The price of Solana (SOL) has performed well in recent months as demand for its token and its ecosystem increased. The SOL token rose to a high of $126 on Tuesday, much higher than the post-FTX collapse low of $8.32. This rally has made it the fourth largest cryptocurrency in the world, after Bitcoin, Ethereum and Tether.
Solana chart from TradingView
Solana NFT sales increase
Solana’s price action coincided with the remarkable rally of its ecosystem tokens. Bonk, the largest meme coin, has risen more than 7,000% from its 2022 low. Similarly, other tokens such as Solend, Raydium and Orca have also risen.
Solana’s market share in various blockchain industries has also grown. For example, Orca and Raydium have become some of the biggest players in the decentralized exchange (DEX) industry.
Meanwhile, there are signs that the Solana NFT ecosystem is flourishing. Data collected by CryptoSlam shows that sales volume increased 392% in the last 30 days to over $310 million.
The total number of buyers of Solana NFTs increased by more than 51% to more than 73,780, while the number of sellers increased by more than 27% to more than 68,700. The total number of transactions has risen to more than 4.1 million.
Froganas is one of the best performing Solana NFT in recent weeks. Sales in the past 24 hours increased by more than 132% to more than $4.2 million. The other popular Solana NFTs are Open Solmap and Index One.
Solana’s NFT performance has also helped some of its key markets. Magic Eden, one of the largest NFT marketplaces in the ecosystem, has seen its Unique Active Wallets (UAW) increase by more than 133% in the last 30 days to over 225,000. The number of transactions rose to almost 28 million.
Magic Eden UAW
Ethereum NFT Sales Drop
The situation is different in Ethereum, which was once a dominant player in the NFT space. The volume of Ethereum NFTs has fallen by more than 3.3% to $375 million over the past 30 days. The number of buyers and sellers increased by 16% and 17% respectively, while the total number of transactions fell by more than 45%.
A major reason why Ethereum NFT sales have fallen is Bored Ape Yacht Club (BAYC), once the most dominant players in the sector. BAYC’s revenue has fallen by more than 47% to just $23 million in the past 30 days. Transactions fell by 49%, while buyers and sellers also fell.
Mutant Ape Yacht Club’s revenue fell 20% to more than $13.7 million over the past 30 days, while transactions fell 26%.
Bitcoin has also become one of the top players in the NFT space. Ordinals have become popular inscriptions with total sales exceeding $1.7 billion this year. As a result, ORDI token is one of the best performers in the industry.
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