Solana NFTs Eclipse Ethereum in Trading Volume Amid Surge

Last updated: December 9, 2023 01:25 EST
. 2 min read

Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.

1702102987-1701614583-f584725c05-1 — Source: AdobeStock / Aleksandra Sova

Solana (SOL) continues to experience upward momentum, with its non-fungible tokens (NFTs) witnessing considerably higher trading volume, surpassing even that of Ethereum.

Projects like Mad Lads and Tensorians have seen significant price increases, multiplying several times over in recent weeks.

Moreover, the collective trading volume of Solana NFTs has now surpassed that of Ethereum, which traditionally leads in trading volume and hosts the most valuable projects.

Over the past 24 hours, Solana NFTs have generated $14.8 million in trades, compared to approximately $13.9 million on Ethereum, according to data from CryptoSlam.

This surge in Solana trading volume represents a growth of about 92% in the past day.

Among the top traded projects during this period, Tensorians, associated with the Tensor NFT marketplace, leads the way with over $4 million in sales.

Within the Solana ecosystem, Tensor currently dominates with nearly 76% market share in the past 24 hours, as reported by Tiexo.

Previously, Magic Eden, the multi-chain marketplace that held a prominent position in the Solana space, now holds about 16% market share.

SOL Extends Gains as Market Rally Continues

Over the past couple of days, Solana’s native cryptocurrency SOL has posted significant gains and its leading meme coin BONK reached new all-time highs.

On Friday, SOL reached a new 19-month peak, touching $73.85.

Although still a far cry from its all-time high of nearly $260 in November 2021, SOL has made a remarkable recovery from its low of around $8 in late 2022.

Currently trading above $73, SOL has recorded a 13% surge in the past 24 hours, according to CoinGecko.

BONK, the leading meme coin on the Solana network, has been on a rapid ascent in recent weeks, setting a new all-time high price of $0.00001314 on Friday.

Even with a slight dip to $0.00001283 at the time of writing, BONK has registered a 10% gain in the past 24 hours and tripled in value over the last seven days.

In the past month alone, BONK has skyrocketed by an astounding 982%, propelling it into the top 100 cryptocurrencies by market capitalization, with a total market cap of $747 million.

In addition to the remarkable price performance, the recipients of the Jito airdrop on the Solana DeFi platform are also reaping substantial benefits.

The JTO token distributed to early users during the airdrop has surged by 72% in the past day, reaching $3.35 per token.

Last week, Jupiter, a decentralized exchange (DEX) aggregator running on the Solana blockchain, also announced the opening of initial claims for its JUP token airdrop.

The airdrop has been designed to distribute 40% of the total JUP token supply, which amounts to four out of the 10 billion tokens.