In a monthly community update, developers at Solana revealed that investment focused DAO, Athens DAO, considers Solana ideal for governance and cheap transactions. Relative to Ethereum, transaction costs on Solana are low, and this has contributed to high NFT transactions on the altcoin’s network.
Magic Eden, the latest NFT marketplace on Solana, is considered a competitor to peer-to-peer marketplace OpenSea.Magic Eden contributed to high transaction volume on the altcoin’s blockchain due to its fast-growing status.
Over the past week, the transaction count on Magic Eden hit 360,734. Based on data from DappRadar, the total transaction volume on Magic Eden has surpassed $1.6 billion. Despite the recent drop in the trade volume of DeFi and NFTs, in response to the crypto bear market the total NFT transaction count on Solana beat Ethereum. Over the past seven days, total transactions on Ethereum came up to a little under 500,000, while Solana noted almost 630,000 transactions. The activity on the Solana network was 32.6% higher than Ethereum, though the total value locked on the altcoin remains much lower.
There is a decline in NFT transactions on both the Ethereum and Solana networks compared to numbers observed in May 2022. However, the Ethereum-killer exceeded the transaction count of Ethereum since the launch of Magic Eden.
At the Hacker House event organized by Grape, a decentralized social-networking protocol, developers noted that Solana is ideal for DAOs. Dean Pappas, a core contributor to Grape, said, “To experiment in governance and think about all these new ideas, these wacky things, you need very cheap transactions, they need to happen fast, and you need a very good user experience.”
Crypto analysts at More Crypto Online believe Solana price is primed for a rally. Once the Solana price crosses $42.80, it would target the $48.41 level. Analysts have predicted a massive breakout in Solana once the altcoin crosses the two bullish targets.
SOL-USD price chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Bitcoin price has been extremely boring for the last few days, stifling the performance of Ethereum and Ripple as well. However, things could take a quick turn if the big crypto sees some much-needed volatility.
Shiba Inu developers are working on exciting developments in the ecosystem in Shibarium, TREAT and SHI. Shytoshi Kusama addressed the ShibArmy and alleviated their concerns about the new stablecoin.
Dogecoin (DOGE) price is facing another batch of headwinds as a cryptocurrency service provider collapses and files for bankruptcy in the US. This event comes days after Terra’s LUNA was set to wobble for a second time.
Cardano (ADA) price is trading on Wednesday’s European morning in a pattern many bullish traders have been waiting for. The breakout above a technical bearish element could trigger some gains.
Bitcoin price ended Q2 with a -56% return, which is the first in its 11-year history. On-chain metrics hint at bottom formation but technicals reveal more room to the downside. Bitcoin price has finished the first half of 2022 and things are not looking good. With record negative returns, BTC is likely to continue heading lower, especially if one particular support level is breached.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.