- Solana surged past Uniswap to hit a market capitalization of $17.9 billion after the launch of a non-fungible token (NFT) collection on Solanart.
- The Degenerate Ape Academy NFT project sold a collection of 10,000 "smoothest brained" apes within eight minutes of launch.
- The SOL network faced no congestion issues during the auction unlike Ethereum.
- Analysts consider Solana's price rally impressive and predict slow, steady grinding in the altcoin.
Solana surged over 55% in the past week to hit a new ATH. The price rally was triggered by the sale of an NFT art collection on Solanart, a marketplace on the Solana network.
Solana hit a new all-time high above $64, ranks among top 10 cryptocurrencies
Solana jumped from the top 30 to the top 10 cryptocurrencies by market capitalization within two days. The top-performing altcoin's price is up over 36% in the last 24 hours, and SOL is rapidly capturing market share.
SOL is the native token of the Solana blockchain, and it is popular in the trading community as one of several "Ethereum killers." The altcoin's documentation states that a centralized database may process 710,000 transactions (smaller than 176 bytes each).
SOL currently processes nearly 50,000 transactions per second on its blockchain network. Solana's network capabilities were put to the test this weekend when the digital art collection titled "The Degenerate Ape Academy" went on sale on Solanart.
Within eight minutes of its launch, the collection sold 10,000 of its "smoothest brained" apes. The team behind the NFT sale shared their experience on Twitter, apologizing for the overflow of transactions.
We sold out in 8 minutes. Holy Ape.
No the drop was NOT smooth. It was shitty at best. We did A LOT wrong and the team was overwhelmed with the wave that hit us in the past week. It was exponentially bigger than we thought. Please ape rage in the comments /1 pic.twitter.com/HCccxoSoQn
— Degenerate Ape Academy (@DegenApeAcademy) August 15, 2021
