Solana Flips Ethereum in Daily NFT Trading Volume, Solana Summer Underway?

NFT trading volume on Solana has skyrocketed in the last 24 hours, flipping Ethereum to reclaim the crown and lead the cryptocurrency industry in daily NFT trading volume. What’s driving the surge of interest?

Mad Lads, Solana Monkey Business Capture Market Share as Trading Volume Soars

While Sundays in the crypto markets are typically quiet and subject to low levels of activity and trading volume, NFT traders on Solana appear to have broken the status quo, transacting over $5M in sales over the last 24 hours, based on Step Finance data.

According to Cryptoslam, an NFT analytics platform, this marks yet another occasion when Solana has outperformed Ethereum, a rival Layer 1 blockchain, in this metric.   

The charge was led by one wallet, which ignited the surge of activity with a staggering sweep of 75 Mad Lads NFTs valued at over $1M. Mad Lads’ trading activity accounted for 26.26% of the market’s total volume in the last 24 hours, up from 11.09% on a monthly timeframe.

Not only did the purchase make waves on social media, but the day’s trading helped the collection briefly reclaim the coveted floor price of 100 SOL, a position not held since April earlier this year. 

Another collection that enjoyed the influx of trading activity includes the Solana Monkey Business Gen 2 collection, which accounted for 12.57% of total trading volume and recorded a 21.88% increase in price, based on Tiexo data. 

Reversing the Trend - Is Tensor Season 4 to Thank?

It’s no secret that the NFT market, both within the Solana ecosystem and the wider blockchain industry, has been struggling in recent months. Yet, recent trading activity and incentives appear to have caused a shift in sentiment leading Solana NFT enthusiasts to ask the question: Are NFTs back?

On June 26, the Tensor Foundation unveiled details surrounding their highly-anticipated Season 4 rewards program. On top of outlining the changes, the popular NFT marketplace also reinstated its competitive leaderboard, which highlights the platform’s most loyal and active users.

Since the announcement and the return of the leaderboard, NFT trading activity on Solana has soared, with weekly trading volume up 91.38%, based on CryptoSlam data. 

In Both DeFi and NFT Markets, Solana Reigns

Solana’s recent dominance is not only limited to NFT trading volume. Alongside a recovering NFT market, Solana DEX volume has also surpassed Ethereum DEX volume in a 24-hour timeframe, based on DefiLlama data.

This milestone comes off the back of one of the biggest weeks in Solana history, which witnessed the filling of the first Solana ETF in the United States, as well as the unveiling of several innovative new primitives for the Layer 1 blockchain, including ZK Compression and Blinks and Actions.

The steady increase in active accounts and onchain activity indicates that the Solana ecosystem’s user base continues to grow. As more people are attracted to the opportunities provided by the network, Solana is likely to threaten other dominance metrics currently held by Ethereum, including TVL (Total Value Locked) and revenue generation.

Read More on SolanaFloor:

Where does Jupiter founder Meow stand on the platform’s upcoming vote?

Jupiter Founder Picks Side Ahead of Crucial Governance Proposal