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Bitcoin (BTC) and Ether (ETH) have been hogging the headlines after the digital currencies set new all-time highs last month. However, another crypto is actually outperforming its bigger counterparts recently and has already surged by 100 percent in less than a month.
The Solana crypto, which traded at $13.97 per coin on March 13, has doubled in price in just 30 days. At the time of writing, SOL traded at $28.01 based on data from Coinmarketcap, which means that the crypto already gained $14.04 in less than a month as its price rose by a massive 100 percent.
The crypto’s price rallied as new projects conduct airdrops on the SOL blockchain, according to Cointelegraph. One of the more recent ones is the COPE airdrop, which gave away 2,000 tokens to those who participated in the DeFi hackathon held by Serum and Solana.
High Ethereum fees have also forced some investors to seek cheaper alternatives. Solana, an open-source project that uses blockchain technology to provide decentralized finance solutions, is a competitor of the Ethereum network.
A series of token launches and airdrops soon followed after the successful COPE airdrop. These include the launchings of HOPE, ROPE, and KOPE on the Solana blockchain, which coincided with the rise in SOL’s price this month.
A small amount of SOL is required to complete contract executions of interactions on the Solana blockchain, such as the addition of new tokens to the Sollet wallet. This means that users who want to participate in the airdrop need to purchase SOL to create new addresses for the airdropped tokens, which might have helped push SOL’s price upwards.
Solana platform users can expect the “airdrop season” to continue for some time. Based on a post by Solana’s Twitter account, new projects are being developed on the Solana ecosystem, which could mean that there a good chance of another airdrop or two happening in the near future.
