According to CoinMarketCap statistics, SOL, the primary token of the Solana blockchain, has risen one position to seventh on the ranking of the most precious cryptocurrencies by total market cap. Solana has therefore flipped the most popular meme currency, Dogecoin.
In recent weeks, the value of Solana has increased by over 300 percent, with a gain of over 310% in the previous 30 days.
SOL has frequently hit new all-time high price levels during that period, rising from around $35 per coin on August 1 to a new high of over $144 on September 3.
Solana is up 23% in the previous 24 hours, extending its recent surge, and has just crossed the $100 barrier for the first time on Monday.
Solana is being viewed as a potential competitor to Ethereum, presently the most popular smart contract platform.
Decentralized applications (dapps), decentralized finance (DeFi) protocols, and NFT crypto-collectibles use smart contracts, which are bits of code that carry out specific instructions.
Although Ethereum has a significant lead among smart contract blockchains, the network is frequently overburdened with activity, forcing increasing transaction gas fees—especially in light of the current NFT market surge.
Furthermore, Ethereum’s present proof-of-work ETH mining model consumes a lot of energy; however with the future Ethereum 2.0 network update, it will switch to a more efficient proof-of-stake method.