Solana token ($SOL) has continued making gains throughout August 2021, after shooting 9.06% overnight to hit a new all-time high price of over $90.
Solana 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.
Average cost per transaction is listed as 0.00025 compared to Ethereum much high fees.
Solana is now ranked among the top 10 most valuable cryptocurrencies by market capitalization.
So far, the $SOL token is up over 237% in one month and over 4, 300% in 2021 so far.
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SEE ALSO: Total Value Locked on Solana Blockchain Now Surpasses $2 Billion
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Besides its 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.
The NFTs were in such high demand that the whole collection of 10,000 apes sold out in eight minutes during its launch.
The sale saw the $SOL token go up in value 20% from $45.05 at the beginning of that day to $63.33 in 24 hrs.
On Aug. 24, 2021, digital asset management firm, Osprey Funds, registered 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.
All the above point to increasing value for the token based on market sentiments and the technical foundations of the protocol.
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RECOMMENDED READING: Introducing Neon – an EVM Solution Allowing Ethereum dApps Transaction Processing on Solana
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