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Monday, September 11, 2023

Solana, The Ethereum Killer, Boosts 14% In An Overnight Surge

A non-mainstream cryptocurrency, Solana, is making all the noise in the crypto market this week. It has surged about 14% overnight surprising the market in every way. Let’s look at Solana’s surge more closely.

The cryptocurrency market has been comparatively steady this week with a steady recovery from the earlier crash. It is continuing on the upward ladder, but this time with more caution. During such a time comes a non-mainstream digital coin, Solana, which grabs the attention of all with the largest overnight surge in non-mainstream crypto history. Market participants also continue to look out for this coin as it is also called the “Ethereum Killer.”

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Solana (SOL) currently trades at $18.22 per token following the boost. This boost is not a one-time affair. SOL has been going through continuous surge-bouts that have led it to such a price. Analysts are of the opinion that the coin has grown by over 30% in price value since last Saturday.

Solana Coined As The “Ethereum Killer”

There have been market rumors that suggest that there has been a fresh inflow of capital in the SOL network this week. This is considered to be the pushing factor behind such a price hike. The two investors who are believed to have invested in the Solana Network are MXC and OKEx crypto exchanges.

This cryptocurrency is expected to beat Ethereum in the market. There are two practical reasons behind such an assumption. Firstly, SOL has lower fees and secondly, it has the capacity to process above 50,000 transactions every second. These two factors have led analysts to call this fresh currency, the “Ethereum Killer.” Whereas, ETH can go up to 14 transactions per second to date. Alongside this, the value of ETH has been seeing a slow stagnation during the boost week of Solana.

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