New cryptocurrencies coming into the market is an ordinary occurrence. Most of them offer unique benefits, which allow them to compete with the big names in the market. On the other hand, there are some that are very generic, which barely last long. However, there are some cryptos that come into the market that take the market by storm. And Sol happens to be one of them.
Solana, in its short time throughout the market, has already managed to become one of the tokens with the highest value. One of the reasons that it has been improving so rapidly is thanks to various institutions showing interest in it. Furthermore, by expanding into NFTs, it has solidified itself as one of the top players in the market.
The progress Sol has managed to make during its time in the market is quite astounding. Its current price stands at over $90, which is significantly more than most other cryptos that have been in the market for a longer time. Thanks to their high price, their market cap has been able to exceed $26 billion. This capitalization puts it among the top 10 crypto platforms in terms of market cap.
Amber Group, a crypto-financial service provider, also discussed Sol’s current success with CoinDesk. They said that, in recent weeks, Sol’s institutional demand has increased significantly. Therefore, to cater to their new investors, Osprey Funds worked with US regulators to register the Osprey Solana Trust. The now registered trust allowed investors to trade with the Sol token as they wished.
They were also quick to point out that these smart contracts are quickly gaining on, or outright surpassing, their alternative: Ethereum. Avalanche, Luna, Cosmos, and Solana are just four of the biggest smart contract platforms around. Each of them has managed to rise by 80% in four weeks when compared to Ether.
Solana is also looking to make more unorthodox investment choices, such as their plan to work with Degenerate Ape Academy. So far their venture has proven to be quite successful, with them being able to sell 10,000 monkey images in the first ten minutes of launch. Sol benefitted from the arrangement incredibly, as customers used their token to make purchases.
By introducing so many people to service, people were able to witness firsthand, the benefits that come with using it. And soon enough, they started trading Sol, which proved quite fruitful for the token’s overall health.
Solana is also one of the crypto tokens that deal in NFTs, allowing it to take advantage of the lack of competition. With their advanced planning, they were able to intercept these customers looking for a crypto token.