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Following the announcement of yet another primate-inspired NFT project, the price of SOL reached an all-time high of more than $63 per unit.
SOL, the Solana blockchain’s native token, reached an all-time high of $63.33 on Monday morning, a rise of more than 36.8 percent in a single day.
According to CoinGecko, the altcoin has also entered the top ten largest cryptocurrencies by market cap, surpassing Uniswap’s UNI with $17.75 billion.
At press time, the token’s price had reverted to $61.49, representing a significant increase over the previous 24 hours and a 66.6 percent increase over the previous week.
Solana enjoys NFT craze
SOL’s dramatic rise follows the launch of Degenerate Ape Academy—a non-fungible token ( ) project built on the Solana blockchain—on Sunday.
The launch saw a collection of the 10,000 unique pictures of cartoon apes sell out in a mere eight minutes, with the overall trading volume reaching almost 96,000 SOL (over $5.9 million).
An NFT is a type of digital receipt maintained on a blockchain that reflects ownership of everything from a work of art to music to concert ticket sales. Ethereum has been the most active network in this sector, but Solana is also interested in a piece of the action.
According to the crew behind Degenerate Ape Academy, despite the fact that the launch was “shitty at best,” with many things going wrong, they were “overwhelmed” by the community’s excitement.
“It was exponentially bigger than we thought,” the Degenerate Ape Academy wrote on Twitter.
The fee to mint a digital ape was 6 SOL, but as the project sold out, the floor price for a collectible on Solanart is currently 14.40 SOL. This meant that those who were lucky to squeeze past the queue and get their hands on an ape have at least doubled their investment.
The highest price for a degenerate ape is currently 100,001 SOL, or over $6.2 million at current prices.
Solana, which employs a proof-of-stake (PoS) consensus method, promises to be capable of processing 50,000 transactions per second (TPS) at peak demand, which is about 2,000 times quicker than Ethereum currently provides.
The network also has incredibly cheap transaction fees, which distinguishes it from the competition. In addition to its own marketplace for NFTs, the network will now host numerous crypto artworks and digital collectibles.
Following Solana’s sponsorship of Lollapalooza last month, the latest NFT fad is bolstering the so-called “Solana Summer.”