Interest in Solana Continues to Grow among Investors
While interest in altcoins may be declining as big crypto investors withdraw funds, one cryptocurrency is still generating excitement: Solana. According to a recent report by European digital asset manager CoinShares, investors have been pulling out of crypto investment products for the past seven weeks. However, during the same period, institutional investors have been investing in Solana (SOL), making it the 10th largest digital asset by market cap.
The report reveals that over the past week alone, $700,000 has been invested in SOL through crypto investment providers, making it the most favored altcoin among investors. Year-to-date inflows targeting SOL currently stand at $26 million.
In contrast, investors have been pulling out $8.6 million from Polygon and $3.2 million from Ethereum investment products. However, they have been putting $3.8 million into Bitcoin, the largest digital asset by market cap.
Trading volumes have also been significantly higher than average, totaling $2.8 billion last week. SOL is the primary asset used for transactions on the Solana blockchain, which developers utilize to build decentralized applications ranging from first-person shooter games to decentralized finance lending protocols.
Hot Take:
Solana’s growing popularity among investors highlights its potential for further growth and adoption in the cryptocurrency market.
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