The Solana token (SOL) crossed $100 going as high as $107, a new milestone for the DeFi protocol native token.
This latest price jump is being attributed to a new feature set to be released from the teaser above that contains a link to a web page called Ignition.
Speculation persists as to what the “Ignition” event could be all about, with the theme suggesting a token burn event. The Solana protocol burns a portion of transaction fees so as to keep circulation below the 5 billion tokens that are issued.
However, previous token burns have not received media exposure like this.
The link to the ‘Ignition’ page includes the following announcement:
The sky’s the limit. What will you launch?
August 31st – October 8th
– Solana Ignition, Website
This makes it more likely that Ignition will be a feature launch with speculations on the Solana Reddit Community Page expression their opinions below:
The Solana protocol, which is increasingly getting popular due to its much faster throughput at 1,423 transactions per second (T/s) compared to 15 T/s on the rival Ethereum, has risen by over 4, 300% in 2021 so far.
The token’s growth has been a trend throughout August 2021 which has seen it gain more than 175% since July 2021.
Besides having better efficiency, Solana’s performance can also be attributed to:
- The sale of all 10,000 non-fungible tokens (NFTs) of the Degenerate Ape Academy collection which saw the token price go up 20%
- Digital asset management firm, Osprey Funds, registering a first-of-its-kind Solana fund with the U.S. Securities and Exchange Commission (SEC), indicating an intention to offer institutional exposure to SOL markets
RECOMMENDED READING: Total Value Locked on Solana Blockchain Now Surpasses $2 Billion
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