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Solana Climbs 30% on Back of FTX NFT Marketplace Launch

The SOL token hit an all-time high of $194.82 early on Tuesday.

Sep 7, 2021 at 11:41 a.m. UTC
Updated Sep 7, 2021 at 4:11 p.m. UTC

The native token of the Solana blockchain enjoyed a 24-hour price increase of over 30% following the news of derivatives exchange FTX launching a minting platform for non-fungible tokens (NFTs).

  • The SOL token hit an all-time high of $194.82 at around 06:30 UTC Tuesday, according to data by CoinMarketCap.
  • Its price subsequently fell back below $190 and is sitting at $186.50 at the time of writing – a 30.60% increase compared to 24 hours earlier.
  • The surge follows derivatives exchange FTX.US’s launch of a minting platform for NFTs, which is built cross-chain on the Ethereum and Solana networks.
  • Solana’s native token has been enjoying a rally of late, buoyed by a renewed boom in the NFT market. Solana last week replaced dogecoin as the world’s seventh-largest cryptocurrency when its market capitalization reached $42 billion compared with DOGE’s $38 billion.
  • With the latest surge over the last 24 hours, SOL’s market cap has surpassed $54 billion, according to CoinMarketCap.


DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Jamie Crawley is a CoinDesk news reporter based in London.

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