Solana has been on the tongues of most crypto traders due to successive weeks of increase in its prices. Currently, the token currency operates at around $207, which is a surge of 11,400% from its price of $2 back in January. Meanwhile, the market cap of the cryptocurrency has changed drastically- with it being one of the 10 largest cryptocurrencies currently with a market cap of around $60 billion. It recently claimed sixth place from DOGE, as stated by data received from Cointelegraph Markets.
Solana Has Been Climbing Through The Ranks
One of the biggest reasons behind this bullish momentum of Solana could be funding that was received from investors like Andreessen Horowitz and Polychain back in June. The cryptocurrency had secured a sum of $314 million, which was to be used in the development of its technology in the sector of DeFi. Interestingly, this investment came in the form of coin purchases of the cryptocurrency, rather than the usual traditional equity shares.
Another reason for the increase in the price of Solana has been the announcement of yet another hackathon event which has been set for the 8th of October. Most of the Hackathons are usually targeted at developers who put their projects into a competition that will allow them to win cash prizes while seeding funding opportunities. Since this was perceived as quite a positive turnaround for the cryptocurrency, it could definitely help in the wider adoption of this technology.
This is precisely why Solana has been referred to as the Ethereum killer. Due to the problems in the legacy issues of Ethereum, as well as the far higher prices of transactions, SOL has been seen by many as a substitute. In any case, this token currency already has a PoS structure that has been baked in as its consensus mechanism.