•Solana saw its value spike by over 21 percent late Sunday, according to data from CoinGecko, reentering territory not seen since November.
• Cardano, the eighth-largest cryptocurrency by market cap, saw its price spike to $0.33—a price not seen since November 19.
• Solana is a proof-of-stake (PoS) layer-1 blockchain network that allows developers to create decentralized finance applications (DeFi) and non-fungible tokens (NFTs).
• Last week’s bump came as Solana developers launched a new, Shiba Inu-themed BONK coin, created to rival SHIB.
• Factors behind the rise of ADA this week are less clear. The blockchain’s last major milestone was the implementation of its long-awaited Vasil fork in September.
The cryptocurrency Solana has seen another surge in value recently, pushing its worth to levels not seen since November. Last Sunday night saw the rise of Solana’s value by over 21 percent, with data provided by CoinGecko. The growth of the currency seems to be continuing steadily as traders become more confident in its potential and overall stability.
Amidst a plethora of uncertainties in the crypto world, Solana may not be currently considered one of the few reliable go-to options for those looking to put their money into digital assets but there is truth in the fact that the token and blockchain are not going anywhere anytime soon. Time will tell what new heights the currency will manage to reach, though if it keeps up with this recent trend it must surely have quite a future ahead of it.
What is Solana? An Overview of the PoS Layer-1 Blockchain Network
Solana is a layer-1 blockchain network built on Proof-of-Stake (PoS) technology. Its main advantage over other networks is its high transaction speed, with its current record being 50,000 transactions per second (TPS). The platform also has a wide range of applications, including DeFi platforms, NFTs, and more. In addition to its technical features, SOL has some unique economic features as well; it implements a reward system that rewards users who stake their coins on the network with additional SOL tokens every week.
The Launch of BONK Coin Fuels Surge in Solana’s Value
The recent price increase for SOL can partially be attributed to the launch of the BONK coin early last week. BONK is considered to be an “anti-SHIB” asset—a rival to the SHIB coin that was created as an alternative for those who don’t want to participate in the Shiba Inu tokenomics. BONK was launched on the Solana platform, which likely explains why SOL saw such a large price spike over the weekend as demand for BONK rose within the cryptocurrency community.
Possible Reasons Behind Cardano’s Recent Price Spike
Cardano has also had an impressive run over the past few weeks, with its ADA token rising by more than 30% over the course of just three days this past weekend. This surge may have been due to several factors; one possible explanation could be related to Cardano’s upcoming Vasil hard fork scheduled for September 30th 2021. This hard fork will enable new smart contracts and improve scalability on the network; as such, many investors may have decided to buy into ADA ahead of this potential upgrade taking place later this month.
It’s clear from these recent developments that both SOL and ADA remain strong contenders in the blockchain space moving forward despite unpredictable cryptocurrency markets despite the plethora of issues that both have been dealing with. With their respective values surpassing previous highs not seen in months and projects like BONK aiding in the current growth spurt only time will tell where exactly these coins head next. Whatever happens though, it’s sure to be an exciting ride!