Solana (SOL) Crypto Price Breaks New ATH, Immediately Moves Dogecoin (DOGE) From 7 Cryptocurrency Position

Solana's crypto price rose and managed to overthrow Dogecoin from position 7 (Bitcoin News)

JAKARTA – In the midst of the NFT boom, Solana's crypto asset (SOL) managed to record its all-time high price (ATH) on Saturday. In fact, Solana has overtaken Dogecoin from the seventh position by market cap.

Based on data from CoinMarketCap, Solana has increased by 70.86 percent in the past week. Solana's market cap also rose and surpassed Dogecoin. SOL's market capitalization touched IDR 586 trillion, while DOGE was in the range of IDR 561 trillion.

DOGE was forced to go down to 8 crypto positions after being evicted by SOL yesterday. At the time of writing, SOL is trading at Rp2,029,222. Down 5 percent from its ATH which was at the level of Rp2,136,424 on September 4 yesterday. Whereas on August 6th, the price of SOL was still hovering at the price of Rp. 534,777. SOL skyrocketed 300 percent in the past month.

The price increase occurred unexpectedly. However, the factor for this increase is due to the rise of NFT digital art which is increasingly being loved by many people lately.

A number of well-known figures, as well as top celebrities, began to plunge into the NFT metaverse. The universe of non-fungible tokens also experienced a significant increase. NonRarible.com said monthly NFT sales volume had plummeted when the market crashed last May. However, with the recent entry of important figures into the NFT universe, its sales have skyrocketed by almost 1000% since last July.

When Solana released the NFT Degenerate Ape Academy project some time ago, it has managed to attract a number of NFT projects from other tokens to build them on the Solana blockchain. Currently, there are 36 unique projects, some of which are Solarian, Solania, Sollamas, and Solana Monkey Business.

“Solana's popularity… has demonstrated unprecedented price action on the back of strong mindshare growth, a series of decentralized app launches (dApps) and, most recently, the frenzy surrounding the launch of their Kaiju NFT card,” said one of the founders of blockchain trading firm Kenetic Capital.

Solana now has a fast-growing ecosystem, scalability and transactions are also relatively cheap compared to Ether. Although it has shifted DOGE and the price of SOL has skyrocketed so high, it seems that it is also worth noting whether the Solana crypto price rally can still be maintained or not in the near future.