Solana (SOL) price hit a new all-time high this week, climbing into the Top 10 in the crypto market while Dogecoin continues to rise as “the strongest cryptocurrency” according to Elon Musk and Mark Cuban.
Solana (SOL) is trading above $66,2 per unit at the time of writing, while Dogecoin (DOGE) is trading above $0,33. The value of these two tokens is cryptocurrencies, has grown exponentially over the past month, driven by the optimistic sentiment surrounding the crypto community.
In the case of Solana, the innovation behind this network blockchain, which can process transactions much faster and cheaper than other networks such as Ethereum, is attracting a large number of users, who are looking for alternatives like this to process their transactions in a few seconds and at a fairly low cost.
Solana developers continue to work on building new solutions that will make this network one of the most important in the industry. Thus, the launch of the project NFT “Degenerate Ape Academy” on Solana sparked a new euphoria in the crypto community over the weekend, pushing the price of SOL to a new all-time high of $68,8. Over the past month, the SOL price has grown by more than 280%.
Source: CoinMarketCap
Solana is now part of the Top 10 of the main cryptocurrencies in the market, snatching the last place in this ranking from Uniswap, with a market capitalization of $19.530 billion.
On the other hand, Dogecoin (DOGE), the most famous meme cryptocurrency in the industry, shows a growth of 200% in the last 30 days. DOGE's bullish momentum is motivated by the growth of Bitcoin and Ethereum in the market, and also because of the positive comments that well-known personalities in the crypto space, such as Elon Musk and Mark Cuban, have made regarding this cryptocurrency in recent days. Cuban said to CNBC that Dogecoin is “the strongest cryptocurrency” as a medium of exchange, while Musk reaffirmed Cuban's comments publishing on Twitter who has been saying this about DOGE for some time now.
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the euphoria of Degenerate Ape Academy in Solana
The NFT project Degenerate Ape Academy, launched last Sunday, features a collection of “10.000 degenerate apes” that sold out in just 8 minutes, as the project’s developers reported via Twitter.
The launch, according to the developers, was chaotic and many of the users and investors interested in acquiring one of these NFTs were left empty-handed. However, the developers acknowledged their mistakes and assured that the funds paid in SOL are safe, and that the users who made the transfers and did not acquire one of the apes will receive a full refund of the value deposited in the coming days.
According to the team, the high demand for NFTs and the wave of transactions they received from interested users and investors was “overwhelming.” “It was exponentially bigger than we thought”, they reported on Twitter.
The “degenerate apes” were purchased with an initial value of 6 SOL, about $270 on Sunday, while at the time of writing this article their value has already reached 14 SOL (990 dollars on average). Also, Solana’s NFT marketplace, solanart, shows several offers of apes for up to 9.999 SOL (660.000 dollars).
Mark Cuban, the Dallas Mavericks and Dogecoin
During the interview on CNBC, Mark Cuban stated that although the cryptomeme was born as a joke about cryptocurrencies, it has actually become one of the main cryptoassets on the market, which is being heavily used by its community to make payments and acquire goods.
Cuban offered “special prices” to those who dare to buy products at his Dallas Mavericks stores with Dogecoin. The owner of the professional NBA basketball team began receiving payments in DOGE in March of this year; since then, sales at his stores have increased substantially, he said.
Cryptocurrencies rise to $2 trillion
The bullish rally of Bitcoin and several altcoins The rise of market caps such as Ethereum, Cardano, Dogecoin, Ripple, Solana, among others, led to the total capitalization of cryptocurrencies exceeding $2 trillion again. This Monday, the market value of all cryptocurrencies grew to $XNUMX trillion. $2.045.801.064.302 ($2,04 trillion), according to data from CoinMarketCap.
Source: CoinMarketCap
Bitcoin, the industry-leading cryptocurrency, has a market cap of $868.698 billion, with a 43,6% dominance over the crypto market. The rest of the cryptocurrencies, known as altcoins, have a market capitalization of $1,13 trillion. Ethereum is the altcoin with the highest dominance in the industry after bitcoin, with a market cap of $375.075 billion and a dominance of 18,8% over the entire market value.
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