The cryptocurrency Solana (SOL) managed to reach a peak by trading at over $25 in the early hours of October 20. The last time SOL traded at this level was on 8/14/2023 when the token reached $25.15. On the last day, the cryptocurrency rose by 12%, the biggest growth among the 10 largest cryptoactives.
At the time of publication, the price of Solana was listed at US$26.95, up 11.5% in the last 24 hours. During this period, the token recorded a trading volume of US$1,180,929,432.
It is no longer now that Solana is emerging at significant highs and, consequently, attracting more and more attention and interest from investors, even being titled as “most loved altcoin” in 2023. In the last seven days, the SOL cryptocurrency has registered growth in its price of 24.7%.
It is worth remembering that, according to CoinShares data revealed last week, Solana, XRP and Cardano have been the cryptocurrencies of choice for institutional investors this year. These altcoins even surpassed the famous Ethereum, with impressive weekly inflows. To give you an idea, Solana alone recorded an inflow of US$3.7 million in the previous week.
Solana: Market Capitalization Rises 32% and Revenue Grows 10% in the Quarter; Messari
In an environment marked by constant fluctuations and emerging trends in the world of cryptocurrencies, Solana has shown itself to be one of the most promising. According to recent data provided by Messari, a renowned crypto market analysis platform, Solana closed the third quarter of 2023 with numbers that attract the attention of enthusiasts and investors.
The cryptocurrency’s market capitalization jumped to a staggering $8.4 billion, representing a 32% increase from the previous quarter. This significant expansion allowed Solana to jump in the cryptocurrency rankings, going from 10th to 7th position in just three months.
Furthermore, it was not just its market capitalization that showed growth. Revenue generated from all fees charged by the Solana protocol also saw an increase. It grew by 10%, reaching approximately US$4 million or 185,400 SOL. Of the total amount, around half of these fees were burned, and the remainder served as an incentive, being distributed to producers in the block. Regarding Solana’s inflation, it closed the quarter at 5.8%.
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