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Solana Climbs 30% on Back of FTX NFT Marketplace Launch
The SOL token hit an all-time high of $194.82 early on Tuesday.
The native token of the Solana blockchain enjoyed a 24-hour price increase of over 30% following the news of derivatives exchange FTX launching a minting platform for non-fungible tokens (NFTs).
- The SOL token hit an all-time high of $194.82 at around 06:30 UTC Tuesday, according to data by CoinMarketCap.
- Its price subsequently fell back below $190 and is sitting at $186.50 at the time of writing – a 30.60% increase compared to 24 hours earlier.
- The surge follows derivatives exchange FTX.US’s launch of a minting platform for NFTs, which is built cross-chain on the Ethereum and Solana networks.
- Solana’s native token has been enjoying a rally of late, buoyed by a renewed boom in the NFT market. Solana last week replaced dogecoin as the world’s seventh-largest cryptocurrency when its market capitalization reached $42 billion compared with DOGE’s $38 billion.
- With the latest surge over the last 24 hours, SOL’s market cap has surpassed $54 billion, according to CoinMarketCap.
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Read more: NFT Markets Post Record-Breaking Week
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
