Programmable blockchain Solana’s SOL token rallied to a brand new excessive on Friday, changing the meme-focused cryptocurrency dogecoin because the seventh-largest coin by market worth.
SOL climbed 12% to $145, establishing a foothold above Tuesday’s document of $130, information from Messari present. The cryptocurrency’s market capitalization jumped to $42 billion, surpassing dogecoin’s $38 billion.
Since Solana launched the non-fungible tokens (NFT) challenge Degenerate Ape Academy on Aug. 15, the SOL token has tripled in worth. The timing couldn’t have been higher, given the continued NFT sugar rush.
“Solana’s recognition, already boosted by Sam Bankman-Fried’s assist, has seen unprecedented worth motion on the again of robust mindshare development, a flurry of decentralized utility launches and, most not too long ago, the frenzy round their Kaiju playing cards NFT launch,” Jehan Chu, co-founder, and managing accomplice at Keneti Capital, a blockchain funding and buying and selling agency, advised CoinDesk.
Kaiju Playing cards is a collectibles card recreation constructed on Solana’s blockchain and modeled alongside traditional kinds like Yugioh, Pokemon and MTG.
“Kaiju Playing cards NFTs are serialized, not generative. Suppose Pokemon or MTG, however with serial numbers on the blockchain,” the official weblog says. “Every character is created and hand-drawn by one in every of our 4 industry-artists who’ve carried out authentic work for Grownup Swim, Apple, Nickelodeon, Netflix, and different locations chances are you’ll acknowledge. There are 23 authentic characters contained within the Alpha Sequence.”
The presale of the Alpha Sequence aimed toward giving early supporters and group members entry to playing cards at a cheaper price passed off on Aug. 20. The ultimate distribution occurred Wednesday and was met with excessive demand. Which will have boosted SOL’s worth: The playing cards have been priced at 5 SOL and eight SOL.
“I imagine there have been manner above 10,000 individuals on-line on their Discord,” one dealer advised CoinDesk in a Discord chat. “However solely 3.5k NFT to mint – and only one card per pockets was allowed. So sure, demand was greater than affordable.”
One other dealer mentioned the most recent leg greater in SOL may very well be associated to Friday’s launch of Solsea, the primary open NFT market on Solana.
Solana’s ecosystem is booming, and the blockchain has garnered the assist of main traders, because of its perceived scalability, comparatively low transaction prices and quick processing pace.
Nonetheless, SOL now seems overbought with the 14-day relative power index (RSI) hovering effectively above 70, indicating the tempo of the rally might sluggish. “With volatility this excessive, SOL calls may be an honest promote,” QCP Capital mentioned in its newest market evaluation. Buyers sometimes promote calls when the asset is predicted to consolidate or transfer decrease. Merchants promote choices when volatility is predicted to drop. That’s as a result of volatility has a optimistic affect on choices’ costs.