“The Most Loved Altcoin Among Investors is Solana”, According to CoinShares
Withdrawals from crypto funds focused on altcoins have been common, but Solana is an exception.
Even while huge crypto investors are pulling money out of funds Solana, still has their attention. According to research published on Monday by European digital asset management CoinShares, investor interest in crypto investment products has waned significantly over the previous seven weeks.
Solana (SOL), the tenth-biggest digital asset by market valuation, has seen steady inflows of capital from institutional investors over the previous nine weeks.
According to CoinShares, “the most loved altcoin among investors at present” has received $700,000 from crypto investment providers during the previous week. So far this year, $26 million has been invested just in SOL.
In comparison, $8.6 million was withdrawn from Polygon investment products and $3.2 million was withdrawn from Ethereum in the preceding week.
Investors took $3.8 million out of short Bitcoin products for the 19th week running and invested it into Bitcoin, the largest digital asset by market size.
A total of $2.8 billion was traded last week, which is “much higher than average,” according to the study. Solana (SOL) is the cryptocurrency used for transactions on the Solana blockchain, which is designed to create decentralized applications such as online multiplayer first-person shooter games and peer-to-peer lending networks.
Even more encouraging is the fact that the asset is beginning to get a foothold. Rune Christensen, co-founder and CEO of MakerDAO, recommended that the project’s new chain be launched on a platform based on Solana.