SOLANA SURGES! BUY NOW OR BE BROKE!
One of the biggest movers on the cryptocurrency market in the past 24 hours is Solana. As of the time of this writing, Solana is up almost 20% over the past day, according to Coinbase. In the past week, it’s up over 58%, and in the past month, it’s up 275%. As for the past year, Solana has surged over 2,348%.Salona is taking off with the flight still on the runway. It's time to board!
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Today we are talking about the future of Salona and when you should invest in it.
Solana is a decentralized blockchain platform. It facilitates the transactions of the SOL coin as well as digital assets like non-fungible tokens (NFTs).Solana’s SOL token rose to become the seventh-most valuable cryptocurrency this week, overtaking Dogecoin on Tuesday and rising by 26 per cent to reach a record high of $125.98, before later slipping back to eighth position.
The token made its debut only 18 months ago but now has a market value of over $30 billion. So, what are the reasons for Solana’s rise in the cryptosphere?
The main reason Solana has attracted so much attention recently is because of the network’s entry into non-fungible tokens (NFTs), which can be anything digital such as art or music that are sold with tech.
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Solana launched Degenerate Ape Academy, which sold a collection of pictures of cartoon apes. 10,000 of them sold in the first 10 minutes, which then drove the SOL token higher as people needed the cryptocurrency to buy the cartoon apes. This has also elevated the price rally of NFT’s which have now risen to $900 million.
Solana has prioritised smart contracts, which are programmes stored on the blockchain that run when predetermined conditions are met and automate agreements so that everyone is certain of the outcome. They cut out any intermediary and speed up the process. This has allowed Solana to take advantage of the NFT market and DeFi. But other cryptos such as Cardano are also planning to enter the smart contract space, so there will likely be increased competition.
Solana also uses the proof-of-history consensus, which means that messages are grouped together so that there is proof and a record of the time of each message. The concept allows for greater scalability and trust on the blockchain.It also is a reliable feature as this new legal policies on crypto are ought to require proof-of-history from all crypto coins. Ethereum, the runner up to Bitcoin and how the expected new king of crypto, acclaimed so much for its usability can only handle 30 transactions per second whereas, Salona claims to provide up to 50,000 transactions per second (TPS) and 400 ms block time latency. This is the strack contrast between Salona and its competitors; the useability of their coin.
Please bear in mind, we are not financial advisors and recommend that you do your own research prior to any investments.
Salona is aimed to integrate within the layman's life rather than just being a buzz word between crypto traders. With the likelihood of SOL coins staying around for a long time, even now at these all time highs might become the best investment. Although SOL prices are up, there is no chance they will be coming back down. Investing in the long run in SOL will garner large profits, although in the short run it might see a tiny fluctuation. You should invest now, because SOL is the new BTC.
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