Solana beats Bitcoin and Ethereum on this metric

06/17/2024

4,5

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Last month, Solana emerged as the frontrunner in the NFT sector, outpacing giants such as Bitcoin and Ethereum.

Recent insights shared by Coin98 Analytics on Twitter showcased the NFT performance metrics across various blockchain networks.

According to the data, SOL led the pack in the previous month with an impressive count of 308k unique traders, overshadowing Bitcoin and Ethereum, which recorded 129k and 74k unique traders, respectively. Polygon and Aptos were also noteworthy contenders, making their mark in the top three.

In terms of monthly NFT transactions, Solana significantly outperformed the competition, boasting 5.2 million. In comparison, BTC and ETH's transaction counts were substantially lower, at 550k and 437k, respectively.

STEPN, Mad Lads, and Famous Fox Federation were the leading NFT collections within Solana over the last 30 days.

For Bitcoin, the premier collections were NodeMonkes, Bitcoin Puppets, and RuneStone.

Conversely, Ethereum's top spots were secured by Bored Ape Yacht Club, Milady Maker, and Mutant Ape Yacht Club.

Despite its leading position, Solana experienced a drop in monthly NFT sales volume exceeding 40%.

A similar downturn was observed in BTC and ETH, with their NFT sales volume decreasing by 62% and 52%, respectively.

Nevertheless, Solana saw a significant increase in the number of buyers and sellers, indicating robust activity.

Over the past week, there was a shift in momentum as ETH took the lead in growth. Data from CRYPTOSL of AM showed a 17% hike in ETH’s NFT sales volume over the last seven days.

During the same period, SOL and BTC saw declines of 18% and 37%, respectively. It's noteworthy that ETH also recorded the highest sales volume surpassing $40 million, while SOL's figures were the least, at just $14 million.

Although the NFT market observed a recent shift in dynamics, all associated cryptocurrencies turned bullish.

While BTC and ETH saw their prices diminish by 4.4% and 3.4%, respectively, SOL experienced a nearly 10% dip. At the moment of drafting this piece, BTC's value was below $67k.

According to CoinMarketCap, ETH and SOL are currently trading at $3,558 and $144, respectively, at this juncture.

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