One of the best performing cryptocurrency assets in recent days is Solana’s SOL token
, which is climbing up the market capitalization charts.
Solana Native Token
(SOL) is one of the top-earning cryptocurrencies in today’s top 100, second only to its “cousin,”
At the time of this writing, Solana is experiencing 22.7% daily growth. SOL’s market capitalization has just surpassed $50 billion, securing the seventh spot on the list of largest cryptocurrencies according to CoinGecko.
(ATH) in the $174 area, after gaining an impressive 58% last week. The next target for SOL is XRP
, which currently has a market capitalization of $63 billion and has gained 4% on the day.
Solana has already surpassed Polkadot, Chainlink and Uniswap
in terms of market capitalization. TOP 10 largest cryptocurrencies / Source: CoinGecko
Huge momentum for Solana and high-speed blockchains
Solana is a high-bandwidth, enterprise-grade blockchain that has been gaining traction in recent months alongside tier-2 Ethereum
platforms and is backed by Alameda Research and FTX Exchange, all under the umbrella of cryptocurrency billionaire Sam Bankman-Fried.
will be created and traded on Ethereum and Solana. He added that deposits and withdrawals will be launched in the next few weeks.
Bankman-owned Alameda has also invested in Ethereum scaling solutions provider Arbitrum. Mainnet Arbitrum launched earlier this month after a $120 million funding round.
In a note to clients on Monday, JPMorgan managing director Nikolaos Panigirtzoglou noted
August rally in non-convertible tokens and increased activity in decentralized finance helpedy are not just Ethereum. Alternative cryptocurrencies that facilitate or plan to facilitate smart contracts such as Solana, Binance Coin and Cardano are also gaining.
FTT is up 25%
The only other cryptocurrency currently surpassing SOL is Bankman-Frieda’s native derivatives exchange token, FTX.
The FTT token also hit an all-time high during the morning Asian session on Tuesday, when it rocketed to $82. FTT has earned as much as 73% over the past week, trumping even the mighty SOL performance.
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