Solana , an innovative blockchain platform, has been awarded "Crypto of The Year" by CoinMarketCap. The award was announced by CoinMarketCap on March 6 through its official Youtube channel.
Solana's achievement marks a significant milestone in its journey since it was founded by Anatoli Yakovenko in 2017. The award recognizes Solana's outstanding market performance, which has soared to $130, confirming the platform's growth and resilience amid competitors such as Bonk and BlackRock.
Solana demonstrated its efficiency and scalability while managing surges in network activity during Jupiter's airdrop, with DeFi trading volume reaching $1 billion in three hours. This confirms Solana's resilient architecture and its potential in blockchain innovation.
Solana Price Changes
With its toughness and price volatility, Solana (SOL) quickly gained momentum after its entry into the exchange, surging from $0.50 to $1 (approximately IDR 14,303) in July 2020, and reaching a peak of $10 (approximately IDR 143,030) in March 2021. A large funding round of $300 million (approximately IDR 4,290,900,000) in June 2021 improved SOL's trajectory.
However, after FTX's collapse, the price of SOL dropped dramatically to a low of $8.42 (approximately IDR 120,431.66), but in 2023, the price of SOL jumped 669% to $76.64 (approximately IDR 1,095,731.52), confirming Solana's existence in the crypto market.
Here's an announcement video about Solana winning the Crypto of the Year award from CoinMarketCap last week.
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Industry Recognition
Solana's scalability and speed make it an industry leader, with widespread recognition from investors and developers. Its current price is $145.29 (approximately USD 2,077,643.37), up 12.8% in the last 24 hours and 616% in the past year, confirming Solana's position as the crypto market leader.
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A Brief History of Solana
Solana (SOL) is a blockchain platform designed to host scalable decentralized applications. Founded in 2017, Solana is an open-source project currently maintained by the Geneva-based Solana Foundation. The blockchain was built by San Francisco-based Solana Labs. Solana is known for its speed in processing transactions and transaction fees that are much lower than competing blockchains such as Ethereum.
The cryptocurrency running on the Solana blockchain—also named Solana (SOL)—has seen a rise of nearly 12,000% in 2021 and at one point had a market cap of over $75 billion, making it one of the largest cryptocurrencies by this size at that time. Despite its popularity, SOL has not escaped the decline in the value of cryptocurrencies in 2022.
Solana is a proof-of-stake (PoS) blockchain enhanced by a mechanism called proof-of-history (PoH). PoH uses a hashed timestamp to verify when a transaction occurred. The PoH concept allows blockchains to reach consensus by verifying the passage of time between events, and is used to encode the passage of time into a ledger.
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How to Buy Solana (SOL) on Bittime
You can buy and sell Solana (SOL) in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
Solana (SOL) is available on Bittime with the market pair SOL/IDR. To be able to buy SOL IDR on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is Rp10,000. After that, then you can make a crypto asset purchase in the application.
Learn the complete guide on how to buy Solana (SOL) on Bittime.
Monitor the price chart movements of Solana (SOL), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Solana Future (SOL) & Solana ETF Prediction
Get to Know Solana, an Ethereum Competitor
Ethereum (ETH) vs Solana (SOL): ETH/IDR and SOL/IDR Price Comparison
Solana Coin (SOL) Will Be Bought by Pantera Capital Worth IDR 3.9 Trillion, SOL Price Increases?
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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