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Ripple price: Up 550% in 40 days! Sixth largest cryptocurrency poised for a longer bull run

Ripple price: Up 550% in 40 days! Sixth largest cryptocurrency poised for a longer bull run
Written by publisher team

New Delhi: The latest buzz in the digital token world, Solana, has overtaken XRP (Ripple) to become the sixth largest cryptocurrency by market cap.

After a strong 32 percent rally in the past week, Solana, with a market capitalization of $55 billion, is just a few steps away from the fifth largest cryptocurrency pegged to the dollar. Binance Coin is fixed in fourth place.

Top cryptocurrencies such as Uniswap, Cardano, Binance Coin and Dogecoin are down 15-20 percent in a week, while Solana is the only cryptocurrency that provided a positive return in the past week.

Sharan Nair, chief business officer of CoinSwitch Kuber, said Solana’s speed of transaction processing and cost-effectiveness are attracting investor interest. He said, “The coin is based on a powerful Layer 1 blockchain which is far ahead in terms of technological advancements. The recent obsession with NFTs and smart contract offerings has also brought the coin to a more mainstream market.”

Solana is a high-performance blockchain focused on providing scalability without sacrificing decentralization or security. Edul Patel, CEO and co-founder of Mudrex, said that such factors played an important role in fueling its phenomenal rise. He added that “Solana is a robust blockchain ecosystem that follows a consensus mechanism called Proof of Stake (PoS) compared to the less energy-efficient Proof of Work (PoW) mechanism in Ethereum.”

Solana has achieved a return of about 550 percent since August 2021. The price of the token has increased 270 times since its inception in April 2020. “Investors’ curiosity to invest in a new digital currency, combined with the features behind the technology Solana provides, has propelled its return to the skies. Nair said.

Analysts said that strong inflows from institutional investors as well as rapid adoption as a non-fungible token platform led to the secular rise.

Several experts said that Solana may soon get rid of Ethereum and find a place in the top 5 cryptocurrencies. “The market is often seen as being efficient enough to recognize the growth potential of an asset, and this is properly reflected in the price. Solana has a lot of room for growth. Its high efficiency in terms of speed and cost has led many developers to also build projects on the Solana blockchain. Coin Switch Kuber’s Nair added.

Unlike many other tokens, the majority of Solana’s tokens are with major developers and investors, and only a small percentage are owned by retail traders.

“The number of projects built on the Solana Network is increasing rapidly. With more adoption, there are more potential legs for this pool,” said Modrex’s Patel.


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