Whales are confidently buying Solana (Sol) crypto amid the bull sentiments around Bitcoin (BTC) & Ethereum (ETH).
In the present time, the hype around Bitcoin spot ETF applications is very high and people are targeting Bitcoin & Ethereum as the two best choices to invest & make money for the short term.
Amid the rally of the top two market cap digital assets, the trade price of the Solana coin surged rapidly. In the last 24 hours, the trade price of Sol surged nearly 15%, which is the highest for any Cryptocurrency in the same period.
The latest report by the Solana foundation showed that the Solana network successfully maintained nearly 3,000 active developers per month in the last 12 months, which is a very big indication of the better & progressive future of this crypto project with better talents.
In the last 3 months, the developer retention rate for the Solana blockchain was 50% & price performance was 500%.
However data from Electric Capital showed that the Solana blockchain saw a significant downfall in the active numbers of developers. In Oct 2023, the developer count was only 946, fallen 64% from an all-time high of 2,634 on Dec. 22, 2022.
On the other hand, Ethereum’s total monthly active developer count stood at 5,769 on Oct. 1, 2023, which is 22% down from its peak count of 7,433 on June 16, 2022.
In the present time, Solana coin is the biggest rival of the Binance (BNB) coin with nearly a $1.5 billion difference in the total market cap.
In the last 12 months, BNB coin has faced very high sell pressure because of the lawsuit by multiple US law enforcement agencies against Binance crypto exchange for providing crypto services to American customers without registration with the corresponding regulatory bodies.
The settlement agreement between Binance & US authorities played an important role in helping the BNB coin show a 25% increment in the trade price in the last 3 months.
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