Hello everyone, this is Pippi. Today we will introduce the recently popular altcoin-SOL token.
Introduction to SOL Token
The SOL token is the native token of the Solana blockchain platform. Solana is a high-performance blockchain platform that supports cryptocurrencies, decentralized applications, decentralized finance, and more. The SOL token is a key component of the platform, providing a means of transferring value and blockchain security.
The main uses of SOL tokens include:
SOL tokens can be used to verify transactions and participate in the consensus mechanism.
SOL tokens can be used to pay transaction fees.
SOL token holders can participate in the platform’s governance decisions.
Furthermore, the total supply of SOL tokens is just over 511 million, while the circulating supply is slightly less than half of this number. Approximately 60% of SOL tokens are controlled by Solana’s founders and the Solana Foundation, while the community owns the remaining approximately 38%.
SOL, known as the "Ethereum Killer" by people in the world, came out in March 2020, and its cryptocurrency war has never stopped. Finally, it occupied the seventh place in the market value ranking list. Solana, a rising star, has successfully set its sights on DeFi, tools, infrastructure, NFT, games, DApp applications and development and other fields, leaving its legend everywhere. It can be said that it is making rapid progress and developing like a blowout.
However, in November 2022, the planet's cryptocurrency arena was shaken by FTX, and the SOL coin also suffered a sharp decline. For a time, the reputation of the "Ethereum killer" also dimmed, becoming one of the worst-performing cryptocurrencies. But now, in the world of cryptocurrency, SOL has once again launched a counterattack, rising by more than 24% in the past 24 hours, and by nearly 80% in the past 30 days. The recent rise has become a new trend in the world. Good story.
This counterattack is proof that SOL is the "returning Ethereum killer". But this process is like an exciting "killing monsters and upgrading". The bottlenecks plaguing the Solana ecosystem still need to be broken through. Is the hundreds of times growth during this period the myth of Solana or another FTX bubble? Let us follow in the footsteps of "Pippi" and explore in depth the "secret of the 100-fold increase in coin SOL"!
With an 80% increase in one month, why did Solana, which was once "declared dead", lead the rebound?
The currency circle has been a bit crazy recently, especially in the field of altcoins, and the most eye-catching star among them is SOL.
SOL rose rapidly like a rocket, causing many people to exclaim that the "short squeeze" was coming again! This is no fun, the short sellers are being forced to surrender. Many people think that SOL has such momentum is because the Solana blockchain is comparable to Ethereum, and some even think it can replace Ethereum. However, from a rational perspective, this statement may be too optimistic.
On the other side, Bitcoin is very stable hovering above $34,000. It seems that it is only a matter of time before it breaks through $35,000. Looking at the SEC, the Bitcoin spot ETF is on the horizon, which makes the currency circle’s momentum for continued rebound even stronger.
All this makes people excited, and altcoins are also rising with the tide. SOL is like riding the waves in a bull market, rising steadily.
Today’s article ends here, ~more good articles are waiting for you~
In the crypto industry, if you want to seize the next bull market opportunity, you must have a high-quality circle, so that everyone can stay together and maintain insight. If you are just one person, looking around at a loss and finding that there is no one around, it is actually very difficult to persist in this industry. Thanks for watching~
