While Bitcoin (BTC) Price Rises Above $22,000, Solana (SOL) Has a Massive Increase in NFT Mint Volume

Solana (SOL) witnessed the second-largest growth among the top ten cryptocurrencies by market capitalization in the last 24 hours, trailing only Bitcoin (BTC), which rose 2.74% and traded for $22,182. Solana rose 2.5% to $35.45. 

Aside from the recent price hike, Solana has seen a significant increase in its NFT ecosystem in a short period of time. The network had just 77.79k mints at the beginning of the month, while Solana NFT mints set an all-time high on September 7, reaching 300,000.

Solana Remains an Attractive Place for NFT Trading

The Solana ecosystem continues to be an attractive place for NFT trading. Solana NFT marketplace sales volume has hit its highest level since the end of May, while the largest NFT blockchain, Ethereum, has witnessed a 10.7% reduction in sales volume, reaching $72.6 million, according to CryptoSlam.

On the other hand, Solana has seen an astounding 123.7% increase in sales volume, totaling $39.36 million.

Solana News tweeted the top NFT collections by sales volume in the previous 24 hours, and “Yoots: Mint Toobs” topped the list with $426.1K in sales since September 11. This collection was quickly followed by “Solana Name Service,” which completed $425.4k in transactions on September 12.

On the Flipside

  • Solana’s network has suffered all kinds of problems in recent months: attacks, congestion, and stoppages, which have decreased the performance of its blockchain. 
  • Since its launch in 2020, Solana has had at least seven network outages caused by various congestion and spam incidents. One of the most extended outages in September 2021 lasted up to 17 hours. 

Why You Should Care

While Solana is not yet on pace with Ethereum, it has recently seen widespread adoption. The latest drive will increase Solana’s market prominence as it strives to climb the charts on all fronts.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Paulina is a writer, reporter, and digital craftswoman. Her educational background extends from anthropology to IT & multimedia. She has experience working with tech startups, as well as mastering the craft of journalism. At DailyCoin, Paulina focuses on the world of metaverses, NFT marketplaces, NFT art, and blockchains backing NFT technology.