Solana Leads Top Cryptos in Gains Amid Record Daily Net Inflows

Solana has seen strong net inflows and a solid price increase recently, driven by fresh developments unrelated to memecoins. While memecoins have been all the rage over the past few months, there’s more to the fifth largest crypto by market cap.

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Although Bitcoin and Ethereum saw good gains, increasing in price by around 3% and 2% respectively over the past 24 hours, SOL has seen a 5% gain over the past day and 9% over the past week.

Solana Inflows Outpace Those of Ethereum

And according to data platform Artemis Terminal, Solana shines in another metric. 

It has seen strong net flows in the past three months, outperforming all other chains. While Ethereum had the most inflows and outflows in that period, Solana has seen US$992.6 million (AU$ 1,441.6 million) in net flows, taking the crown.

Interestingly, 12 September was the day with the largest net flows, a huge US$655.1 million (AU$951.5 million) as per Artemis.

A positive net flow (more inflows than outflows) suggests a rising demand, positive investor sentiment and ultimately price appreciation.

Other major cryptos, such as ETH and BTC, have performed rather poorly against SOL, with both experiencing net negative flows. BTC saw minus US$112.5 million (AU$163.4 million) in net flows while ETH saw minus US$854.2 million (AU$1,240.9 million) in net flows.

Soland Expands Reach Beyond Being ‘Mere Memecoin Machine’

Memecoins are fun and all, and they’re part of the culture; we get it. But let’s be honest, real adoption comes from real use cases and here Solana has been doing quite well as of late.

For example, the recent Solana Breakpoint Conference on 20-21 September brought a few developments to light, like the Play Solana Gen1 (PSG1). This is quite the novelty, as it is the first handheld gaming device built specifically for Web3 gaming on the Solana blockchain.

Then there’s Travala. The crypto-friendly travel booking platform just recently announced that it would facilitate flight and accommodation bookings via SOL, USDT and USDC by letting customers use the Solana blockchain.

Related: US Spot Bitcoin ETFs On Track to Hold One Million BTC

One of the most bullish recent developments for Solana, though, is probably the arrival of large financial institutions. Two financial heavy-weights, Franklin Templeton and Citigroup, recently shared some developments during Breakpoint.

Citigroup announced it would test cross-border payments on Solana, while Franklin Templeton said it would build a mutual fund on the blockchain.

All these are good reasons to be bullish for Solana’s future, as a recent report by VanEck’s Market Vector confirms. They wrote that Solana is currently undervalued and could reach half of Ethereum’s market value, up from currently less than a quarter.