Solana (SOL) continues its meteoric rise as it surpasses Cardano (ADA) to become the fourth-largest cryptocurrency globally. Solana, a direct competitor to Ethereum, reached an all-time high of $260 on November 7th. Undoubtedly, the most likely reason for this unprecedented rise is the boom in Solana NFTs.
Solana’s market value has had an excellent week, increasing by 17% over the last seven days. This all-time high of $260 sets a new record. Solana surpasses Cardano in market capitalization and continues to prove the doubters wrong.
One of the reasons for this rise is Solana Ventures. The platforms investment branch recently announced a $100 million fund. The fund is to develop blockchain gaming. Gaming is a popular branch of the Solana network. Furthermore, last week, Faraway, a leading blockchain studio, announced it had raised $30 million to develop games on Solana.
As well as reaching an all-time high price, Solana recently announced that its native wallet now has over one million active users. Phantom is an online wallet that allows users to “store, send, receive, stake and swap tokens on the Solana blockchain.” People are using wallets to trade NFTs on popular SOL marketplaces such as SolSea and Solanart. NFTs are directly linked to the recent upwards trend of Solana.
There are high expectations for Solana as it surpasses Cardano, and many will be wondering who it will target next.
It has been a good week for Cryptocurrencies; many are seeing excellent rises. Ethereum, the second-largest cryptocurrency, rose more than 4% on Monday to reach a new all-time high at $4,700.