- Traders expect a second bullrun in Solana, the altcoin targets $276.
- Moonrock Capital acquires 13th rarest Ape from the Degenerate Ape Academy collection for $1.1 million.
- Top two NFT collections, Degenerate Ape Academy and Aurory Project on Solanart collectively reached 1 million SOL in trading volume.
The NFT ecosystem is shifting from Ethereum to layer 2 scaling solutions and Solana. SOL has emerged as Ethereum’s fiercest competitor, capturing NFT market share.
First Solana based NFT sold for $1 million, SOL continues upward climb
NFTs on Solanart, Solana’s largest non-fungible token marketplace are contributing to rising SOL on-chain activity.
Recently, Moonrock Capital, a Blockchain advisory and investment partnership firm acquired an NFT from the Degenerate Ape Academy NFT collection for a whopping $1.1 million. This is Solana network’s first million dollar NFT sale. The blockchain protocol continues attracting trending NFT projects.
Moonrock bought Degen Ape #7225, a zombie that is identified as the 13th rarest in the collection of 10,000 apes according to HowRare.is.
Moonrock Capital just acquired the 13th rarest @DegenApeAcademy NFT for 5980 $SOL ($1,109,170.40) pic.twitter.com/STkwJetRl1
— Moonrock Capital (@MoonrockCapital) September 11, 2021
When the Degenerate Ape Academy collection was first launched on August 16, 2021 on the Solanart marketplace, the altcoin hit a new all-time high of $63.33.
The entire collection was sold out within eight minutes and the altcoin’s market capitalization hit $17.75 billion for the first time. Since then, Solanart has triggered a consistent spike in daily trade volume of SOL.
Top two NFT collections on Solanart, Degenerate Ape Academy and Aurory Project have hit 1 million Solana in trading volume. Unique and trending NFT collections are lining up on Solana’s NFT marketplace, driving the demand for SOL higher.
Our two most "trendy" collections of the moment have collectively reached the 1,000,000 $SOL volume
— Solanart - NFT Marketplace (@SolanartNFT) September 4, 2021
Congratulations to @DegenApeAcademy and @AuroryProject for pulling up the ecosystem and highlighting NFTs on #Solana pic.twitter.com/wylzSUotYh
After hitting an all-time high of $213.47, Solana’s price has failed to budge and the ongoing rally is likely to be prolonged.
FXStreet analysts have evaluated the strength of the Ethereum-killer’s uptrend following the recent flash crash. The analysts’ bullish target for SOL is $276.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.