In an important milestone, the NFT sales on the altcoin Solana surpassed the sales on Ethereum for the first time in their history. This success came as Ethereum creator Vitalik Buterin expressed his support for Solana and other ETH competitors. However, Solana is facing challenges, having been labeled a “security” by the SEC, causing the SOL price to plummet and be deleted from various crypto exchanges. Let’s have a look at the details.
NFT trading rises on altcoin Solana, surpasses Ethereum in 24 hours
According to data from tracker Sol Bulletin, total NFT sales volume on the Solana blockchain has exceeded $25.5 million in a 24-hour timeframe. Meanwhile, Ethereum lagged behind with NFT trading volume exceeding $24.5 million. This marks the first time Solana has outstripped Ethereum in NFT sales. On the other hand, given the pressure from the SEC and the subsequent delisting of SOL on exchanges, it is a significant achievement.
cryptocoin.com When we look at it as a whole, it is very important that an important threshold has been crossed despite the pressures. Accordingly, this indicates that support for altcoin Solana continues in the industry. On the other hand, although the SEC’s move has an impact on the price, it does not seem to affect the chain activities much. There is also the support of investors in the crypto money sector. Therefore, the upcoming timeframes seem to indicate significant growth for altcoin Solana.
Solana’s NFT sales volume demonstrates rising adoption and usefulness
Despite the increase in NFT trading volume, Solana’s price has not kept up. However, a growing number of DeFi protocols in the Solana ecosystem indicate that the adoption and use of the SOL blockchain is increasing. Ethereum still dominates the DeFi space. But the NFT sales volume on altcoin Solana supports the theory of its growing importance.
According to DeFi data tracker DeFiLlama, the total locked value (TVL) on the Ethereum blockchain is $26.7 billion. Also, altcoin Solana’s TVL is significantly lower at $265.57 million. However, NFT trading volume on Solana continues to increase. According to Buan, this points to the potential for the protocol’s TVL to increase over the long term. On the other hand, this will allow the SOL price to recover.
The fact that altcoin Solana managed to surpass Ethereum in NFT sales is a notable milestone for the altcoin. Despite facing pressure from the SEC and experiencing delistings, Solana’s growing adoption and utility demonstrates its potential for future success. As NFT trading volume on Solana continues to increase, we will see how the TVL of the protocol and the SOL price will be affected in the long run.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow on. Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. Therefore, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.