Cointelegraph Research: Is Solana an ‘Ethereum killer?'

Cointelegraph Research: Is Solana an ‘Ethereum killer?'

Solana has been a trending altcoin due to the successive weeks of price increases. At the time of writing, Solana traded at around $207, which is an 11,400% surge from less than two dollars back in January. At its present worth, Solana sits among the top 10 cryptocurrencies by market capitalization with about $60 billion, claiming the sixth spot from Dogecoin, according to Cointelegraph markets.

One of the likely catalysts of this bullish momentum is funding from investors led by Andreessen Horowitz and Polychain in June. Solana secured $314 million, which will be used to further its technology in the decentralized finance (DeFi) arena. Notably, the investment took the form of SOL coin purchases rather than traditional equity shares.

Another key reason for Solana’s price boom is the announcement of its fourth hackathon event slated for Oct. 8. Hackathons are targeted at developers whose projects are entered into a competition for a chance to win cash prizes and seed funding opportunities.

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