3 Reasons Why Solana Might Break Out This Year
Source: Bitcoinist
The price momentum of Solana SOL has recently been surprisingly fresh. Solana has been showing remarkable signs of success as of late, up 18% in the last month. The crypto’s positive price ascent has already compelled experts to predict its future trajectory.
Popular analyst Chris Burniske has come forward with his latest prediction, adding that SOL may reach an ambitious valuation of $750, given the fact that it continues its positive price ascent.
SOL’s recent price performance has been fueled by a variety of factors, including its robust network support and NFT use cases.
Here are three primary reasons why Solana (SOL) might be the new breakout star of 2024.
Also Read: Cryptocurrency Rankings: Solana Claims the Coveted Fourth Spot, Leaving BNB Behind
Sturdy Ecosystem Support
Source: Medium
Solana is known exclusively for its robust network support. The blockchain harbors a steady community of over 2500 network developers, keeping the blockchain thriving in the long run.
The blockchain further maintains a retention rate of 50%, offering a sense of balance in engagement.
Furthermore, its breakout trajectory is bullish, primarily due to the innovative solutions that the blockchain is exploring as of late. Solana is currently working on Firedancer, a validator client, which will considerably improve the blockchain’s processing power.
Solana’s recent alliance with Filecoin is also poised to play a critical role in its road to success.
Also Read: Solana’s BONK Surges on Speculations for a Possible Learn and Earn Campaign with Revolut
NFT Boom on Solana (SOL)
Source: chubk.com/
Solana has long been a popular choice for NFT development. In January 2024, Solana surpassed Ethereum in monthly sales, garnering nearly $365 million worth of money. The network has also documented a notable surge in user engagement and interaction.
Additionally, Solana’s NFT marketplace, Magic Eden, has also been playing a critical role in bolstering its success. The platform is also planning to launch a robust reward system to boost its following.
With Firedancer and NFT advancement ideas in the mix, SOL may soon solidify its position as one of the leading cryptocurrencies ever to engage with.
Market Support
Source: Bitcoinsensus
Solana’s recent price surge has primarily been fueled by a positive industry outlook. Bitcoin’s stellar price performance has further boosted the cryptocurrency market, leading several altcoins to rise a notch.
BTC’s recent price surge has contributed significantly to Solana’s price ascent. Given the fact that the market remains green, we could soon witness Solana top the crypto charts with a price target of $130.
Crypto Market Thoughts$BTC – Leading the market but at major resistance. Strong rejection here invalidates altcoin plays.$ETH – Took an arrow to the knee, hasn't been the same since.$SOL – If this breakouts with #bitcoin we go to $140.$LINK – Breaking out beautifully,…
— Koroush AK (@KoroushAK) February 12, 2024
How Much Does it Cost to Mint an NFT?
How Much Does it Cost to Mint an NFT?: A Comprehensive Guide
Ever wondered about the financial intricacies of minting an NFT? Let’s unravel the costs of creating your digital assets on the blockchain.
Also read: BRICS: Leading Bank Predicts The US Dollar Will ‘Fall’
Understanding Upfront Costs in NFT Minting
Creating a digital masterpiece comes with its price. Delve into the upfront costs involved in the NFT minting process.
The Variable Landscape of Minting Costs
Minting costs aren’t one-size-fits-all. Explore how the expenses of bringing your digital art to life vary across different blockchains.
Paying Gas Fees: A Necessary Evil in NFT Creation
Gas fees play a pivotal role in NFT minting. Grasp the concept of gas fees and their impact on the overall cost.
Navigating Account Fees in the NFT Space
Your presence in the NFT space often comes with account-related expenses. Uncover the account fees associated with minting on various platforms.
The Realities of Transaction Fees in NFT Minting
Every transaction involves a fee. Learn about the transaction fees that accompany the minting and trading of NFTs.
Creating an NFT Collection: Costs and Considerations
Building a collection of NFTs involves more than just individual minting costs. Understand the broader financial considerations of creating an NFT series.
Smart Contracts and Their Role in Minting Costs
Smart contracts are the backbone of NFTs. Discover their significance and how they contribute to the overall cost of minting.
Listing Fees: The Price of Visibility
Getting your NFTs noticed requires listing them on platforms. Explore the listing fees associated with showcasing your digital assets to a broader audience.
The Cost of Creating Fungible Tokens
Beyond non-fungible tokens, the world of fungible tokens has its own costs. Dive into the expenses tied to creating these versatile digital assets.
Lazy Minting: Balancing Convenience and Costs
Lazy minting is a convenient option but comes with its considerations. Learn about this approach and its impact on the cost of minting NFTs.
Minting an NFT: The Practical Steps and Fees
Embarking to mint an NFT involves practical steps and their associated fees. Get a step-by-step guide to the process.
Understanding Mint Fees and How They Add Up
Mint fees can be a significant part of the overall cost. Break down the components of mint fees and how they accumulate.
Creating an Account: The Gateway to NFT Minting
Before you mint, you need an account. Explore the steps and potential costs of creating an account on NFT platforms.
Also read: GameStop to Wind Down NFT Marketplace Amid Regulatory Uncertainty
Conclusion
As you venture into the world of NFTs, understanding the cost of minting is paramount.
From gas fees to smart contracts, each element contributes to the price tag of digital ownership. Navigate this financial landscape with insight, create your NFTs thoughtfully, and embrace the dynamic realm of digital art ownership.
Shiba Inu (SHIB) Whale Activity Surges More Than 240%
With the ecosystem primed to potentially receive a huge boost, Shiba Inu (SHIB) has seen its whale activity surge more than 240%. Indeed, large transactions have increased from 1.02 trillion to 2.48 trillion in the last 24 hours according to IntoTheBlock data.
Specifically, these whale transactions have skyrocketed by 243% and showcases what is a massive increase in activity. Moreover, the value of these large transactions surged from $9.97 million to an astronomical $24.25 million in just a single day. Subsequently, the Shibarium network has also seen a massive milestone reached amid the increased activity.
Source – Swyftx Learn
Also Read: Shiba Inu [SHIB] Forecasted To Hit 50 Cents: Here’s When
Shiba Inu Large Transactions Jump by More Than 1 Trillion SHIB in 24 Hours
Almost two months into the new year, 2024 has proven to be a positive one for the digital asset market thus far. Bitcoin (BTC) has confidently ascended beyond the $51,000 level, and Ethereum (ETH) has surpassed $3,000 for the first time in two years. Meanwhile, one of the most popular meme coins has also seen increases in some important statistical categories.
Indeed, Shiba Inu (SHIB) has seen whale transactions increase by more than 240% over the last 24 hours alone. Specifically, over the last day 44 transactions worth more than $100,000 have been recorded. Therefore, showcasing renewed interest from large-scale holders.
Source – CryptoSlate
Also Read: Shiba Inu: SHIB Turns $3,600 Into $19 Million in 3 Years
Additionally, Shibariumscan has overseen a massive milestone reached by the ecosystem’s layer-2 blockchain, Shibarium. Specifically, the network has reached a new record in terms of its transactions. The number of transactions on the network has exceeded 360 million after two months of lessening transfers.
Moreover, daily transactions have also jumped noticeably for the Shiba Inu network. The figure has once again returned to the 3 million level, with that figure below one million at the tail end of last week. altogether, the data shows that interest and activity within Shibu has been at a good pace.
Currently, SHIB is trading at $0.0000096 and is down more than 1.5% over the last 24 hours according to CoinMarketCap. Although that figure is down, there is no denying the resolve of the SHIB Army. Especially as they have shown their desire to eliminate another key zero from its price. However, only time will tell if the $0.00001 level is in the cards for the meme coin.
