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Why over $ 5.5 billion went into Solana in one day

 


After a turbulent week, over $ 5.5 billion flows into Solana in one day.

Solana's market capitalization increases by billions in one day

According to CoinMarketCap, the market value of the fifth largest cryptocurrency, Solana, rose from USD 51.17 billion to USD 56.76 billion in just 24 hours on December 16.

At the time of writing, the price is trading at $ 185, up 10.3% in the past few hours, although SOL is still down 2.54% in the past seven days.

CoinMarketCap's Price Estimates feature allows users to make six-month price forecasts and see what others think about them in real time.

Currently, over 20,400 people have voted for an estimate of the median price. Interestingly, the price is expected to drop to $ 171.55 next year, which is forecast by 11,189 votes in January.

On December 13th, SolChicks debuted, an NFT initiative developed on the Solana network. Immediately after launch, however, the SolChicks team announced the following on social media:

“CHICKS HAVE DOWN SOLANA.”

This is news that investors would not want to hear from a blockchain advertised for high usage.

On December 9th, the network was severely slowed down by one. Although Solana managed to get the issues under control without experiencing a network outage, there were serious concerns about the security of the network.

It wasn't until September that the Solana network experienced a similar problem when a rapid surge in transaction traffic resulted in a network outage that lasted approximately seventeen hours. The developers who were working on the problem at the time could not solve it, which is why the validators were forced to restart the network.

The recent price hike could be attributed to basketball legend Michael Jordan and his son Jeffrey Jordan. Both launched HEIR, an athlete empowerment platform that builds on Solana and is scheduled to hit the market in 2022.

HEIR aims to bring professional athletes and their fans together in a joint effort. There will also be a HEIR token that will be issued on the Solana blockchain, as well as NFTs and community building functions. Fans will be able to join a limited capacity huddle by an athlete for access to unique rewards and experiences.

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