Solana is a cryptocurrency that’s known for providing a diverse array of solutions revolving around decentralized finance or Defi. According to the members of the cryptocurrency community, Solana is a crypto that’s set to pull the curtains down on the dominance of Ethereum. On August 31, Solana’s price soared to an all-time high – $124.58. Compared to the cryptocurrency’s price a month back, it has increased four times in value.
It must also be mentioned that Solana is not the only Defi crypto that’s seen an increase in its value. Ethereum and Polkadot, two of the most well-known Defi cryptocurrencies, have also surged. However, compared to their rise, Solana’s surge has been unparalleled. Investors might scoff at Solana’s market value, which isn’t as high as Polkadot’s and Ethereum’s value. However, one must consider the fact that Solana was launched only 18 months ago. In this short time, it has established itself as one of the most attractive cryptocurrencies. At present, Solana is the crypto market’s seventh-largest player.
But what’s behind Solana’s surge? Experts believe the hype surround non-fungible tokens (NFTs) is what’s causing Solana’s price to rise rapidly. August sales of NFTs were almost worth $900 million. As far as NFT trade goes, there’s no bigger platform than OpenSea, which also soared to an all-time high in August. OpenSea’s trade volume in the month of August was a whopping $1.5 billion across 14,000 wallet addresses, which were all unique. Similar to OpenSea and Solana, Cryptopunks, an NFT project, also banked a lot of money in August.