$7 billion Inflows into Solana in 24h, as SOL Hits a New All-Time High

On November 3, the native cryptocurrency of the high-performance proof-of-stake (PoS) blockchain, Solana (SOL) hit a new all-time high of $232.65.


$7 billion Inflows into Solana in 24h, as SOL Hits a New All-Time High
Solana | Image: Optimisus

Solana saw its market value surge by $7.44 billion in less than 24-hour, from $61.21 billion to $68.65 billion. This is the result of the growth of non-fungible tokens (NFTs), decentralized finance (DeFi), GameFi, and institutional interests in Solana's blockchain technology.

Although the network’s speed has risen in possible security risks and days of network downtime this year, the metrics persist. Solana’s total market cap now is around $68.5 billion. At the writing time, SOL token is trading at $225.95, up 8.84% in the last 24 hours and 18.03% over the past week, according to CoinMarketcap.

Since August, the market for SOL-based non-fungible tokens (NFTs) has increased to nearly $500 million in total sales volume. In addition, it turns out that Solana broke the secondary NFT sales volume record month in September with $189.4 million in volume.

On November 2, secondary sales of Solana NFTs reached $497.7 million in profits from 348,000 transactions, with a normal selling price of $1,500 per NFT, according to CryptoSlam statistics.