Solana Rallies Over $50 Per Coin

Published on:

Last Updated on November 11, 2023 by Bitfinsider

The seventh largest digital asset is booming so much that it is on the verge of eclipsing USDC in terms of market capitalization. The market valuation of the dollar-pegged stablecoin is currently $23.9 billion. Meanwhile, SOL’s market valuation has increased by more than $3 billion since yesterday, and it is now valued at $21 billion, according to CoinGecko.

SOL was trading at $50.61 at the time of writing, up roughly 9% in the previous 24 hours. It has increased by 24% in the last week.

SOL was recently rocked by the failure of the FTX megabrand exchange and its connected enterprises. FTX was a significant investor in SOL and even established a marketplace for Solana NFTs.

When FTX declared bankruptcy last November, the price of SOL fell precipitously.

However, since then, companies such as Visa and e-commerce site Shopify have elected to use the Solana blockchain, which is said to be faster and cheaper than competitors such as Ethereum’s.

Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.