Solana (SOL) price hit a new all-time high this week, climbing into the Top 10 in the crypto market as Dogecoin continues to rise as “the strongest cryptocurrency,” according to Elon Musk and Mark Cuban.
Solana (SOL) is trading above $66.2 per unit at press time, while Dogecoin (DOGE) is above $0.33. The value of these two cryptocurrencies has grown exponentially in the last month, fueled by the bullish sentiment surrounding the crypto community.
In the case of Solana, the innovation behind this network blockchainwhich can process transactions much faster and cheaper than other networks like ethereumis attracting a large number of users who are looking for alternatives like this to process their transactions in a few seconds and at a fairly low cost.
Solana developers continue to work on building new solutions that will make this network one of the most important in the industry. Thus, the launch of the project NFT “Degenerate Ape Academy” in Solana over the weekend sparked a new euphoria in the crypto community, pushing SOL price to a new all-time high of $68.8. In the last month, SOL’s price has grown more than 280%.
Solana is now part of the Top 10 of the main cryptocurrencies in the market, snatching the last place in this classification from uniswapwith a market capitalization of 19,530 million dollars.
On the other hand, Dogecoin (DOGE), the most famous crypto meme in the industry, shows a growth of 200% in the last 30 days. DOGE’s bullish momentum is motivated by the growth of Bitcoin and Ethereum in the market, and also because of the positive comments that well-known personalities in the crypto space, such as Elon Musk and Mark Cuban, have made regarding this cryptocurrency in recent days. Cuban said to CNBC that Dogecoin is “the strongest cryptocurrency” as a medium of exchange, while Musk reaffirmed Cuban’s comments publishing on Twitter who has been saying this about DOGE for some time.
It may interest you: Bitcoin maintains its value after the passage of the US Infrastructure Act
the euphoria of Degenerate Ape Academy in Solana
The NFT project Degenerate Ape Academy, launching last Sunday, shows a collection of “10,000 degenerate apes” that sold out in just 8 minutes, as reported by the project’s developers via Twitter.
The launch, according to the developers, was chaotic and many of the users and investors interested in acquiring one of these NFTs were left empty-handed. However, the developers acknowledged their mistakes and assured that the funds paid in SOL are safe, and that users who made the transfers and did not acquire one of the monkeys will receive a full refund of the value deposited in the coming days.
In the words of the team, the high demand for NFTs and the wave of transactions they received from interested users and investors was “overwhelming”. “It was exponentially bigger than we thought”they reported on Twitter.
The “degenerate apes” were bought with an initial value of 6 SOL, about 270 dollars on Sunday, while at the time of writing this article their value already reaches 14 SOL (990 dollars on average). Also, the Solana NFT market, Solanartshows various ape offers for up to 9,999 SOL ($660,000).
Mark Cuban, the Dallas Mavericks and Dogecoin
During the interview on CNBC, Mark Cuban stated that although the cryptomeme was born as a joke against cryptocurrencies, it has actually become one of the main cryptoactives on the market, which is being heavily used by its community to make payments and acquire goods.
Cuban offered “special prices” to those who dare to buy products in his Dallas Mavericks stores with Dogecoin. The owner of the professional NBA basketball team began receiving payments in DOGE in March of this year; since then, sales at his stores have increased substantially, he said.
Cryptocurrencies rise to $2 trillion
The bullish rally of Bitcoin and several altcoins of the market, such as Ethereum, Cardano, Dogecoin, Ripple, Solana, among others, led the total capitalization of cryptocurrencies to exceed 2 trillion dollars again. This Monday, the market value of all cryptocurrencies grew to $2,045,801,064,302 ($2.04 trillion), according to data from CoinMarketCap.
Bitcoin, the leading cryptocurrency in the industry, shows a market cap of $868.698 million, with a 43.6% dominance over the crypto market. The rest of the cryptocurrencies, known as altcoins, add up to a market capitalization of 1.13 trillion dollars. Ethereum is the most dominant altcoin in the industry after bitcoin, with a capitalization of $375.075 million and a dominance of 18.8% of the entire market value.
Continue reading: Grayscale Bitcoin Trust, the gateway for institutional investors to cryptocurrencies