Cryptheory – Just Crypto

Cryptocurrencies are our life! Get an Overview of Market News

Solana (SOL) bumps 30% to $67. Sets new all-time highs.

2 min read

Solana surged over 40% to break into the top ten cryptocurrencies by market cap this morning, data from multiple sources shows. It trades at $67 at press time, and showed no signs of slowing down.

SOL, the network’s native token, native currency in Solana’s ecosystem. So the token can pass to nodes within the Solana cluster in exchange for running on-chain programs or validating its output. Payments via SOL are, additionally, also possible.

SOL currently has a circulating supply of 286 million tokens, with a total supply of 488 million. The network is worth $17 billion at press time, and has posted gains of 12,225.8% from May 2020 lows of $0.50 as of today.

Solana’s price charts look nothing short of a rocket. It traded at $45 yesterday and has zoomed to over $67 as of writing. As such, the move, as the below image shows, is part of a longer uptrend since the $35 price level.

Solana (SOL) bumps 30% to $67. Sets new all-time highs.
Image: SOL/USD via TradingView.

Some of the biggest applications on Solana are decentralized exchange Serum and Mango Markets (which raised over $70 million after issuing its tokens last week). Yesterday also saw the ‘Degenerate Apes’ NFT collection have its fan moment with Solana followers (it sold out in minutes after launch).

Solana 101

Described as a ‘high-performance’ blockchain, Solana was created in 2017 by Anatoly Yakovenko to solve the throughput problems of both BTC and ETH. 

Unlike the two—which use a Proof-of-Work consensus design relying on miners—Solana was based on a ‘Proof of History’ mechanism, one that creates historical records that prove that an event occurs during a specific moment in time.

This allows for a faster and more secure network. Solana’s transactions per second (tps) count is an estimated 65,000 (faster than the Visa network), and it is capable to support dApps, non-fungible tokens, and other blockchain applications atop its chain.

The post Solana (SOL) bumps 30% to $67. Sets new all-time highs. appeared first on CryptoSlate.


All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

Leave a Reply

Your email address will not be published. Required fields are marked *