Solana becomes the 8th largest cryptocurrency in the world

After a few difficult months for the cryptocurrency market, in August the market returned to a generalized high among the largest digital currencies in the world.

Among them, we can mention one in particular that drew more attention than most, Solana (SOL). Solana (SOL) closed the month of August with an impressive record of gains, over 200%.

This token accumulates a 5.9% appreciation in 2021, among the 5 biggest highs in these eight months, considering the 100 biggest cryptos in the world.

Currently, according to CoinMarketCap, it is quoted at $111.39.

The token’s great performance drew the most attention last week, with the price jumping 55% and placing Solana as the world’s eighth largest cryptocurrency by market value.

And despite this very positive scenario, there was no specific news to explain this movement.

Favorable scenario for Solana (SOL)

Despite the very positive scenario for Solana, there was no specific news to explain this movement.

On the other hand, what is seen is great optimism with Solana’s project, which has attracted more and more attention from institutional investors, in addition to positive perspectives on new developments involving its network.

Solana is being seen as a rival to the Ethereum (ETH) network.

Solana was launched in March 2020, already having in its system the integration with smart contracts and with a more scalable network than Ethereum’s own network.

Solana’s goal is to improve network scalability by adhering to Proof of History (PoH) consensus mechanisms combined with Consensus Proof of Bet (PoS).

This union has attracted the attention of both individual and institutional investors.

What explains Solana’s growth?

Solana has positioned itself very well in the market and has attracted the public interested in non-fungible tokens (NFTs).

About two weeks ago, the network entered this world by launching the Degenerate Ape Academy collection, which has 10,000 exclusive images of cartoon monkeys. All works were sold in 10 minutes.

The movement by itself already made the SOL token quote shoot up, as it was necessary to acquire the asset to bid on the NFTs.

But if this could turn out to be a tentative rally, the correction has not yet come and appears to be holding.

In addition, the network has also attracted great institutional interest.

In recent days, digital asset manager Osprey Funds has said it intends to launch a Solana-focused investment fund and has registered the Osprey Solana Trust with the US Securities and Exchange Commission (SEC), which could lead to greater Solana exposure. for big investors.

Another good news was that the decentralized data oracle Pyth Network announced the choice of Solana’s blockchain to launch its solutions.

This project intends to track market performance in real time and integrate with Decentralized Finance (DeFi) applications through Wormhole, a sidechain (blockchain that validates data from other blockchains) from Solana.

This optimism is not so new. Earlier this year, Solana managed to raise more than $300 million to help launch an incubator studio to accelerate the development of decentralized apps (Dapps) and platforms built on the blockchain.

Among some of the project’s sponsors is Sam Bankman-Fried, founder and CEO of the FTX trading platform exchange, which built a decentralized derivatives exchange called Serum na Solana.

Where to buy Solana’s token (SOL)?

Due to all these innovations, Solana’s cryptocurrency (SOL) has been performing well in the market, and more and more people are keeping an eye on this movement.

According to CoinMarketCap, Solana starts the month of September ranking 9th in the Top 100 Cryptocurrencies by Market Capitalization.

The token is listed on the world’s leading cryptocurrency brokers.

Among the best options are Binance, which had the highest trading volume SOL / USDT in February 2021, followed by OKEx. Other options are Bilaxy and Huobi Global.

How many SOL tokens are there?

The Solana Foundation announced a limit of 489 million SOL tokens. Currently, more than 260 million of them are already in circulation.

Of these, 16.23% were distributed in the initial sale, 12.92% dedicated to a foundation sale, 12.79% of the SOL coins went to team members and 10.46% of the tokens were given to the Solana Foundation.

The rest have already been released for public and private sales or will still be released on the market.

Who created Solana?

Solana’s creator is Anatoly Yakovenko, a software engineer with stints at Qualcomm and Dropbox. He developed the project in 2017, in partnership with Greg Fitzgerald, CEO of Bovis Homes.

At the time, they founded a project called Solana Labs, which attracted other professionals in the area, former colleagues of both at Qualcomm. The Solana protocol and the SOL token were released to the public in 2020.

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