Solana Recap: Becoming The 6th Largest Cryptocurrency, Skyrocketing Global Interest, And The Launch Of A Solana Trust Product
Solana had another busy week with several new and significant developments taking place. From attracting record global interest to jumping up one more spot to become the 6th largest cryptocurrency in the world. Let’s take a look at some of the most significant developments in the Solana ecosystem over the previous week.
Delta Exchange Announces Launch of Futures Trading On Solana
The Crypto-derivatives platform, Delta Exchange has announced the launch of futures trading on Solana and Cardano. This announcement gives investors a new access point to two of the leading altcoins in the crypto space. The initial call and put options will have only daily maturities, with the exchange confirming that weekly and monthly maturities are to be added later. The Delta Exchange already provides options trading for Ethereum, Bitcoin, Ripple, Bitcashpay, and Binance Coin.
US Singer Jason Derulo Reveals Solana Investment
Jason Derulo has revealed that he had invested heavily in crypto, and in particular Solana, back in June. Derulo also revealed that his Solana investment really paid off, putting out a tweet stating, “I betted on Solana in June. Wow, what a ride! #crypto.”
Derulo did not reveal the amount that he invested or whether he has assets other than Solana in his portfolio, but it is obvious that the singer has made a significant profit considering the skyrocketing value of Solana over the past three months.
Solana Sees Interest Surge By 350% On Google.
Along with the surging value, Solana has also recorded a surge in interest online from several world regions. Data from Google has shown that interest in the keyword “Solana” has surged by over 350%, coinciding with the spike in price, which saw Solana reach an all-time high of $144 on 3rd September. Solana has recorded interest from regions such as Malta, Spain, and Mauritius.
Osprey Funds Launches Solana Trust Product
The crypto asset management firm Osprey Funds has announced that it is launching a Solana Trust product for private placement. According to Osprey, the product will offer exposure to Solana’s native token. The product is also the first investment product in the United States to invest exclusively in SOL. The launch comes after Grayscale had stated that it is looking to launch a Trust product tied to SOL.
Currently, the Osprey Solana fund is available to accredited investors with a minimum investment of $10,000. Osprey Funds has also stated that they will be looking to list the fund on OTCQX at the earliest.
Solana Moves Up To Become The 6th Largest Cryptocurrency By Market Capitalization
After the market downturn, Solana rebounded and moved further to go past XRP and become the 6th largest cryptocurrency by market capitalization. While other coins are seeing a gradual recovery, no coin has recovered as fast as Solana, which gained over 12% in 24 hours to trade at around $177. Solana was the only coin that was in the green, with other coins in the top-10 seeing significant declines.
After its recovery, Solana leapfrogged XRP, becoming the 6th largest cryptocurrency by market capitalization, with its current market cap standing at $55,132,163,977. Solana had surpassed Dogecoin last week, and prior to that, was not even in the top-10 cryptocurrencies during the previous month.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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