We may experience a general crypto stagnation, but Solana doesn’t seem to care. The coin, which is the 13th-largest by market cap, has grown by 14% since yesterday and 55% during the previous week. The coin even established a new ATH of $43 today. Currently, one coin is worth $41.81, while the entire supply has a market cap of $11.2 billion.
The growth comes as a result of a series of small announcements that made it easier to trade the coin. Not only is the coin powering a high-speed, low-cost blockchain, but derivatives exchange dYdX has also listed fee-free Solana-USD perpetual derivatives contracts with up to 10x leverage.
Solana was released in March 2020 following three years of development by the Solana Foundation, a Swiss company. At the beginning of 2021, Solana was worth $1.6 – now it has increased 26x to the mark of $41.
Solana doesn’t seem to be affected by the crypto market crash that happened at the end of the previous week when Bitcoin fell by around 10% from $54,000 to $48,000.
The crash came as a result of news that Joe Biden wants to double capital gains taxes for rich Americans.
This was the second crash experienced by the crypto market this month.