Solana’s SOL has Surpassed Dogecoin to Become the Seventh Biggest Crypto
On Friday, the market value of Solana’s SOL token exceeded that of the seventh-largest currency in the world, the meme-focused crypto-monetary Dogecoin.
SOL rose by 12 percent to $145, beating the previous high of $130 set by Messari on Tuesday. The market’s capitalization increased to 42 billion dollars, above the previous level of 38 billion dollars.
Since the announcement of the Degenerate Ape Academy (NFT) initiative on August 15, the value of the SOL token has increased by a factor of three. It’s impossible to imagine a better time to start NFT because of the constant sugar high it provides.
According to Jehan Chu, co-founder and managing partner of Keneti Capital, a blockchain trading and investment firm, “Solana’s popularity, which has already grown due to Sam Bankman’s support, Fried’s has seen unprecedented price movements due to strong shared growth, a flood of decentralized application launches, and most recently, the frenzy surrounding the launch of their NFT Kaiju cards.”
Kaiju Cards is a card game developed on the Solana blockchain and influenced by conventional card game genres including Yugioh, Pokemon, and Magic the Gathering. It is currently under development.
“NFTs are serialized rather than generated by Kaiju Cards. Consider the popular video games Pokemon and Magic the Gathering, but with a blockchain serial number instead of a gamer’s name, as per the official blog. “Every single character was developed and illustrated by one of our professional artists, who have previously worked on original material for Adult Swim, Apple, Nickelodeon, and Netflix, among other platforms. The Alpha Series has a total of 23 distinct characters.”
Starting on August 20, the Alpha Series pre-sale will be open, enabling early supporters and members of the community to acquire cards at a reduced rate. The last distribution took place on Wednesday, and there was a significant level of demand, which was satisfied. This may have increased in the price of SOL: SOL cards 5 and 8 have been priced.
According to one trader who participated in a CoinDesk Discord conversation, “I believe around 10,000 persons were active on their Discord.” “However, only 3.5k of NFT were allowed to be minted, and each wallet was only allowed to hold one card. Without a doubt, demand outstripped what could be reasonably anticipated.”
The current surge in the SOL stock, according to another trader, may be connected to the Friday debut of Solsea, Solana’s first open non-financial trading platform.
A thriving ecosystem is emerging, and the blockchain has piqued the interest of big investors because of its projected scalability, low transaction costs, and speedy procedure execution.
The SOL, on the other hand, looks to be overbooked at the present, with a 14-day Relative Force Index (RSI) well above 70, suggesting that the market is moving slowly. As QCP Capital highlighted in its most recent market research report, “With such considerable volatility, SOL calls may be a smart purchase.” When an asset is projected to consolidate or decrease, call options are generally sold by investors. Selling options occurs when traders expect a drop in volatility in the market. This is because volatility has a favorable effect on option prices.
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