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Over $7 billion inflows into Solana in 24h as SOL rockets to a new all-time high

Over $7 billion inflows into Solana in 24h as SOL rockets to a new all-time high
Jordan
Major
4 weeks ago
3 mins read

On Wednesday, 3 November, the price of Solana (SOL), the native cryptocurrency of the high-performance proof of stake blockchain, soared to a new all-time high of $232.65.

Solana’s market worth increased by $7.44 billion in only one day, from $61.21 billion to $68.65 billion. Thanks to the rise of decentralized finance (DeFi), GameFi, non-fungible tokens (NFTs), and institutional interest in blockchain technology, programmable smart contract-enabled blockchains such as Solana that support these use cases have gained prominence.

While the network’s increased speed has resulted in possible security risks and numerous days of network downtime this year, the metrics remain encouraging. Solana’s total market cap now stands above $68.5 billion, currently trading at $227.95, up 12.19% in the last 24 hours and 21.04% over the previous week, according to CoinMarketcap.com.

SOL 7 day market cap. CoinMarketCap.com

Solana and NFTs

Since the beginning of August, the secondary market for SOL-based NFTs has reached around $500 million in total sales volume. Also, it turns out that Solana had a record-breaking month in September in terms of secondary NFT sales volume, with $189.4 million in volume.

As of November 2, secondary sales of Solana NFTs produced $497.7 million in revenue from 348,000 transactions, with an average selling price of $1,500 per NFT, according to CryptoSlam statistics.

Secondary NFT sales volume data on Solana: CryptoSlam

Furthermore, in a tweet on November 2, Messari research analyst Mason Nystrom remarked that the statistics showed that the upstart network has swiftly established itself as one of the top non-fungible token blockchains in a matter of months.

He tweeted:

“As the Solana ecosystem continues to expand, NFTs on Solana have seen formidable growth. Total NFT secondary sales volume on @solana has officially reached $500 million, doing so in just three months.”

Messari secondary NFT sales $500m on Solana: CryptoSlam

Nystrom added:

“While Solana displays promising metrics in unique addresses (buyers and sellers) and a lower avg NFT sale price, Ethereum still dwarfs Solana in total NFT secondary volumes. Still, Solana has become one of the top NFT blockchains by secondary trading in mere months.”

Messari Ethereum dominates Solana: CryptoSlam

In terms of NFT projects, Solana’s most successful is the Degenerate Ape Academy, which has produced a total of $105.9 million in secondary sales since its release in August. The Degenerate Ape NFTs include animated ape avatars with distinctive characteristics, and notably, secondary sales for the project have totaled $454,000 in just the last 24 hours.

Last but not least, Solana’s Breakpoint event, which will take place next week in Lisbon from November 7-10, 2021, has sold out completely in light of the ever-increasing interest around the project.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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