.
Solana’s impressive run extends to decentralized finance (DeFi) initiatives, as demonstrated by Jupiter, a DEX aggregator on the Solana blockchain. Jupiter recently announced the opening of initial claims for its JUP token airdrop, aiming to distribute 40% of the total JUP token supply, equivalent to four out of the 10 billion tokens. Solana’s vibrant ecosystem and the standout performances of its tokens underscore its growing influence in the broader cryptocurrency landscape.
