The total number of transactions conducted on the Solana ($SOL) network has surpassed the 100 billion mark, at a time in which institutional investor bets on the cryptocurrency keep trickling in, despite the ongoing bear market.
According to data from Solana’s blockchain explorer, the network has now processed a total of 100.06 billion transactions and is currently processing an average of 2,777 transactions per second, well below the network’s touted capacity of up to 50,000.
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Solana has notably been on a significant downtrend so far this year, as Finbold reported, as has the entire cryptocurrency market and other risk assets. Market data shows that while the flagship cryptocurrency Bitcoin lost around 59% of its value so far this year, Solana lost around 82% of its value.
Total value locked on Solana’s decentralized finance (DeFi) space has also been dropping, presumably because the network has suffered a number of outages so far this year that affected users’ confidence in it. Solana’s co-founder, Anatoly Yakovenko, has said in an interview that outages are the network’s “biggest challenge.”
According to CryptoCompare’s latest Asset Report, the dominance of the five largest protocols on the network has nevertheless risen over the same period, hitting a 51.6% peak on August 9. Solana, the report adds, benefits from a “well-diversified set of DeFi applications ranging from DEXes to lending, liquid staking, and yield services.”
Despite the setbacks, institutional investments in cryptocurrency investment products offering exposure to SOL have been growing after seeing $1.4 million worth of inflows last week and $1.9 million month-to-date.
Recently, James Mullarney, the host of the very popular YouTube channel “InvestAnswers,” revealed he sees the price of SOL reach $370, which is a gain of over 1,000% from its current levels.
The analyst noted he compared the price of Bitcoin to Ethereum’s dominance in the future, which he assumed will be “at least 25%” and predicted Ethereum will hypothetical surpass $15,000 in the scenario. Using this hypothesis, he predicted Solana could have between 10% and 20% of Ethereum’s dominance, reaching his target.
Featured Image via Unsplash
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