- Solana was sent to new highs after the Degenerate Ape NFT sale garnered a massive amount of interest
- Since its ICO sale in March of 2020, the price of SOL is up by more than 270x
- The Degenerate Ape NFT sale lasted all but eight minutes before the characters were sold out. The price of the most expensive one reached 100,001 SOL, which is more than $6 million USD
Solana (SOL) continues to reach new milestones. The massively popular blockchain project that started in March 2020 is having a stellar year. After the most recent price surge, which can mostly be attributed to an NFT sale of so-called Degenerate Apes, the price of Solana has set a new all-time high of $64.43.
What is Solana?
By straying away from complex layer-two solutions and employing the innovative proof-of-history mechanism (PoH), Solana is capable of outperforming the throughput of competitive networks while having extremely low fees of just one-thousandth of a penny per transaction.
Solana’s blockchain is optimized for 50-65k transactions per second. Low transaction fees and very high transaction throughput make Solana network a suitable candidate for issuing non-fungible token (NFT) projects, hosting decentralized exchanges (DEXs) and all kinds of decentralized finance (DeFi) applications.
A quick recap of Solana’s price history
At the time the Solana ICO token sale took place in the middle of March of last year, the price of Solana was just $0.22. By the end of 2020, the SOL token was already trading at $1.70.
What followed was explosive price growth, which was abruptly stopped just before reaching $60 USD on May 19, when the whole crypto market suffered a cumulative loss of approximately $300 billion, while the price of Solana dropped by 65%. Since then Solana did manage to slowly recover a decent amount of its single-day loss in the following months.
This week, more precisely today, a quick and unexpected surge sent the price to before unseen territory. On a tailwind of a massive amount of interest garnered by the NFT sale of “Degenerate Apes”, the price of Solana reached new highs. SOL gained almost 40% and managed to climb to $64.43, before dipping down to $61.29 at the time of this writing.
What are Degenerate Apes?
The sale of Degenerate Apes reinforced the notion that the NFT sector has a lot of room left to grow and is still far from reaching its full potential.
Launched on Solanart NFT marketplace, the Degen Ape sale lasted all but 8 minutes before items were sold out. The price of certain NFTs reached 100,000 SOL or more than $6 million USD.
The Degen Ape Academy is committed to donating a portion of the NFT proceeds to charitable causes. According to the Academy’s website, a percentage of overall sales will be reinvested back into the community vault for future academy and project endeavors.
As a part of its long-term roadmap, the Academy is planning to have “every single ape as a playable driver in a student only kart racing game”.
David is a crypto enthusiast and an expert in personal finance. He has created numerous publications for different platforms. He loves to explore new things, and that’s how he discovered blockchain in the first place.