Sol, A Lesser-Known Cryptocurrency, Is Exploding in Value

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Sol, A Lesser-Known Cryptocurrency, Is Exploding in Value
Sol, A Lesser-Known Cryptocurrency, Is Exploding in Value

You’ve probably heard about Bitcoin. Ethereum is most likely not a novel notion to you. You’ve probably heard of Dogecoin even if you’ve only been watching television this year.

It is not only about SOL. Cryptocurrency is witnessing rapid growth, with one lesser-known coin rising to the top of the rankings. It was up 28 percent in the seven days leading up to April 4th, at a period when Bitcoin’s price had stabilized after a 40 percent rise from its January low.

Some believe that the Solana blockchain-based cryptocurrency SOL will pose a long-term threat to Ethereum. There are several reasons for this, including the fact that both Solana and Ethereum have been adopted by coders, who have built services such as smart contracts and NFTs on the platforms. Evangelists gather on a regular basis from San Diego to Hong Kong.

If you’ve been following Solana’s evolution, you may have noticed a surge in its value as a result of the success of STEPN, a Solana-based fitness-related software, and the plans to add NFTs from its blockchain on OpeanSea, a significant marketplace for digital collectibles.

The Solana is a more recent issue when compared to other well-known coins

Anatoly Yakovenko, a developer, first introduced the Solana concept in 2017. SOL made its debut last year, and its value had surged by the end of the summer.

Is there a significant advantage? In comparison, a transaction on the Solana blockchain is quite cheap. Mining on Solana is substantially cheaper than mining on Ethereum due to its ability to process thousands of transactions per second rather than only a few hundred. This means that there is less competition for space on the Solana blockchain.

But it hasn’t been all plain sailing for Solana; she’s had her share of bumps. A big outage in September delayed 17 hours of transactions. It was proof, in the eyes of Bitcoin and Ethereum advocates, of the advantages of sticking with more established crypto projects. Supporters contended that this was only a hiccup on the road.

What precisely is SOL?

SOL is the Solana network’s currency. Solana’s platform may be used to create decentralized financial apps and smart contracts. On it, cryptocurrency assets can be lent and traded. SOL has been skyrocketing as a result of the promise that Solana transactions will be low-cost and lightning-fast, unlike Ethereum.

That is, blockchains will no longer be associated with being unreasonably expensive, time-consuming, or useless. As a result, the coin’s value has increased by 488 percent in the last year.

SOL, What is its value now?

According to CoinMarketCap data, SOL was the sixth-largest cryptocurrency by market capitalization as of early April, with a value of more than $44 billion. That’s a lot less than the $877 billion market value of Bitcoin.

Furthermore, it is less valuable than Ethereum, which is estimated to be worth $418 billion. While Cardano and Litecoin are prominent alt-coins, as are Dogecoin and Shiba Inu, another dog-related cryptocurrency with ties to Elon Musk, SOL ranks higher than these two.

Read More: Cryptocurrency Traders Are Having a Ball With Waves. Here’s what you need to know!

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