olana network non-fungible tokens have seen a massive surge in trading volume recently. In just the past 24 hours, Solana NFT trading eclipsed Ethereum for the first time, with a total of $14.8 million in trades compared to Ethereum's $13.9 million.
This represents growth of over 90% in volume for Solana NFTs in a single day. Leading the charge have been projects like Tensorians and Mad Lads, with huge price increases fueling heavier trading.
Tensorians Drives Solana Volume
Within the Solana ecosystem, the Tensor NFT marketplace and its native Tensorians collection have dominated trading. Tensorians accounted for nearly $4 million in sales alone over the past 24 hours, giving Tensor a market share of around 76% on the Solana blockchain.
Previously, Magic Eden was the top Solana NFT marketplace, but it has seen its market share drop to about 16% as of late. The rapid rise of Tensorians is a big reason why Solana NFT trading now leads the entire crypto market.
SOL and BONK Prices Surge
The spike in Solana NFT trading volumes has coincided with significant price increases for the SOL cryptocurrency and BONK meme coin. SOL reached a new 19-month high of $73.85, gaining over 13% in 24 hours.
Meanwhile, BONK set a new all-time high and is up over 1000% in the last month. Even altcoins like JTO from the Jito airdrop are benefiting, with a 72% jump in a single day.
As trader interest in Solana grows, these cryptocurrencies have all enjoyed strong momentum.
Outlook Remains Bright
With new records being set on a daily basis across the Solana blockchain, the future remains bright. Projects like Tensorians are generating huge network effects that attract more traders and developers.
Meanwhile, catalysts like the upcoming JUP airdrop will likely further spike interest. If trading volumes and prices continue rising, Ethereum's dominant position may be further threatened. Solana appears poised to continue growing its share of the booming NFT market.
