Solana NFT Sales Volume Soars to Historic $5 Billion Amid Bullish Market Trends
Summary:
The total sales volume of Solana-based nonfungible tokens (NFTs) has hit an all-time high of over $5 billion, following a significant increase in trading activity over the past four months. The data, reported by CryptoSlam, highlights increased transaction volumes, involving over 2.2 million buyers and 1.6 million sellers. This trend began after October 2023, with sales volumes for November and subsequent months witnessing substantial rises. These increases line up with bullish price action for the Solana (SOL) token in December, indicating prosperous growth for Solana-based NFTs.
In the last quarter of the year, NFTs derived from the Solana network achieved a historic milestone by achieving over $5 billion in total sales volume. As reported by the analytical hub CryptoSlam on February 23, Solana-based NFTs have reached an unprecedented trading volume totalling $5,013,847,972. This comprehensive data reveals the involvement of more than 2.2 million buyers and 1.6 million sellers in almost 43 million NFT transactions across the Solana network. But this peak in sales volumes wasn't always the case. From July 2023 till October, Solana NFT sales scarcely went above a paltry $40 million per month. A shift occurred post-October, with numbers beginning to soar. The month of November alone registered close to $82 million in high-volume sales, exhibiting a notable 192% upsurge compared to an unimpressive $28 million from the earlier month. Solana NFTs did not lose steam in the ensuing months, with December 2023 transaction volumes clocking in at approximately $365 million, a close second to their highest ever - a remarkable $373 million recorded in October 2021. Though January witnessed a minor drop in sales volume, February rebounded, amassing over $239 million so far. The last nine months have therefore been instrumental in pushing Solana NFTs past the $1 billion threshold in sales volume. Interestingly, this astronomical rise in Solana NFT sales dovetailed with a bullish uptick for Solana's native token, SOL. On December 26, SOL reached an apex high of $121.45 per token along with a staggering $5.7 billion trading volume, according to cryptocurrency data platform, CoinGecko.
Published At
2/23/2024 11:56:03 AM
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