If you follow the trending news on a regular basis, you must have come across that Solana’s value has jumped by 17% in the last seven days. Yes, it is surprising, right? However, presently it is down by nearly 4% over the last 24 hours. But still, you can call Solana the fourth largest cryptocurrency in the market. In fact, it is ahead of Cardano, sending it to the sixth position. So you can well understand the rising popularity of Solana. Needless to say, it is aiming for the moon, i.e., Ether.
In fact, it has also surpassed Tether price in this regard. This is because it is this Ether that acts as a token that powers the Ethereum blockchain.
So would you like to know more about how Solana is creating new records every day? What is the reason behind this success? Let us read through this blog to learn more about what it is all about.
What Is Solana? Is It A Good Investment?
For people who are interested in digital currencies, Solana is not a new term to them. However, since we are discussing Solana’s successful growth, let us discuss some of the interesting aspects of it. Solana is a public blockchain platform. It was established in 2017; however, it officially began in March 2020.
In fact, you can often find Solana giving a tough competition to Ethereum. However, this year on November 7th, Solana had surpassed all our expectations. It had hit an all-time high of $260 to become the fourth biggest cryptocurrency in the world. Even reputed cryptocurrencies like Tether crypto could not compete with Solana this time.
If you are wondering if investing in SOL or Solana is a wise option or not, let us discuss it right here. Well, a lot of retail investors are nowadays preferring alternatives like SOL. This is because they are much faster and cheaper in the case of transactions. Since Ethereum is currently suffering from a “transactions bottleneck,” it can handle only 12-14 transactions a second. Therefore, this is the best option right now.
At the same time, you can easily use it for smart contract payments if you pay a high amount of NFTs. The SOL administration has always stressed its security, among other things. So you can safely make all payments.
How is Solana Related To Blockchain Gaming?
As we were discussing, Solana is presently one of the top platforms of digital currencies; however, it had to struggle a lot initially. Therefore, now it is a popular choice of many developers who look for new alternatives. This is because Solana’s advertising itself is pretty cheap and more efficient. Needless to say, it is giving a tough competition to Ethereum.
You must be knowing that the NFTs is the one that connects both the crypto universe and blockchain gaming. Therefore, NFTs rely on these digital currency platforms to authenticate digital items. It is due to this reason Solana has become an important part of Blockchain gaming.
Did You Know Solana Presently Doubles Down on Blockchain Gaming?
Yes, it is pretty unexpected, right? In fact, it was also a dream come true for the team of SOL. Even though Solana has no big gaming projects, Star Atlas is trying to create its own multiverse similar to Sandbox.
At the same time, one of the leading blockchain studios, Faraway, also raised $30 million to develop browser-based games on the Solana network. In fact, soon enough, they are also going to launch their flagship browser-based game, Mini Royale: Nations on Solana.
We also come across news like the crypto companies closed 24 deals in the first half of 2021. This is, in fact, double the number of deals they finalized in the entire last year. Therefore, it is indeed a great achievement. If the demand for NFTs and Defi keeps rising, Solana’s price will also keep on creating new records.
What are The Top 5 Most Valuable Cryptocurrencies in The World?
As you know, Solana is presently the fourth-largest player in the crypto universe. Yes, pretty recently, it has surpassed Cardano. In fact, the investors and enthusiasts are hoping that very soon it will also overtake Ethereum. Therefore, they are also calling Solana the solid frontrunner for the title of “Ethereum killer.” However, there are other popular digital currency platforms as well.
So you must be knowing that at every moment, this rank changes, and someone else tops the chart. Presently, the top five digital currency platforms are the following:
- Firstly, Bitcoin, whose present market value is $1.25 trillion.
- Secondly, Ethereum with a current market value of $600 billion.
- Thirdly, Binance Coin has a market value of $106 billion.
- Fourthly Solana, whose present market value is $74 billion.
- Fifthly Tether Coin has a market value of $73 billion.
So you can well understand that Solana is giving a tough time to all its competitors. You might soon see Solana in the topmost position if the situations remain favorable.
Summing it Up
So you can well understand that even though it is relatively new in the field of digital currency, it has already started making progress in becoming the number one. Therefore, very soon, you can expect it to surpass Ethereum. So keep a check on the list every week to know every update.