Solana SOL/USD has shot up over 6000% since the beginning of 2021 beating the year-to-date returns of major coins like Bitcoin BTC/USD, Dogecoin DOGE/USD, Ethereum ETH/USD, and Bitcoin Cash BCH/USD.
What’s Moving? Solana has skyrocketed 6,281.72% since the beginning of 2021, which is significantly higher than DOGE’s 4,707.80% gain in a similar period.
Ethereum, which too has benefited from a Decentralized Applications (DApps) and DeFi buzz, has spiked 983.99%, for comparison.
See Also: How To Buy Solana (SOL)
The apex cryptocurrency Bitcoin’s YTD gains are even less impressive at 60.62%, while BCH, a fork of BTC, has gained 84.59% since January.
Solana has been on a tear recently, rising 51.36% in a seven-day period and shooting up 20.97% to $118.31 in just 24 hours.
The programmable blockchain’s coin touched an all-time high of $119.25 shortly before press time.
Why Is It Moving? There is a growing buzz around Solana and the white-hot non fungible token or NFT arena. On Monday, the project retweeted an announcement from Metaplex, a protocol that helps artists and others build NFT experiences on Solana.
Fully on-chain generative NFT distribution coming soon https://t.co/fyETv9m2nJ
— Metaplex (@metaplex) August 29, 2021
Jonas Luethy, a trader at cryptocurrency broker GlobalBlock attributed Solana’s boom to NFTs, whose sales in August have nearly hit the $900 million mark, thrice as much as the previous best month in May, reported Forbes.
Recently, Pyth Network became the first cross-chain oracle to deliver real-time institutional grade market data to DeFi apps and platforms on-chain with the launch of Solana Mainnet.
Solana noted the interest in Pyth Network and its ever-growing adoption on social media.
Over 100 teams integrating @PythNetwork data one week after launch on mainnet beta https://t.co/kdv7yOlSw2
— Solana (@solana) August 30, 2021
Pyth would be broadcasting market data through the Wormhole Network, which launched its mainnnet last week. A spike was seen in SOL prices after the launch of the Wormhole Network.
Read Next: DeFi Play Solana Keeps Hitting Fresh All-Time Highs: Is There Still Time To Buy In?
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