fbpx
Connect with us

Executive Voice

Solana Replaces Dogecoin as 7th Largest Cryptocurrency by Market Cap Position

Solana

Solana’s SOL replaces the meme-focused cryptocurrency dogecoin to the seventh largest coin by market value and reaches a new high on Friday of September 2021.

According to the coin market cap data, SOL moves up 23.11% in the last 24 hours and foothold to $143. This value broke Tuesday’s $ 130 record. Hence, the capitalization of cryptocurrency increased to $41 billion and exceeded dogecoin’s $39 billion capitalizations.

Degenerate Ape Academy has a collection of artworks, and it is operating under the Solana network. The SOL token value has tripled in price due to Solana established the NFT project on the 15th of August at Degenerate Ape Academy. Non-fungible tokens (NFT) are unique digital assets. People can purchase them and keep their ownership.

Solana’s popularity is boosted by the founder and CEO of FTX, Sam Bankman-Fried, by the mindshare growth. He managed $ 2.5 billion of assets in the cryptocurrency trade. Most recently, the co-founder and managing partner at Keneti Capital said that they released Kaiju cards NFT. The Kaiju cards modeled with classic styles like Pokemon, Yugioh, and MTG are used in card games built on Solana’s blockchain.

The official blog says, “each character is created and hand-drawn by one of their four industry artists who have done their works on famous industries such as Netflix, Nickelodeon, Apple, Adult Swim. They are the experts in this field. Also, there are 23 characters available in the Alpha series.”

They presoled  the Alpha Series and gave access to the community members and early supporters. Then these people could purchase Kaiju  cards at a lower price on the 20th of August. The cards were priced at 5 SOL and 8 SOL, and the final sharing happened on Wednesday. Moreover, it met the unbelievable high demand and attracted global attention.

There were above 10,00 people online on their Discord, and according to the one trader, CoinDesk, in a Discord chat. But they only allowed 3.5k NFT to mint and one card per wallet. So, demand is more than their expectable level.

One more trader told that the newest leg higher in SOL might be related to Friday’s launch of Solsea. Solsea is the first NFT marketplace that allows creators to select and embed licenses in MFTs.

These days Solana’s network is booming. And the blockchain has garnered the support of foremost investors, thanks to its perceived scalability, fast processing speed, and comparatively low transaction charges.

Now SOL looks overbought with the fourteen-day relative strength index (RSI) positioning well above the 70 and indicating the pace of the rally may slow. In the latest analysis of QCP Capital, they said, “With the high volatility, SOL calls might be a decent sell.”   Generally, investors sell calls when the asset is predictable to consolidate or move lower. In addition, traders sell options when volatility is expected to drop. That’s why volatility has a positive influence on options’ prices.

Solana Official Website

Ravi Rajapaksha is a 𝗝𝗼𝘂𝗿𝗻𝗮𝗹𝗶𝘀𝘁 and 𝗘𝗻𝘁𝗿𝗲𝗽𝗿𝗲𝗻𝗲𝘂𝗿 specializing in Digital marketing. As a Founder of Nextenco, he is a driven entrepreneur looking to help small businesses, influencers, leaders, coaches, and entrepreneurs leverage Digital and Social media to the fullest extent.

New Videos

Top 3 NFTs

Mindset

Most Disruptive

Recent Stories

Trending


Copyright © 2022 Disrupt ™ Magazine is a Minority Owned Privately Held Company - Disrupt ™ was founder by Puerto Rican serial entrepreneur and philanthropist Tony Delgado who is on a mission to transform Latin America using the power of education and entrepreneurship.

Disrupt ™ Magazine
151 Calle San Francisco
Suite 200
San Juan, Puerto Rico, 00901

Disrupt Magazine invites voices from many diverse walks of life to share their perspectives on our contributor platform. We are big believers in freedom of speech and while we do enforce our community guidelines, we do not actively censor stories on our platform because we want to give our contributors the freedom to express their opinions. Articles are not commissioned by our editorial team, and opinions expressed by our community contributors do not reflect the opinions of Disrupt or its employees.
We are committed to fighting the spread of misinformation online so if you feel an article on our platform goes against our community guidelines or contains false information, we do encourage you to report it. We need your help to fight the spread of misinformation. For more information please visit our Contributor Guidelines available here.


Disrupt ™ is the voice of latino entrepreneurs around the world. We are part of a movement to increase diversity in the technology industry and we are focused on using entrepreneurship to grow new economies in underserved communities both here in Puerto Rico and throughout Latin America. We enable millennials to become what they want to become in life by learning new skills and leveraging the power of the digital economy. We are living proof that all you need to succeed in this new economy is a landing page and a dream. Disrupt tells the stories of the world top entrepreneurs, developers, creators, and digital marketers and help empower them to teach others the skills they used to grow their careers, chase their passions and create financial freedom for themselves, their families, and their lives, all while living out their true purpose. We recognize the fact that most young people are opting to skip college in exchange for entrepreneurship and real-life experience. Disrupt Magazine was designed to give the world a taste of that.