Solana: Assessing the chances of SOL surviving the most recent crypto massacre

Solana [SOL] has emerged as one of many largest losers from the 19 August massacre within the crypto market. The famed Ethereum [ETH] killer has now misplaced the best worth amongst prime 10 cryptocurrencies per Coin Market Cap. The SOL token is at present down 21.6% over the previous week because the market confirmed a pointy reverse. Nevertheless, Solana is starting to see a gentle restoration because the token value rushed to a close to 1.75% value hike on the day by day chart. Will this be essential as Solana makes an attempt to climb on the crypto market capitalization charts?

The progress carries on

Amid a current sell-off, LunarCrush compiled data on Solana’s social engagements prior to now week. The social engagements confirmed a blended response from the group over the previous week. The very best engagements have been seen on 12 August as they reached over 190 million. However the quantity fell down massively to 14 August to 115 million. Nevertheless, there was a resurgence as of 19 August and engagements ticked at 160 million on the chart.

Solana: Assessing The Chances Of Sol Surviving The Most Recent Crypto Massacre

Supply: Solana Information

Solana Information additional posted an update on the highest performing dApps on the community not too long ago. As per this replace, Solana-based GameFi utility Gameta has led the cost with over 54.4K customers. It’s adopted by Magic Eden and OpenSea NFT marketplaces on Solana as they recorded 27.8K and 4.5K customers respectively.

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This week noticed Phantom, considered one of Solana’s hottest {wallet} suppliers, launch a NFT burning mechanism. This function permits customers to “safely remove spam and clean up (your) Collectibles tab” from contained in the {wallet}. Furthermore, customers will be capable to achieve SOL rewards from the method. Phantom can be engaged on a phishing alert system to attract customers’ consideration to probably malicious transactions. These makes an attempt are the most recent in line to guard the person base on the Solana community.

Soar Crypto, the crypto arm of TradFi large, has announced that it construct  Solana’s open-source core infrastructure. As per the announcement, “Firedancer represents an important step in scaling the Solana network to billions worldwide”. Soar Crypto wrote in its announcement that it’ll “propose significant upgrades to Solana’s open-source core software.” It says this is a crucial step within the continued decentralization of Solana’s community.

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SOL with some soul

Regardless of the most recent nosedive of the SOL token, Solana has managed to conclude the week on a excessive. The partnership with Soar Crypto represents a significant coup because it strives to carry out its community outages.



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