Solana beats Ethereum in 24 hour NFT sales for the first time in history, gears up for recovery
- NFT sales on Solana exceeded that on the Ethereum blockchain for the first time in the two altcoin’s history.
- 24 hour NFT sales on the Solana blockchain exceeded $25.5 million while on the Ethereum blockchain it was capped at $24.5 million.
- Ethereum creator Vitalik Buterin recently expressed his support for Solana and other ETH competitors.
Solana ranks among the altcoins labeled as “securities” by the US Securities and Exchange Commission (SEC). The SEC’s clampdown on cryptocurrencies triggered a steep decline in SOL price and resulted in a delisting of the altcoin across crypto exchanges.
The total NFT sales on Solana exceeded that on Ethereum for the first time in the two altcoins’ history.
NFT trade on Solana explodes in a 24 hour timeframe
The total volume of NFT sales on the Solana blockchain crossed $25.5 million, based on data from tracker Sol Bulletin. At the same time, the NFT trade volume on the Ethereum blockchain exceeded $24.5 million, lagging behind Solana by nearly a million.
NFT sales volume by blockchain
For the first time in the history of the two altcoin blockchains, Solana outperformed Ethereum. This is a key milestone for SOL as the asset is tackling selling pressure from the SEC’s crackdown and series of delisting across crypto exchanges and social trading platforms.
Solana price failed to catch up with the surge in the altcoin’s NFT trade volume. Interestingly, the DeFi protocols building on the Solana ecosystem are no match for Ethereum, therefore the NFT sales volume supported the theory of rising adoption and utility of the SOL blockchain.
DeFi data tracker DeFiLlama pegs the total volume locked (TVL) in the Ethereum blockchain at $26.7 billion, while for Solana it is a meager $265.57 million. If the NFT trade volume on the Solana blockchain continues rising, there is a likelihood of the protocol’s TVL climbing in the long term, fueling SOL price recovery.
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Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
