Solana arrives at ATH, surpassing $ 50 billion market capitalization and launching Dogecoin

One of the best performing crypto assets in the past day by a clear margin is Solana’s SOL token as it drives the market capitalization charts.

Solana’s native token, SOL, is one of the most profitable cryptocurrencies in the top 100 today, second only to its ‘cousin’, FTX Token (FTT).

Gaining 22.7% to the day of this writing, SOL’s market cap barely exceeded $ 50 billion as it pushed Dogecoin to seventh place on the charts according to CoinGecko.

SOL is currently trading at an all-time high of $ 174 after gaining an impressive 58% from the same period last week. next target for SOL is XRP, which currently has a market cap of $ 63 billion after gaining 4% on the day.

Solana has now surpassed Polkadot, Chainlink, and Uniswap in terms of market capitalization.

Top ten in market capitalization – Coinecko.com

Big push for high-speed blockchain

Solana is a high-performance enterprise-grade blockchain that has grown in adoption alongside Ethereum Layer 2 platforms in recent months. It is backed by Alameda Research and the FTX Exchange, all under the umbrella of cryptocurrency billionaire Sam Bankman-Fried (SBF).

current momentum is fueled by the recent announcement by Bankman-Fried that FTX will launch an NFT platform for US clients. NFTs will be minted and traded in Ethereum and Solana and deposits and withdrawals will open in the next two weeks, he added.

Read also British Museum ventures into NFT with the Japanese artist Katsushika Hokusai

SBF’s Alameda also invested in scale solutions provider Ethereum Arbitrum, which launched on the mainnet earlier this month after a $ 120 million funding round.

In a note to clients Monday, JPMorgan CEO Nikolaos Panigirtzoglou noted:

” August rally in non-fungible tokens and the resumption of decentralized financial activity have helped not only ethereum but also alternative cryptocurrencies that facilitate or plan to facilitate smart contracts, such as Solana, Binance Coin and Cardano.”

FTT increases by 25%

only other crypto asset currently outperforming SOL is the Bankman-Fried derivatives exchange’s native token, FTX.

FTT token also hit an all-time high during the Asian trading session on Tuesday morning, when it hit $ 82. Over the past week, FTT has garnered a whopping 73%, even beating the powerful performance of SOL.

DeFi and Layer 2-based tokens are doing well at the moment, outpacing the gains made by bitcoin.

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