On Wednesday, 3 November, the price of Solana, the native cryptocurrency of the high-performance proof of stake blockchain, soared to a new all-time high of $232.65.
Solana’s market worth increased by $7.44 billion in only one day, from $61.21 billion to $68.65 billion. Thanks to the rise of decentralized finance (DeFi), GameFi, non-fungible tokens (NFTs), and institutional interest in blockchain technology, programmable smart contract-enabled blockchains such as Solana that support these use cases have gained prominence.
While the network’s increased speed has resulted in possible security risks and numerous days of network downtime this year, the metrics remain encouraging. Solana’s total market cap now stands above $68.5 billion, currently trading at $227.95, up 12.19% in the last 24 hours and 21.04% over the previous week, according to CoinMarketcap.com.