Technical Analysis: SOL, LUNA and AVAX All Down on Friday

Technical Analysis: SOL, LUNA and AVAX All Down on FridaySolana, terra and avalanche were all lower on Friday, as market uncertainty impacted all major cryptocurrencies. This came as several of the big ten all fell into multi-week lows versus the U.S. dollar. Biggest gainers With markets mainly in the red on Friday, finding a bull was no mean feat, however, there were some exceptions […]

NFT Sales Nosedive This Week as Volume Drops Close to 30%

NFT Sales Nosedive This Week as Volume Drops Close to 30%According to current metrics, non-fungible token (NFT) sales have dropped 29.35% since last week. While Ethereum and Solana are the two blockchains with the most NFT sales volume, both blockchain networks have seen NFT sales nosedive anywhere between 27% to 32% over the last seven days. Weekly Non-Fungible Token Sales Plummet Despite Recent $23 Million […]

Top 5 Tokens To Purchase On Solana in 2022

Over the last few years, Bitcoin has continued to set the pace for the tokens in the market. This is noticeable as most of these tokens mirror the performance of Bitcoin. Although the market has been sloppy in the past few weeks, there has been a little bit of comfort for a while. But while we know about Bitcoin, there are other tokens on other blockchains bringing the heat in the sector. One such blockchain is Solana, with its tokens seeing massive followership in previous weeks. In this article, we will be looking at the top 5 tokens housed on the Solana blockchain.

What is Solana?

Solana is a blockchain specifically designed to house decentralized applications or dApps. It was created in 2017 and is currently being run by the Solana Foundation. The foundation has an office in Geneva. However, the blockchain was built by the San Francisco arm of the company. A few of the perks of using Solana include its lower transaction fees and faster transaction completion rate. The blockchain also houses its native token, Solana, which is used to carry out the majority of the transactions on the blockchain. Asides from Solana, other tokens are on the blockchain.

How does Solana work?

Unlike most blockchains, the developer of Solana, Anatoly Yalovenko, created it to thrive on a Proof of History concept. Proof of history allows the verification of time between different events. This allows it to access the ledger by using it to encode a trustless passage. In the Solana Whitepaper, the developer realized that most of the nodes on the blockchain used their own time to carry out transactions. This means that if a node rejects a message, the other participants would not have access to it immediately. With the Proof of History, every node records a trustless passage of time in the ledger in real-time. Aside from the PoH, Solana also uses Proof of Stake to validate transactions. After the PoS validates the transaction, PoH stamps a time and verifies it.

Top 5 tokens on Solana Blockchain

Now that we know what Solana is and how it works, the next step is to look at some of the tokens on the blockchain. Below are the top 5 tokens on the Solana blockchain;

USDT

Tether or USDT is a stablecoin on par with the United States dollar in terms of price. This means that the asset’s price is stable and mirrors the dollar on a 1:1 basis. Also, this means that the token would always be worth $1 no matter how much the token is bought or sold. It was officially launched in 2014 by a Hong Kong-based company. It was also created to function only on the Bitcoin network but has been updated to work on other blockchains. As mentioned above, USDT is reading at $1 with its trading volume around $36,873,450,193. It has a market cap of $77,944,723,464 and a current supply of 77,908,751,039 USDT.

Solana

Solana is the native token of the Solana blockchain. The token is passed to the nodes, allowing the system to run programs on the chain. Solana is also used on the blockchain to make small payments described as Lamport’s. Solana is presently trading at $112 with a trading volume of $1,462,200,716. It has a market cap of $35,730,189,778 and a current supply of 316,711,536 SOL tokens.

LUNA

Terraform Labs created LUNA in 2018. Two South Korean developers created the token. LUNA acts as the native token on the Terra blockchain. It is used to carry out most of the activities on the platform. LUNA is trading at $54.18, seeing a small decline of 2.24% in the last 24 hours. The token has a market cap of $21,722,143,761 and a circulating supply of 400,919,660 LUNA tokens.

Chainlink was created in 2017 to connect one or more smart contracts. It enables different blockchains to have access and interact with external information, among other things. Its native token is the LINK, which is used to carry out transactions across the blockchain. Chainlink is presently trading around $176, seeing a decline of 0.60% in the last 24 hours. The token holds a market cap of $8,230,918,509 with a trading volume of $487,852,279. The current amount of LINK token supply is 467,009,560.

The Graph

The Graph is a protocol that works as an index used in querying data. It is used to power applications across the DeFi sector. Besides that, it also provides the same service to platforms in Web3. Its developers are concerned with bringing decentralized platforms to the mainstream participants. The Graph is presently trading at $0.45 with a trading volume of $60,082,365. It has a market cap of $2,164,522,635 and a supply of 4,715,735,200 GRT tokens.

Conclusion

Choosing tokens to trade in the market is one of the hardest things. This is because you need to carry out a great deal of research into these tokens. Besides that, you will need to pick tokens that go with your trading strategy. However, it would be best to diversify your portfolio in case of a full market fall.

Solana pumps
Solana pumps© Cryptoticker

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Wormhole Network’s Cross-Chain Bridge Exploited for Over $250 Million in Ethereum

Wormhole Network's Cross-Chain Bridge Exploited for Over $250 Million in EthereumReports indicate that the Wormhole Network’s ethereum ↔ solana bi-directional bridge has been exploited by an attacker for 93,750 ether or more than $250 million using today’s ethereum exchange rates. The developers behind the Wormhole Network have told the public the network is “down for maintenance,” as the team “looks into a potential exploit.” Wormhole […]

Jump Crypto Replaces $320 Million in Ethereum Taken From Wormhole Exploit

Jump Crypto Replaces $320 Million in Ethereum Taken From Wormhole ExploitOn February 2, 2022, the Wormhole Network’s ethereum ↔ solana bridge was exploited for 120,000 WETH (wrapped ethereum) worth $320 million and the following day, the team explained that “all funds have been restored and Wormhole is back up.” The team has also said a “detailed incident report” will be published soon. Wormhole Network Returns, […]

Value Locked in Defi Climbs Higher, Polkadot TVL Spikes, Terra’s LUNA Sheds 21%

On Sunday, January 30, 2022, the top smart contract protocol tokens by market capitalization is $592 billion or 32.66% of the $1.8 trillion crypto economy. Meanwhile, the total-value locked (TVL) in decentralized finance (defi) protocols is $192.42 billion up 5.28% since January 23. Defi TVL Climbs More Than 5%, Ethereum Defi Dominance Still 60%, Cross-Chain […]

Solana’s Phantom Raises $109 Million in a Series B Fundraise Obtaining Unicorn Status

On Monday, the team behind the Solana Web3 wallet platform Phantom announced it had raised $109 million in a Series B fundraise. The crypto company is now a Unicorn with a post valuation of $1.2 billion in value. Solana Web3 Wallet Phantom Raises $109 Million The Phantom wallet team has raised $109 million in a […]

Weekly NFT Sales Drop 13% While Crypto Prices Rebound From Market Rout

Weekly NFT Sales Drop 13% While Crypto Prices Rebound From Market RoutLast week, non-fungible token (NFT) sales remained unscathed while crypto asset spot markets were dismal. However, a week later, NFT sales have dropped 13% to $800 million in sales over the last seven days. During the past week, NFT sales on the Ethereum blockchain have slipped 11.78% but Ronin blockchain-based NFT sales (Axie Infinity) dropped […]