Solana’s 450% August soaring streak steals spotlight as BTC, ETH, DOGE fall
Solana’s (SOL) soaring 450% August streak and a 7-day rise of over 50% (per mint) – 70% (per Economic Times) eclipses Bitcoin and crypto market’s recent brutal fall. World’s 7th largest crypto, Solana, In August 2021, stood around the $30 mark, then zoomed to an all-time high (ATH) of around $130+. Yes, Solana toppled Dogecoin from the latter’s prestigious world’s 7th largest crypto spot. This happened primarily due to the recent support Solana garnered for DeFi smart contracts and NFTs.
The momentum surrounding Solana’s FTX integration for a NFT platform and institutional adoption support SOL’s rally. CoinTelegraph reports Solana Labs raised $314 million in a June 2021 VC funding via Alameda Research. The consensus mechanism and proof-of-history-based Solana went on to topple DOGECOIN’s acclaimed 7th largest crypto rank. Solana is bracing to break the $63 billion market cap of XRP (it’s worth noting that XRP also rallied 7% with SOL).
Founded in 2017 when Solana’s whitepaper was published by Anatoly Yakovenko. Greg Fitzgerald began prototyping the debuting open-source implementation of Anatoly’s whitepaper in February 2018. The technology received a scale up in June 2018. It published a 50-node, permissioned, public testnet, whilst supporting 250,000 transactions every second.
The current market cap of Solana is around $38 billion. SOL/USD price prediction set by experts is $500 by the end of 2021. The yearly rise of SOL has been a whopping 6,800% in 2021. Investment bank JPMorgan’s (JPM) recent crypto market warning (via a note) is noteworthy. It states that the cryptocurrency markets are ‘looking frothy.’ JPM believes that there is a steep rise in retail demand.