Solana Emerges as a Favored Altcoin Among Investors

Join Our Telegram channel to stay up to date on breaking news coverage

As the interest in altcoins experiences a dip with significant cryptocurrency investors withdrawing funds, there remains one coin that continues to capture their attention: Solana.

CoinShares, a European digital asset manager, recently published a report indicating a trend of investors withdrawing from crypto investment products over the last seven weeks.

Interestingly, amid this trend, institutional investors have shown increasing interest in Solana (SOL), the 10th largest digital asset by market capitalization, over the past nine weeks.

The most loved altcoin amongst investors at present

The report reveals that approximately $700,000 has been invested in SOL through crypto investment providers in the previous week alone, earning Solana the title of “the most loved altcoin amongst investors at present.” Furthermore, cumulative year-to-date inflows focusing on SOL have reached $26 million.

In contrast, the same week witnessed investors pulling $8.6 million out of Polygon investment products and $3.2 million out of Ethereum.

Notably, Bitcoin, the leading digital asset by market cap, managed to secure an influx of $3.8 million from investors during the same period. Meanwhile, the report highlights the consistent withdrawal from short Bitcoin products, marking the 19th consecutive week of such activity.

The report underscores that trading volumes for the previous week were notably higher than average, amounting to a total of $2.8 billion.

Solana (SOL) serves as the native asset for transactions on the Solana blockchain, which developers utilize to create decentralized applications spanning from first-person shooter games to decentralized finance lending protocols. The asset has gained traction recently, with Rune Christensen, co-founder and CEO of MakerDAO, suggesting the launch of a new project chain on a Solana-based platform.

Solana (SOL) Poised to Outshine Ethereum (ETH) in Next Market Expansion, Chris Burniske Predicts

Chris Burniske, founder of Placeholder Capital and a venture capitalist known for accurately predicting the 2022 crypto market bottom, has shared insights into Solana’s potential to outperform Ethereum during the next risk expansion in the crypto markets.

Burniske highlighted the SOL/ETH pair, observing that Solana has reclaimed the 0.01 ETH level and may be on track to reach 0.02 ETH in the next impulse.

He emphasized that his prediction does not intend to criticize Ethereum and expressed bullish sentiments toward both ETH and SOL. Burniske highlighted the ease of supporting and holding both assets and networks, emphasizing different risks and visions that ultimately contribute positively.

Coming to life from the ashes

According to Burniske, Solana is showing signs of resurgence due to its lower transaction fees and higher throughput, suggesting a new product cycle “coming to life from the ashes.”

Regarding the fact that he is not criticizing Ethereum, he is quick to note that:

For those that will think this is an attack on ETH, think again. Very easy to hold and support both assets and networks – different risks, different visions, both net good. Been doing the same with Bitcoin and ETH for a long time, much to the chagrin of the once-powerful [Bitcoin maxis].

Although Solana has experienced a considerable decline from its all-time high of $259.24 in November 2021 to its current price of $19.45, marking a 92.5% devaluation, Burniske’s insights suggest potential growth in the future.

Related News

Wall Street Memes – Next Big Crypto

  • Early Access Presale Live Now
  • Established Community of Stocks & Crypto Traders
  • Featured on BeInCrypto, Bitcoinist, Yahoo Finance
  • Rated Best Crypto to Buy Now In Meme Coin Sector
  • Team Behind OpenSea NFT Collection – Wall St Bulls
  • Tweets Replied to by Elon Musk

Join Our Telegram channel to stay up to date on breaking news coverage

Source link

About The Author

Scroll to Top