Following a big price spike over the weekend, which was fueled by an increase in decentralised finance (DeFi) and token transactions, the Fantom smart contract platform and its FMT token were among the top gainers in the cryptocurrency market on Monday. It is non-transferable (NFT). Aside from that, SOL, the native token of the Solana network, has seen a considerable gain, crossing the $100 mark for the first time since its inception.
The Fantom token (FMT) has seen a 43 percent growth in value in the previous 24 hours, and is presently trading at $ 0.7010. Over the previous seven days, the price has risen by another 30%, though it is still some way short of reclaiming its all-time high of $ 0.9587, which was reached in May.
SOL tokens have also seen large gains in recent days, jumping by a whopping 7.5 percent in the last 24 hours to slightly more than $ 101. SOL gained ground on the crucial $ 100 milestone in the early hours of Monday morning in Asia and late Sunday night in the United States, according to market analysts.
With the continuous popularity of the NFT region, both Solana and Fantom have seen an increase in industry participation, which is reflected in their respective growth rates.
According to data from Defi Llama, Fantom reported a surge in NFT transactions last week, and the total blocked value (TVL) in DeFi protocols on the network has also increased in the last month, according to the data. During the last month, Fantom's TVL increased by about 100%, reaching nearly $ 610 million.
DeFi Yearn.Finance (YFI) protocol architect Andre Cronje recently boosted his support for the Fantom project with a series of tweets, to which the Fantom community replied positively:
It is estimated that the overall stranded value of the significantly larger Solana network has climbed dramatically from $ 1.22 billion on August 1 to more than $ 3 billion today, a significant increase from the previous estimate of $ 1 billion. Although it should come as no surprise that the rise in DeFi's popularity on the platform has pushed up the price of SOL, which has risen by more than 170 percent since its low point of approximately $ 35 earlier this month.
Solana's advancement aligns with the team's statement that the "Ignition" event will begin this week on Tuesday, which matches with Solana's development. Uncertainty surrounds the meaning of "Ignition," with some believing it refers to a token burn and others believing it refers to a launch event for them. Decentralised application developers are referred to as (dapp).
While fans will have to wait and see what Team Solana has in store for them, the price of SOL has remained steady in the market, despite allegations of a "rug pull" earlier this month, according to the company. According to CoinGecko data, the cryptocurrency has maintained its place in the top 10 that it achieved two weeks ago, and is presently rated 8th in the market, according to the cryptocurrency.