Anatoly Yakovenko, founder and CEO of Solana. Source: A video screenshot, Youtube / Solana
Smart contract platform Solana’s SOL token continued its unstoppable surge in the market today when it traded XRP as the sixth most valuable crypto asset on the square.
The most recent gain comes after Tuesday’s market sell-off left SOL almost unscathed, while the competing Ethereum platform’s ETH token is down more than 10% from before the crash.
At 10:48 UTC, SOL was up a whopping 31% in the past 24 hours and was trading at $ 210. The price rose nearly 90% in a week and over 440% in the last 30 days, which far outperformed smart contract competitors Cardano (ADA) and ETH, which rose 74% and 10% respectively over the same period .
SOL price table:
After the “flipping” of XRP, the next coin in the market capitalization ranking, the Binance Coin (BNB) (with a market capitalization of USD 63 billion) for Solana (USD 61 billion) now seems to be within reach for a short time. BNB itself has seen tremendous growth (1,718% in a year) as smart contracts and DeFi services adopted the Binance smart chain.
And while the price of SOL has increased, the Total Value Locked (TVL) in dollars on the platform also increased exponentially through August and September, falling from $ 1.22 billion on August 1 to $ 7.99 billion Today, data from the tracking site Defi Llama is displaying.
Total value locked in Solana. Source: Defi Lama
Solana’s sharp surge has caught the attention of many leading figures in the crypto community, with speculation emerging that Ethereum – although much larger by market cap ($ 411 billion) – is one of the most cited reasons for this being Ethereum’s high fees, which the Network continues to plague.
Some members of the crypto community seemed surprised at how strong the growth has been over the past few days, especially given Tuesday’s heavy sell-off in the crypto market:
“It had and is quite a run! I was also surprised how well it withstood the Flash crash yesterday, “wrote one Reddit user while another added,” Flash crash? Hell no, says Solana. “
Meanwhile, Google search data, a proxy sometimes used to measure interest in various crypto assets, showed that search traffic for Solana has overtaken, and sometimes even overtaken, searches for the much larger smart contract platform Ethereum .
The price hike for SOL in September comes after Solana announced its new hackathon series called “Ignition” in late August, with $ 5 million in developer prizes in the DeFi, Web3, Gaming and Art / Collectibles niches.
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