Solana (SOL) has soared more than 6,000% since early 2021 outperforming the year-to-date performance of major currencies such as Bitcoin (BTC), Dogecoin (DOGE), Ethereum (ETH) and Bitcoin Cash (BHC).
Solana has soared 6,281.72% since early 2021, which is significantly higher than DOGE’s 4,707.80% gain in a similar period.
Ethereum, which has also benefited from decentralized applications (DApps) and the popularity of DeFi, has soared 983.99%, in comparison.
The leading cryptocurrency Bitcoin’s gains to date are even less impressive at 60.62%, while BCH, a fork of BTC, has gained 84.59% since January.
Solana has been on a hot streak recently, rising 51.36% in a seven-day period and skyrocketing 20.97% to $ 118.31 in just 24 hours.
The programmable blockchain currency hit an all-time high of $ 119.25 in the latest review.
Why is it moving?
There is a growing buzz around Solana and the hot territory of non-fungible tokens, or NFTs. On Monday, the project retweeted an ad for Metaplex, a protocol that helps artists and others build NFT experiences in Solana.
Jonas Luethy , trader of the broker of criptomonedas GlobalBlock attributed the boom Solana to NFT, sales of which in August almost reached the mark of USD 900 million, representing a figure three times higher than the best previous month, in May, as reported by Forbes.
Pyth Network recently became the first cross-chain oracle to deliver real-time, institutional-grade market data to on-chain DeFi platforms and applications with the launch of Solana Mainnet.
Solana highlighted the interest in Pyth Network and its growing adoption on social media.
Pyth would be transmitting market data through the Wormhole Network , which launched its mainnet last week. After the launch of the Wormhole Network, an increase in SOL prices was observed.