April 19, 2024
Solana Continues to Attract Institutional Investors Amidst Crypto Market Slowdown
Altcoins News

Solana Continues to Attract Institutional Investors Amidst Crypto Market Slowdown

As major cryptocurrency investors withdraw their money from funds, interest in cryptocurrencies may have decreased, but Solana continues to thrill them.

Investors have mostly stopped buying cryptocurrency investment products during the past seven weeks, according to research released on Monday by European digital asset manager CoinShares.

But during the previous 9 weeks, institutional investors have been putting money into Solana (SOL), the tenth-largest digital asset by market valuation.

According to CoinShares, SOL has received $700,000 in investments from cryptocurrency investment firms during the past week, making it “the most popular altcoin among investors at this time.”

Additionally, SOL-focused inflows for the entire year have reached $26 million.

In contrast, during the past week, investors withdrew $3.2 million from Ethereum and $8.6 million from Polygon investment products.

The largest digital currency by market capitalization, Bitcoin, received $3.8 million in investment, and short Bitcoin products were abandoned for the 19th week in a row.

“Trading volumes were much higher than average” last week, according to the report, totaling $2.8 billion.

The currency utilized in transactions on the Solana blockchain, which is used by developers to create decentralized apps ranging from first-person shooting games to decentralized lending procedures, is SOL.

Additionally, the asset has recently gained some momentum. Rune Christensen, co-founder and CEO of MakerDAO, suggested starting the project’s new chain on a platform based on Solana.

Image: Freepik

Related posts

PayPal Launches New Stablecoin, PYUSD, Backed by USD Reserves

Eva Moore

US Federal Reserve Sees Stablecoins as Currency, Affirms Chair Jerome Powell

Anna Garcia

Ethereum’s TVL Hits Milestone $50 Billion Amidst DeFi Surge

Chloe Taylor

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More