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Solana (SOL) with new all-time high – NFT project Degenerate Ape drives the price –

Solana (SOL) is trading above $ 70 for the first time in its history. The new all-time high is also attributed to the NFT project Degenerate Ape, which was launched on the weekend and is organized via Solana.

The champagne corks are likely to pop at Solana (SOL): A few hours ago, the Solana price curve for the first time passed the mark of 70 US dollars and SOL is currently in the TOP 10 of the most important altcoins according to market capitalization. With a good 80 percent plus in a weekly comparison and almost 20 percent plus in the last 24 hours, Solana is without a doubt the winner of the hour on the crypto market. There are good reasons for this momentum:

1. At the weekend, the NFT project Degenerate Ape (“degenerate ape”) got off to a dream start and thus proved that the Solana ecosystem will also gain market share in the field of digital art. 10,000 NFTs were generated for the Solana blockchain and were sold out within eight minutes at a fixed price of 6 SOL each. “Holy monkey” commented the makers of Degenerate Ape by Twitter – and didn’t even know at the time how this hype would continue. Because on the Solanart secondary market, these NFTs are now being resold for at least double the entry price and rare Degenerate Ape have already achieved more than 1,000 SOL. In absolute terms, this is still a long way from the CryptoPunks, which are considered the forefathers of NFT art. But Solana demonstrates with the Degenerate Ape that in the SOL ecosystem the creation (mining) of NFTs and trading fees are much lower than with Ethereum (ETH), where the music has been playing up to now.

2. In June, Solana secured a good $ 310 million in a financing round in order to quickly establish itself in growth areas such as DeFi. The money is intended to attract external developers, and Degenerate Ape is an example of the success of this tactic. According to CoinMarketCap, four dozen projects, some of them well-known, have already docked with the Solana ecosystem. SOL as the native currency there benefits directly from rapidly increasing sales and application possibilities. Not to be underestimated is Solana’s clever public relations work, which is expressed, for example, in the sponsorship of the hip Lollapalooza music festival.

What was already hinted at in spring 2021, when SOL presented an impressive intermediate sprint, is now being continued.

Conclusion: Solana – star of the hour

The competition on the big topics of the crypto year 2021 – DeFi and NFTs – is increasing. Old master Ethereum continues to lead the movement with showcase projects such as Uniswap (UNI) and the CryptoPunks. But around Binance Coin (BNB) and the Binance Smart Chain, serious competitors have already positioned themselves with PancakeSwap and the Binance NFT marketplace. Solana’s catch-up is in full swing as DeFi Token is there to keep an eye on Serum (SRM). And Cardano (ADA) wants to attack Alonzo in the DeFi division in September with the upgrade. There is no end in sight to these trends.

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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