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Solana, rival of Ethereum, is already the seventh most valuable cryptocurrency on the market, surpassed Dogecoin!

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This Tuesday, the ‘altcoin’ Solana (SOL) became the seventh cryptocurrency with the largest market capitalization above Dogecoin, the favorite of Elon musk. This currency, Ethereum rival, has grown more than 800% in less than two months. In the last 24 hours alone, a surprising 35% took off according to data from CoinGecko.

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“Solana has a growing ecosystem, projects are being built on it and it has benefited greatly from the mania that is occurring with NFTs.”Antóni Trénchev, an industry expert, explained to Bloomberg.

The boom Solana, the new trendy cryptocurrency

The value of Solarium started to rise little by little from the beginning of 2021, but its current boom It started last July and has not stopped.

The July 20th, the SOL had a market capitalization of around $ 6.1 billion, CoinGecko records, and just 24 hours ago it was $ 41.63 billion. This September 7, at dawn, Solana reached a value of 56,276 million dollars, that is has increased more than 800% in less than two months and 35% in just one day.

This places her as the seventh coin with the highest capitalization in the market.

Source: CoinGecko.com.

Regarding the price, the digital currency registered an increase of almost 730% in a month and a half. During the early hours of this September 7, it registered a maximum of $ 194.57 per token, a far cry from the $ 23.49 it cost just on July 19. It’s also 39% more than it was trading just a day earlier, when the price was $ 140.13 per unit.

Part of this popularity is due to the convocation of a Hackathon World Cup that will be in force until next October 8.

The event ‘Ignition’ promises to distribute a total of $ 5 million in prizes to the best projects developed in the Solana blockchain. Sponsors include Microsoft, Jump Capital and Standard Chartered, reports Coin Telegraph.

On the index website Nasdaq you can read that “Solana’s recent earnings appear to be fueled by excitement around decentralized finance initiatives, or DeFi, and the recent announcement of a mystery event from the cryptocurrency development team “. However, the experts of said stock market warn that SOL is still a product “high risk, high reward”.

What is Solana?

The alternative cryptocurrency or ‘altcoin’ Solarium It is based in Geneva, Switzerland; its creator and CEO it is Anatoly Yakovenko. Together with other partners they created the prototype in 2018 and named it Solana, because for a few years they lived in San Diego, California, also known as ‘Solana Beach’.

The cryptic currency SUN was launched in March 2020 and is considered to be ‘the fastest blockchain in the world’. In addition, it aspires to unseat Ethereum using his own block chain, although for now ETH has a capitalization eight times greater than that of Solano ($ 403.4 billion).

Source: CoinGecko.com.

Yakovenko worked for Qualcomm and Dropbox before posting his call ‘White book’ in November 2017. In it he explains that the technology to create SOL tokens is a different model of blockchain architecture, call ‘History Test’, sustained in a way other than encode the passage of time on the blockchain.

This could skyrocket the number of operations to 710,000 transactions per second on a gigabit network. And the more people use it, the faster it gets.

This scalability ensures that SOL transactions remain below $ 0.01 for both developers and users. In fact, it has an average cost per transaction of $ 0.00025. The specialized portal CoinMarketCap highlights that this is why has attracted both small users and companies as well as institutional investors.

More and more interest in Solana

More and more investors are betting on the young cryptocurrency. “If anyone wants Web 3.0, let them look at Solana “said a few days ago the veteran investor David gokhshtein to Business Insider. In his opinion, the cryptocurrency is “very underrated”.

“Solana is one of Ethereum’s competitors. […] The platform has the fastest public blockchain “, they pointed out from the investment bank Goldman sachs in a recent report. They also highlighted that it is cheap and easy to use for developers.

In June 2021, Solana announced that it had raised $ 314 million in a funding round with investors including Bankman-Fried’s Alameda Research, venture capital firm Andreessen Horowitz, Polychain Capital, and CoinShares.

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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