Solana, created by ex-Qualcomm personnel, promises a slew of advances that would shorten transaction times, enhance capacity, and reduce prices to a fraction of a penny per transaction.
The incredible increase is a 70,632 percent increase over a year and a half ago when Solana was just getting started and the market hadn’t yet recognized its potential.
The cryptocurrency is now worth $172. With a market cap of $45.8 billion, the coin has risen 14.71 percent in 24 hours to become the seventh-largest cryptocurrency.
Solana’s emergence comes at a time when the market is starving for a smart contract-enabled blockchain with high throughput at a low cost. Ethereum, its major competitor, is about to explode; a long-awaited update is taking a long time, and transactions can cost hundreds of dollars.