Solana’s SOL token hit a new all-time high in the Asian session today as secondary sales volume for Solana based nonfungible tokens (NFTs) reached almost $500 million since the start of August.
According to data from CryptoSlam, as of yesterday, secondary sales of Solana NFTs have generated a total of roughly $497.7 million from around 348,000 transactions, with the average sale per NFT tallying in at $1,500.
At Solana’s current price, its market capitalization now stands at $69.4 billion according to coinmarketcap. The token has managed to flip Cardano’s ADA, which has a market capitalization of $68.3 billion, taking the 5th spot.
What you should know
Data from CryptoSlam reveals that Solana saw a record month for secondary NFT sales volume during September with a total of $189.4 million. While Solana is seen by many as an Ethereum killer, the Ethereum blockchain remains the most popular with NFT aficionados as secondary sales on Ethereum topped $2.2 billion that same month.
CryptoSlam’s rankings of the top NFT blockchains sees Solana currently sitting at fourth in terms of 24-hour secondary volume with $1.9 million. Leading the pack are Ethereum ($37.7 million), Ronin ($23.5 million) and Wax ($4.5 million).
Solana’s top NFT project is the Degenerate Ape Academy. The project, which depicts animated gorilla avatars with unique traits, has generated $105.9 million worth of secondary sales since its launch in mid-August. Over the past 24 hours, it recorded $454,000 worth of secondary sales.
Another reason for the momentum in the price of SOL is FTX.US, the United States subsidiary of FTX global exchange, announcing the launch of a new NFT marketplace that will support the Solana-based NFTs.
Conclusion
SOL hit an all-time high of $231.81 in the Asian session. It currently trades at $228.23, up 12.07% for the day, as of the time of writing this report.
Great news.