Programmable blockchain Solana’s SOL token crossed the $100 mark on Monday, drawing a three-figure price for the first time.
The cryptocurrency ranked eighth largest by market cap, ahead of polkadot and stablecoin USDC, and is currently trading just short of the record $101 registered during Asian hours, CoinGecko data show.
The frothy NFT market continues to boil. According to data tracked by The Block, the average price of an NFT sale hit a record $63,730 on Sunday, up nearly 270% in four weeks. Solana launched the Degenerate Ape Academy two weeks ago, venturing into the buzzing NFT space.
The speculation started doing the rounds early Monday after Solana tweeted an Ignition teaser video, showing a purple flamed lighter.
SOL is a utility token with two main use cases: paying for transaction fees incurred while interacting with smart contracts and staking tokens as part of the proof-of-stake mechanism.
Solana network burns SOL as part of its deflationary model. Token burning effectively removes coins from the available supply, boosting their relative scarcity.
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