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 3:25 p.m. UTCUpdated May 11, 2023 at 5:19 p.m. UTC
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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.
Read more: NFT Markets Post Record-Breaking Week
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Jamie Crawley is a CoinDesk news reporter based in London.