Solana (SOL) has recently saw a wild pump, more than doubling in the past month and hitting an 18-month high earlier this week. But it’s not just SOL that’s on the rise; the network’s top NFT project has also done so seen a rapid increase in value recently alone it has registered a price increase of more than 100%.
Mad Lads, a Solana profile picture (PFP) project launched earlier this year has risen in price to become the top collection on the network based on its floor price – the price of the cheapest listed NFT on a secondary marketplace.
According to blockchain data collected by SolanaFloorthe floor price of a Mad Lads NFT has risen 122% over the past week to 100 SOL, or currently around $5,750. That makes it the most valuable Solana collection by floor and also by market cap based on that floor price, which ends up being more than $57 million.
This week, the price of Mad Lads rose even higher, above $6,000 worth of Solana. This was notable not only because of the price of the assets themselves, but also because the Mad Lads floor briefly surpassed that of DeGods – once the reigning Solana project before it. migrated to Ethereum earlier this year.
Mad Lads NFTs Hit Record Levels as Backpack Taps FTX Lawyer for Exchange Launch
That news proved to be a temporary moral victory for some Solana backers who endured a rough patch for SOL and its ecosystem — and who may still resent DeGods’ creators bailing out the network. However, DeGods is back on top with a current floor price of 3.15 ETH, or currently around $6,200, as of NFT price floor.
Armani Ferrante, co-founder and CEO of Mad Lads maker Coral, shared Declutter that Solana’s NFT space needed a “new heartbeat”. after DeGods left, and that he believed Mad Lads had filled that void after its buzzy launch.
LMFAOOO CRAZY LADS INVERSE THEGODS FLOOR AND THAT MFS LEFT TO GREEN MEADOWS AT THE BOTTOM 😭😭😭 pic.twitter.com/MVcg18q2hE
— L (@0xLawliette) November 15, 2023
Mad Lads has recorded the third-largest trading volume of all NFT projects in the past week, according to data from CryptoSlam, with approximately $6.9 million in transactions. Only the Bored Ape Yacht Club ($10.2 million) and CryptoPunks ($8 million), both Ethereum projects, are seeing higher trading volume this week. DeGods earned nearly $1.4 million over time.
Why are Mad Lads on the rise? Adding to the excitement about Solana’s recent momentum and buyer demand to be part of the top NFT collection, there’s also Coral exclusive early access offered to his upcoming backpack exchangewhich was granted a license to operate in Dubai.