Solana (SOL) Hype Breaks Records, Popularity Goes Through the Roof » Crypto Insiders

Solana (SOL) is a cryptocurrency that is currently safely in the top 10. The coin is this year huge in value increased. At the beginning of 2021, the price of SOL was around $1.50. At the moment, however, SOL is already trading at a price above $120. That is an increase of several thousand percent.

Popularity reached all-time high

Due to this explosive rise in Solana’s price, it is not surprising that interest in the project is also catapulted to astronomical heights. According to the data analysis company Santiment, this is also reflected in the data.

#Solana‘s run-up just keeps getting more historic. #Crypto traders are discussing the #NFT darling at rates most #altcoins can only dream of. Weighted sentiment has surpassed 4 deviations above mean, sending crowd positivity & volume to historic levels. https://t.co/ntE9ljEf4u pic.twitter.com/8mf9tJV6Qc

– Santiment (@santimentfeed) August 31, 2021

In fact, Santiment states that “Solana” and “SOL” were the two most used crypto-related search terms on social media lately.

Reasons for Success

Of course, this rapid rise in the price and popularity of Solana doesn’t just happen out of the blue. There have been a number of important developments that have been extremely well received by investors and developers.

This is how Solana made optimal use of the hype about non-fungible tokens (NFT). This sector quickly became extremely popular among collectors, fans and even famous people.

Solana got quite some name recognition when she released the Degenerate Apes NFT collection started to offer. Many investors were attracted to the Solana ecosystem in this way.

In addition, it is Wormhole Project been instrumental in Solana’s success. This project should ensure that a number of major cryptocurrencies, including bitcoin (BTC), ethereum (ETH) and Terra (LUNA), to be connected.

Finally, the institutional interest in Solana is very high at the moment. Major investors see Solana as a cheaper alternative to Ethereum. Asset manager Osprey Funds even has a application done for a solana fund at the American Securities and Exchange Commission (SEC).

All in all, this has been a hugely successful year for solana. It is impossible to say whether this current trend will continue. At least the future of solana looks bright at the moment.

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