SOL joins elite club due to boom of NFT and DeFi industries.
The Solana network cryptocurrency, SOL has moved up to seventh place among the top 10 virtual currencies in the world, due to a optimism that SOL blockchain will be a long-term competitor of Ethereum.
According to Coinmarketcap, Solana SOL token tripled in three weeks and now has an estimated market value of more than $41 billion. Solana market cap is close to Ripple which has a market capitalization $62 Billion. SOL overcame Dogecoin market cap by almost $ 1.5 billion. This achievement was also covered by Bloomberg.
The Solana network has one of the most prominent advantages that is low transaction costs. SOL competitor Ethereum network can sometimes require its users to pay as much as $200 for a single transaction, where as Solana fees are usually around $0.00025.