Solana’s digital token surged to an all-time high on Thursday, with growth outpacing the rest of the cryptocurrencies amid strong demand, Markets Insider reported.
- Sol carved a fresh record-high of $216.47, bringing the digital token up by nearly 400% in the last month, and its value almost doubled so far in September alone. It was up by 30% at $209.53 at 6:38 a.m. ET.
- While Sol jumped 18%, major cryptocurrencies continued to slump, with Bitcoin and Ether both declining by nearly 15% in two days. Altcoins sustained bigger losses, with Dot and Dogecoin down 20%.
- Sol’s strength is attributed to the Solana blockchain, dubbed as an ‘Ethereum Killer’ given the fast transaction speed and the cheaper expense. It is also able to house decentralized finance and non-fungible tokens.
- Analysts believe Sol’s showing is a continuation of its recent growth, with “unending” demand from retail buyers as the platform continues to see over two NFT launches and minting in the system daily.
Sol is listed as the sixth-biggest coin based on market capitalization with $62 billion. SOL is up 26.56%, BTC up 1.85%, ETH up 4.90%, and XRP up 3.35%.