Solana Surges: Briefly Overtakes Ethereum in NFT Sales

Solana (SOL), the blockchain powerhouse, recently outpaced Ethereum (ETH) in the non-fungible token (NFT) market, marking a milestone in the crypto world. On December 9, Solana’s NFT sales soared to an impressive $15 million, surpassing Ethereum, which experienced a dip to $11.5 million on the same day.

This achievement for Solana unfolded amidst a broader downturn in the crypto market, where major coins faced declines. Ethereum, traditionally dominant in the NFT realm, witnessed a notable 22% drop in sales, possibly attributed to soaring gas fees and network congestion.

Solana’s appeal lies in its ability to provide swift and cost-effective transactions, positioning itself as an attractive choice for both NFT creators and collectors. The platform boasts a lively NFT ecosystem, featuring projects like Degenerate Ape Academy, Solana Monkey Business, and Aurory.

Even Bitcoin (BTC), the crypto giant by market cap, made waves in the NFT space, with sales hitting $13 million. This surge was fueled by the popularity of Bitcoin Ordinals, a collection representing the ordinal numbers of the initial 21,000 bitcoins ever mined.

While other emerging blockchains like Polygon (MATIC) and Arbitrum (ARB) showed some NFT market activity on December 9, their sales volumes were comparatively modest at $1.2 million and $603,000, respectively.

Solana to Reach $100 Soon

Solana’s ascent in the NFT sector aligns with a bullish prediction from Arthur Hayes, BitMEX’s co-founder. Hayes foresees Solana reaching $100 in the coming days, attributing this potential surge to the platform’s robust fundamentals and growing adoption.

Fuck yo couch … $SOL = $100 pic.twitter.com/8nnfJcnwRX

— Arthur Hayes (@CryptoHayes) December 8, 2023

As of the latest update, Solana is trading at $72.81, reflecting a commendable 16% increase over the past week, according to CoinMarketCap. With a market cap of $31 billion, Solana currently holds the position of the sixth-largest cryptocurrency globally.