Solana's Sol has tripled in value in about three weeks
The cryptocurrency linked to the Solana network has jumped to the seventh spot among the world’s top 10 largest virtual coins amid optimism that the blockchain could be a long-term competitor to ethereum.
“Solana has a growing ecosystem, projects are being built on it and it’s benefited hugely from the mania that’s taking place in NFTs,” Antoni Trenchev, co-founder at crypto lender Nexo, wrote in an e-mail. NFTs are non-fungible tokens used to trade digital collectibles. He said the backing of crypto figure Sam Bankman-Fried, CEO of crypto exchange FTX, is helping.
“Major players in the space, such as FTX and Jump, are recognising its potential,” said Alexandra Clark, sales trader at UK-based digital asset broker GlobalBlock, in an e-mail on Monday. “Not only that, but the network’s foray into NFTs with Solanart, the marketplace built on the SOL blockchain, has been instrumental in driving the altcoin’s price higher,” she said. “Sol’s current price rally is likely to continue.
“It’s becoming too big to ignore and offers a different smart contract solution to ethereum,” Jonathan Cheesman, head of over-the-counter and institutional sales at FTX, wrote in an e-mail.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SA consumer confidence improves in third quarter after vaccine rolloutsThe rollout of COVID-19 vaccines bolstered confidence levels, the survey suggested, with government support for its employees and an uptick in dividend payments also countering the impact of the civil unrest.
Read more »
Ramaphosa welcomes Zuma's release from jail while talking tough against crimeDelivering the closing address at the virtual NEC Lekgotla on Monday, the President wished the former president well.
Read more »
Taliban now in total control of AfghanistanThe Taliban's chief spokesman warned against any further attempts to rise up against their rule.
Read more »
Global shares hit longest winning streak in three months on interest rate prospectsStoxx index rises, while MSCI’s broadest index of Asia-Pacific shares outside Japan highest since July
Read more »
Judicial leadership crisis takes shape as Mogoeng’s exit nearsTop jobs in apex court remain vacant pending decisions on appointments
Read more »