# Why the Solana Cryptocurrency Is Surging

**URL:** <https://onehack.st/t/why-the-solana-cryptocurrency-is-surging/199916>\
**Category:** News & Articles\
**Tags:** trading\
**Created:** [September 1, 2021, 9:50am UTC](https://onehack.st/t/why-the-solana-cryptocurrency-is-surging/199916 "2021-09-01T09:50:01Z")\
**Posts on this page:** 2\
**Page:** 1

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**Author:** ![TheStrength](https://onehack.st/user_avatar/onehack.st/thestrength/32/46753_2.png) [@TheStrength](https://onehack.st/u/TheStrength)\
**Post date:** [September 1, 2021, 9:50am UTC](https://onehack.st/t/why-the-solana-cryptocurrency-is-surging/199916/1 "2021-09-01T09:50:01Z")

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[![](https://images.fastcompany.net/image/upload/w_1153,ar_16:9,c_fill,g_auto,f_auto,q_auto,fl_lossy/wp-cms/uploads/2021/08/P-1-90671003-solana-cryptocurrency-heres-why-the-ethereum-competitor-is-surging.jpg) ](https://images.fastcompany.net/image/upload/w_1153,ar_16:9,c_fill,g_auto,f_auto,q_auto,fl_lossy/wp-cms/uploads/2021/08/P-1-90671003-solana-cryptocurrency-heres-why-the-ethereum-competitor-is-surging.jpg)

An anonymous reader shares a report from Fast Company, written by Michael Grothaus:

_One of the biggest movers on the cryptocurrency market in the past 24 hours is Solana. As of the time of this writing, Solana is [up almost 20% over the past day](https://www.fastcompany.com/90671003/solana-cryptocurrency-heres-why-the-ethereum-competitor-is-surging), according to [Coinbase](https://www.coinbase.com/price/solana?clickId=STFWR6SlqxyLWIE26oVjEx7CUkBTmNTNRSx-xc0&utm_source=impact&utm_medium=growthp&utm_campaign=rt_p_m_w_d_acq_imp_gro_aff_Skimbit%20Ltd.&utm_content=552039&utm_creative=Online%20Tracking%20Link&irgwc=1). In the past week, it’s up over 58%, and in the past month, it’s up 275%. As for the past year, Solana has surged over 2,348%._

 

What is Solana? Solana is a decentralized blockchain platform. It facilitates the transactions of the SOL coin as well as digital assets like non-fungible tokens (NFTs). Is Solana a bitcoin competitor? Sure, because it’s another cryptocurrency. But it’s more apt to liken Solana to Ethereum since both are blockchain platforms that handle smart contracts.

_Why is Solana surging? This is always a hard question to answer. Though Solana is holding some kind of mysterious “Ignition” event today. Nasdaq [speculates](https://www.nasdaq.com/articles/heres-why-solana-is-making-huge-gains-2021-08-30) that Solana might announce that it will “burn” tokens. That’s when a certain number of coins are removed from supply, making the remaining ones more scarce and thus more valuable. Alternately, Solana could be set to announce new smart contract features._

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**Author:** ![apo\_jo](https://onehack.st/user_avatar/onehack.st/apo_jo/32/76133_2.png) [@apo\_jo](https://onehack.st/u/apo_jo)\
**Post date:** [September 1, 2021, 12:13pm UTC](https://onehack.st/t/why-the-solana-cryptocurrency-is-surging/199916/2 "2021-09-01T12:13:44Z")

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great insight