Cryptocurrency

Solana ranked 7th among top 10 cryptocurrencies, giving tough competition to Ethereum

The price of the Solana (SOL) crypto token has nearly tripled in three weeks.

The cryptocurrency linked to the Solana network has risen to the seventh position among the top 10 largest virtual coins in the world. With this, it is expected that this blockchain can give a long-term competition to Ethereum. According to CoinGecko, Solana’s SOL token has tripled in about three weeks and now has a market value of $41 billion (approximately 2,880 ft). 99,640 crores). Its supporters say that where Ethereum dominates DeFi and digital collectibles, Solana transactions have lower costs and higher speeds.

Nexo co-founder Antoine Trenchev wrote in an email that Solana has a growing ecosystem, projects are being built on it. Also, it has benefited a lot from the boom in NFTs. NFTs are tokens that are not interchangeable and are used to trade digital collectibles. He said that the support of Sam Bankman-Fried, chief executive of crypto exchange FTX, is also helping in this.

Solana has touted itself as the world’s fastest blockchain and its website says it has an average cost per transaction of $0.00025 (roughly Rs.0.018). In June it announced that it had raised $314 million (about Rs 2,290 crore) in a funding round with investors including Bankman-Frieds Alameda Research, venture capital firm Andreessen Horowitz, Polychain Capital and CoinShare.

Alternative coins such as Solana’s SOL, Cardano’s ADA and Binance Coin have increased in recent weeks. Despite being top coins like Bitcoin and Ether, they have registered growth and attracted the attention of investors.

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