Solana’s SOL Replaces Dogecoin as 7th Largest Cryptocurrency

Programmable blockchain SOL sign Solana rose to a high on Friday, replacing the meme-centric cryptocurrency Dogecoin with the seventh-largest currency in market value.
According to Messari data, SOL rose 12% to $ 145, a record high of $ 130 on Tuesday. The market capitalization of cryptocurrencies has risen to $ 42 billion, surpassing Dogecoin’s $ 38 billion.
The price of CTL tokens has tripled since Solana launched the Degenerate Ape Academy project for non-fungible tokens (NFTs) on August 15. Given the current NFT sugar mood, the timing wasn’t even better.
“Solana’s popularity, already endorsed by Sambankman Fried, is unprecedented, thanks to the strong growth of shared thinking, the succession of decentralized app launches, and more recently the rush to launch NFTs on Kaiju Cards. We’ve seen pricing behavior, “Chu, co-founder and managing partner of Jehan blockchain trading and investment firm Kenetti Capital, told CoinDesk, referring to the person behind the business firm Alameda Capital.
Monster Card is a trading card game built on Solana’s blockchain and based on classic styles such as Yu-Gi-Oh!, Pokemon, and MTG.
“Monster NFT cards are serial and not generative. Think of Pokemon and MTG, but the blockchain has a serial number,” the official blog says. “Each character is created and hand-painted by one of four artists in the industry who created original works in Adult Swim, Apple, Nickelodeon, Netflix and other well-known locations. 23 in the Alpha series. Contains the original character of “”

The Alpha series was pre-sold on August 20th with the goal of providing early fans and community members with access to the card at a low price. The final distribution took place on Wednesday and was very popular. This may have increased the price of SOL. The cards were 5SOL and 8SOL. “I think there were more than 10,000 people online on his Discord,” the trader told CoinDesk in a Discord chat. ‘But there are only 3500 NFTs to win and only one card is allowed per wallet. Yes, the demand was more than reasonable. ”

Another trader said SOL’s latest strong foot was related to the launch of Solcy, Solana’s first open NFT market, which launched on Friday.
Solana’s ecosystem is growing and blockchain is backed by large investors thanks to its expected scalability, relatively low transaction costs, and fast processing speeds.
However, SOL now appears to be overbought, with a 14-day Relative Strength Index (RSI) well above 70, suggesting that the pace of recovery may slow down. “The volatility is so high that CTL calls are selling well,” QCP Capital said in a recent market analysis. Investors often sell call options when assets are expected to consolidate or decline. Traders sell options when volatility is expected to decrease. This is because volatility has a positive impact on option prices.