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Solana Climbs 30% on Back of FTX NFT Marketplace Launch
The SOL token hit an all-time high of $194.82 early on Tuesday.
작성자 Jamie Crawley
The native token of the Solana blockchain enjoyed a 24-hour price increase of over 30% following the news of derivatives exchange FTX launching a minting platform for non-fungible tokens (NFTs).
- The SOL token hit an all-time high of $194.82 at around 06:30 UTC Tuesday, according to data by CoinMarketCap.
- Its price subsequently fell back below $190 and is sitting at $186.50 at the time of writing – a 30.60% increase compared to 24 hours earlier.
- The surge follows derivatives exchange FTX.US’s launch of a minting platform for NFTs, which is built cross-chain on the Ethereum and Solana networks.
- Solana’s native token has been enjoying a rally of late, buoyed by a renewed boom in the NFT market. Solana last week replaced dogecoin as the world’s seventh-largest cryptocurrency when its market capitalization reached $42 billion compared with DOGE’s $38 billion.
- With the latest surge over the last 24 hours, SOL’s market cap has surpassed $54 billion, according to CoinMarketCap.
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Read more: NFT Markets Post Record-Breaking Week
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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