In the midst of the cryptocurrency market’s fierce correction, SOL, the native token of smart contracts platform Solana, has seen inflows of about $5.59 billion in the last 24 hours.
The 5th largest cryptocurrency by market valuation increased from $51.17 billion to $56.76 billion in only 24 hours on December 16, according to CoinMarketCap.
Currently, Solana is now trading at $183.71, up 10.3 percent in the last 24 hours, although it is still down 2.54 percent over the previous seven days.
Despite the multiple glitches and attacks to the Solana Blockchain network in the past few days, the price of its native token, SOL, has been performing spectacularly signaling the faith of its investors and admirers.
The Solana blockchain are only just emerging from the throes of two recent DDoS attacks. The DDoS attacks were noted by Blockassets, an NFT project that launched on the NFT marketplace of Raydium, a Solana-based DEX.
The second recent DDoS attack also originated from heavy botting activity targeted at another NFT project, SolChicks, that also recently launched on Raydium. The network was slowed down in both incidents but did not go offline, unlike the severe attack the Solana Blockchain suffered in September when it was down for around 17 hours.
The price of Solana’s SOL token has skyrocketed to over 13,000% increase this year as the revolutionary blockchain initiative continues to gain traction leaving many other cryptocurrencies in the dust.
Solana uses a combination of proof-of-stake (PoS) and proof-of-history (PoH) consensus processes to improve performance and scalability. As a result, the network claims to be the world’s fastest blockchain, capable of processing 50,000 transactions per second (TPS).