Last week, Solana-powered decentralized exchange Mango Markets raised $70.5 million in one of the largest token sales in DeFi history. This probably powered the soaring of Solana $SOL.X yesterday. Market watchers claim the boom was a result of institutional interest.
The native token of the Solana blockchain traded up 39% over the last 24 hours, reaching as high as $68.24 per token. The crypto made it into the top 10 for the first time ever, surpassing the value of other cryptos like Uniswap, Bitcoin Cash, and Chainlink.
Similarly, Degenerate Ape Academy, a non-fungible token project built on Solana, was just launched. The robust interest left many investors wondering if an NFT boom will drive the project long-term.
Solana is backed in-part by FTX CEO Sam Bankman-Fried. In June 2021, the project reportedly raised $450 million in a bid to take on Ethereum. In the last seven days, $SOL.X has increased over 70%.