The resurgence of Solana (SOL) to rank the sixth largest crypto token as per CoinMarketCap data yielded bullish steam for blockchain’s projects. Such bullish steam is evident in the Solana non-fungible token (NFT) Mad Lads to rally into the leading project based on its floor price.
The wild pump saw Mad Lads topping Ethereum-based DeGods. The surge coincides with the uptrend portrayed by Solana (SOL), whose value has more than doubled in the 30-day run to realize an 18-month high.
Mad Lads involves a profile picture (PFP) project running on the Solana network since its unveiling earlier this year. It registered a price uptick to the top-valued collection on Solana by the floor price, considered the exchange value for the cheapest listed non-fungible token on the secondary marketplace.
Solana Wild Pump Extends to Top NFT Project
A review of blockchain data conveyed by SolanaFloor shows the Mad Lads NFT floor price grew 122% in the past week to 100 SOL, then translating to $5750. The rally made Mad Lads the invaluable Solana collection as per the floor price. Besides, its market capitalization rose steadily to top $57 million.
Tracking Mad Lad’s performance this week shows the price rose even higher to its present floor price of 105.0 SOL, translating to $6,262 as per SolanaFloor data. The surge became notable not only from the asset’s price itself but also from briefly dethroning DeGods, which was once the dominant Solana NFT project prior to migrating to Ethereum at the onset of 2023.
The news of Mad Lad’s spirited uptick to dethrone DeGods proved a temporary moral victory for the Solana community, who bore the rough stretch witnessed by SOL and the entire ecosystem.
Solan Backers Hail Mad Lads Brief Victory Over DeGods
As such, the Solana backers questioned the December 25 decision by DeLabs founder Rohun Vora to bridge DeGods NFTs over to Ethereum. In reality, DeGods was migrating to the largest NFT market, hosting valuable projects such as the Bored Ape Yacht Club and CryptoPunks.
The momentous rise of Mad Lads had the Solana backers resenting the DeGods creators for bailing on the network. Nonetheless, the throne turned short-lived as DeGods would regain the top spot with a 3.15 ETH floor price translating to $6200 per NFT Price Floor data.
Solana’s leading NFT has already swapped the top spot again, with its floor price gaining 3% in the past 24 hours. At press time 05:46 p.m., Mad Lads is priced at $ 6,284, marginally ahead of DeGods, and is exchanging hands at 6,026.07 as per Floor Price data.
Armani Ferrante, the chief executive of Mad Lads’ creator Coral, indicated that Solana’s NFT space required a fresh heartbeat following the DeGods’ exit. He expressly hailed Mad Lads for seizing the departure of DeGods by filling the void left in matching trend following its buzzy unveiling early this year.
Comparative Review of Mad Lads’ Performance
Detailed scrutiny of Mad Lads market activity shows the Solana-based NFT project achieved the eighth spot in trading volume as per CyptoSlam data. Mad Lads realized 188% growth in its weekly trades to $7,015,812. It trailed sixth-placed Bored Ape Yacht Club (BAYC) that slipped 28% to realize a seven-day trading volume of $8,593,320.
Mad Lads’ weekly trading volume outperformed Ethereum projects Mutant Ape Yacht Club plunged by 34.46% to register $3,054,425 trades, ranking 22 two places above CryptoPunks, whose weekly sales slid by 86.34% to $2,916,903 as per CryptoSlam. DeGods only realized a 5.07% increase to 1,260,045 in its seven-day run to date.
Mad Lads’ recent surge is attributable to Solana’s bullish momentum and desire from buyers who fear missing out on its leading NFT collection. Also, Coral recently revealed that its affiliate Trek Labs unveiled exclusive access to Mad Labs holders for the upcoming Backpack exchange, which recently secured an operating license in Dubai.
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