Solana takes off

Photo of: Joseph Stone
by Joseph Stone

A few weeks ago, the crypto Solana caught the attention of many investors thanks to its performance. It is currently among the top 3 fastest-growing cryptos in the top 20. It has the qualities required to compete with the giant Ethereum. Following a post on Twitter, the crypto soared quickly.

Solana (SOL) is now one of the largest cryptocurrencies in terms of its market value. This is thanks to the growing interest institutions are showing in digital assets. SOL’s entry into the NFT family and the DeFi universe has also contributed to this growth.

To put it simply, Solana is one of those crypto-currencies that are posing as competitors to Ethereum. The Solana network is thus targeting the coveted DeFi or decentralized finance sector. In recent days, the Solana price has been on the boil. One of the reasons investors are buying Solana comes from Twitter.

With a high price of $93, SOL’s market capitalization is about $26.86 billion, which is the 9th largest market capitalization of the cryptocurrency markets. According to Messari’s data, SOL passes Polkadot’s $25.7 billion

On August 27, 2021, the Solana development team published a mysterious tweet, to say the least. Solana officially announced a “firing” (ignition) on August 31, 2021. The Tweet is accompanied by a video – looking like a teaser – just as mysterious. It shows a person lighting a lighter from which a purple smoke is emitted, in the colors of the Solana. On the Solana website, the message linked to the teaser does not shed much light: “The sky is the limit. What will you propel? August 31 – October 8”.

To fully understand the meaning of this announcement, one will have to be patient. Indeed, no details have been released to enlighten investors. For many, this would seem to be the launch of a “burn” protocol. The “burn” is a crypto process that allows to “burn” coins in order to maintain a deflationary dynamic.

The Solana price was in great shape last week. But it was indeed today that the SOL price just set a new record by breaking the $100 mark. At the moment, the price of Solana is around €85. With a capitalization of over €24 billion, Solana is the 8th largest crypto in the world.

Over the last 7 days, the Solana price has gained over 35%. But if we take a wider range, the performance of SOL is just incredible! Over the last 30 days, the price of Solana has jumped more than 200%! The numbers are just as good over the last 90 days!