NewsMarkets

Solana Price Gains 10% as Gaming Adoption Accelerates

Solana is seeing larger gains than others as cryptocurrencies rise in value this week. Here are a few possible reasons why.

2 min read
Solana is a layer-1 blockchain platform. Image: Shutterstock

Solana, the ninth-largest cryptocurrency by market cap, climbed approximately 10% in 24 hours, moving from about $96 to $103 at one point today. Compared to other major coins, only Cardano and Dogecoin saw similar gains, of 9% and 6%, respectively.

Solana’s upward move comes shortly after Krafton, publisher of popular battle royale game PUBG, announced that it is partnering with Solana Labs to develop blockchain games on the network. 

But plenty of other companies have been announcing and launching projects on the Solana blockchain as of late. Web3 gaming startup Block Tackle shared Tuesday that it is developing a Solana NFT skateboarding game, and Coinbase recently added Solana token support to its wallet browser extension.

The Giving Block, a crypto philanthropy platform, also announced today that it added support for the Solana blockchain, allowing donors to contribute to more than 1,400 charities using SOL. Through The Giving Block’s platform, SOL holders can contribute to causes focusing on a range of initiatives like Ukraine relief, education, animal welfare, or environmental protections.

On the investments side, asset management firm Grayscale launched a non-Ethereum altcoin fund composed of 24% Solana this week. The fund also contains about 24% Cardano, while other coins in the fund make up anywhere from 4-16% each. Grayscale also has a dedicated Solana trust for those looking to focus exclusively on SOL.

In the DeFi space, the Solana decentralized exchange (DEX) Orca just announced Whirlpools, a new feature still in beta that allows traders to concentrate liquidity in pools and achieve greater financial returns. That said, only Orcanaut NFT holders will have access to the Whirlpools beta, which will remain in early-access for at least two weeks.

While Solana is getting plenty of buzz lately, the altcoin is still way down from its all-time high of $260, which it reached in November 2021. This year, Solana has struggled to regain its previous value, fluctuating between $80 and $100.

Editor's note: A previous version of this article referred to The Giving Block as a non-profit. It is a for-profit crypto philanthropy platform. We regret the error.

Stay on top of crypto news, get daily updates in your inbox.